Our extensive knowledge at your fingertips

Latest editions

Search

FinCEN issues analysis of identity-related suspicious activity

This report reveals the existence of significant identity-related exploitations through a large variety of schemes,” said FinCEN Director Andrea Gacki. “Robust customer identity processes are foundational to the security of the U.S. financial system, and critical to the effectiveness of financial institutions’ programs to combat money laundering and counter the financing of terrorism. Financial institutions are encouraged to work across their internal departments to address these schemes…

FinCEN issues a factsheet on beneficial ownership information access and safeguards the final rule

The Access Rule reflects FinCEN’s commitment to creating a highly useful database for authorized BOI recipients while protecting this sensitive information from unauthorized disclosure. This Access Rule follows the final BOI Reporting Rule FinCEN issued on September 30, 2022, which requires certain corporations, limited liability companies, and other similar entities created in or registered to do business in the United States to report to FinCEN information about themselves, their beneficial owners, and, in some cases…

 

US DoJ sentences Florida man for money laundering stemming from a business email compromise scheme

The fraud is carried out by fraudsters compromising and/or “spoofing” legitimate business email accounts through social engineering or computer intrusion techniques, to cause employees of the victim company or other individuals involved in legitimate business transactions to transfer funds to accounts controlled by the scammers…

US Federal agencies clarify beneficial ownership information access

FinCEN has issued a final rule, the “Access Rule,” on authorised access to beneficial ownership information (BOI) reported under the Corporate Transparency Act. The Access Rule doesn’t make it mandatory for banks to use the BOI from the system, nor does it expect them to do so. This means banks don’t have to alter their existing BSA/AML compliance programs, including the current CDD Rule and other BSA requirements…

FinCEN and BIS issue joint notice addressing global evasion of US export controls

The joint notice outlines red flag indicators applicable to both financial institutions and exporters in their due diligence efforts. Financial institutions and exporters are urged to adopt a risk-based approach and remain vigilant against evasion of global export controls…

US DoJ charges four individuals for laundering millions from cryptocurrency investment scams

According to court documents, the accused allegedly conspired to open shell companies and bank accounts to launder victim proceeds of cryptocurrency investment scams, also known as “pig butchering,” and other fraudulent schemes.

FinCEN names new deputy director, Jimmy Kirby

Prior to joining FinCEN, Mr. Kirby served in multiple roles supporting the Treasury Department’s national security mission and advising Treasury’s senior leadership, and he has deep experience across Treasury’s Office of Terrorism and Financial Intelligence.

US SEC plans to finalise ESG disclosure rules in April 2024

The SEC now expects to release its final rule for requiring companies to disclose climate-related risks like scope 1, scope 2 and scope 3 emissions and their risk management practices in April 2024…

White House issues notice on the continuation of the national emergency with respect to the global illicit drug trade

Relates to the trade of illicit drugs, including fentanyl and other synthetic opioids, that is causing the deaths of tens of thousands of Americans annually.

US to publish new rules to curb money laundering in real estate in early 2024

The U.S. Treasury Department said its FinCEN unit is planning to propose a long-awaited rule aimed at curbing money laundering in real estate in early 2024. The regulator is also aiming to issue a notice of proposed rulemaking that would require investment advisers flag…

FinCEN issue alert on COVID-19 employee retention credit fraud

Provides an overview of typologies associated with ERC fraud and scams, highlights select red flags to assist financial institutions in identifying and reporting suspicious activity and reminds financial institutions of their reporting requirements under the Bank Secrecy Act (BSA).

FinCEN extends deadline for companies created or registered in 2024 to file beneficial ownership information reports

The extension aims to facilitate compliance and enhance the creation of a comprehensive BOI database. Reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration…