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United States
This section covers AML/CTF initiatives by the US Treasury, US DoJ, OCC, FinCEN, SEC and other related US organisations.
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FinCEN warns that Mexico-based cartels are smuggling bulk cash across the U.S. border to launder illicit funds, urging FIs to detect and report suspicious activity
The alert outlines red flags, reporting duties, and aligns with broader U.S. efforts to disrupt TCO revenue streams under EO 14157 and national AML/CFT priorities…
FinCEN’s interim rule limits BOI reporting under the Corporate Transparency Act to foreign companies, exempting US entities
FinCEN seeks comments on interim final rule, which narrows BOI reporting under the Corporate Transparency Act, exempting U.S. entities from disclosure while maintaining requirements for foreign reporting companies with extended compliance deadlines. The rule also removes the obligation for foreign firms to report U.S. beneficial owners, streamlining compliance…
IRS convicts cryptocurrency founder for wire fraud and ML in the AML Bitcoin scheme for defrauding investors through fraudulent marketing and sales
The conviction stems from fraudulent marketing and misrepresentation of AML Bitcoin’s technology and business, including false claims about its partnership with the Panama Canal Authority. Andrade diverted over US $2 m in investor funds for personal expenses, such as property and luxury cars…
FinCEN issues geographic targeting order to disrupt Mexico-cartel ML networks, tightening cash reporting requirements for MSBs in high-risk border areas
FinCEN’s new Geographic Targeting Order (GTO) mandates that money services businesses (MSBs) in 30 ZIP codes along the US Mexico border report cash transactions exceeding $200. This targeted measure is aimed at curbing ML activities linked to Mexican drug cartels, especially those trafficking fentanyl…
FINRA fines Robinhood $26m and orders $3.75m restitution to customers for violations related to AML, supervision, and disclosure
Key violations include mishandling market orders by improperly converting them to limit orders, failing to implement robust AML programs that resulted in the inability to detect suspicious activities (including manipulative trading, suspicious money movements and instances where customers’ accounts were taken over by third-party hackers) and inadequate supervision of social media promotions, including misleading statements made by paid influencers…
US DoJ dismantles Garantex crypto exchange, seizing online infrastructure and US$26 m in illicit funds for sanctions violations and criminal activity amid global law enforcement crackdown
As global enforcement intensifies, companies must strengthen blockchain monitoring, using advanced tools to detect illicit activities like ML and terrorism financing. Enhancing sanctions screening ensures quick identification of violations, while reinforcing AML protocols helps maintain regulatory compliance. These steps are vital to mitigate risks and stay ahead of evolving regulations…
Trump’s $5m ‘Golden Card’ plan faces scrutiny as EU closes loopholes on citizenship-for-sale
Trump’s plan to replace the EB-5 investor visa with a $5M ‘Golden Card’ residency sparks controversy as the EU intensifies its crackdown on Citizenship by Investment (CBI) schemes over ML and corruption risks. With Bulgaria & Cyprus shutting down their programmes…
US Treasury scraps penalties for US businesses under ownership reporting rule, shifting focus to foreign entities
Treasury will no longer enforce penalties for U.S. citizens or domestic companies under the Corporate Transparency Act’s beneficial ownership reporting rule, both under current deadlines and after forthcoming rule changes…
US Treasury unites with global partners to cut off ISIS financing, strengthening efforts to disrupt funding networks and prevent new financial loopholes
The United States, Italy, and Saudi Arabia convened the 21st Counter ISIS Finance Group (CIFG) meeting, emphasising the need for global cooperation to disrupt ISIS financing. Participants discussed ISIS’s use of traditional and digital financial channels, including cash couriers, hawalas, and virtual assets.
FinCEN delays fines for missed beneficial ownership filings, ensuring clarity and reducing burden on businesses, until new deadlines are set
No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported…
FinCEN urges banks to crack down on surging investment scams exploiting romance, dating apps, and social media
In support of the multi-agency #DatingOrDefrauding campaign, FinCEN urges financial institutions to stay vigilant against suspicious activity related to relationship investment scams, which contributed to over $650 million in reported losses in 2023. The campaign aims to raise awareness about scams targeting victims via dating apps, social media, and wrong-numbered texts.
SEC launches Cyber and Emerging Technologies Unit (CETU) to combat AI, Crypto, and Tech fraud, safeguarding retail investors
Led by Laura D’Allaird, the unit comprises approximately 30 fraud specialists and attorneys. CETU focuses on areas such as fraud involving emerging technologies like artificial intelligence and machine learning, misuse of digital platforms for fraudulent activities, unauthorized access to nonpublic information, retail brokerage account takeovers, blockchain and crypto asset fraud, compliance with cybersecurity regulations among regulated entities, and fraudulent cybersecurity disclosures by public issuers…