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Money Laundering & Terrorist Financing

United States

This section covers AML/CTF initiatives by the US Treasury, US DoJ, OCC, FinCEN, SEC and other related US organisations.

USA PATRIOT ACT 2001
Bank Secrecy Act AML Statutes & Regulations
Internal Revenue Service FATCA updates
US Department of the Treasury updates
US Department of Justice Enforcement actions
Department of State’s International Narcotics Control Strategy Reports
Office of the Comptroller of the Currency
Financial Crime Enforcements Network (FinCEN) updates
Securities and Exchange Commission enforcement actions
Financial Industry and Regulatory Authority updates

And many more…

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SEC announces Enforcement Results for FY2023

November 20, 2023

Commission filed 784 enforcement actions, obtained orders for nearly $5 billion in financial remedies, and distributed nearly $1 billion to harmed investors

FATF identifies jurisdictions with AML/CFT and counter-proliferation deficiencies

November 17, 2023

FinCEN alerts U.S. financial institutions that FATF, in its recent plenary meeting, addressed the use of crowdfunding by terrorist groups like Hamas for financing attacks. FATF emphasizes global vigilance against circumventing measures on the Russian Federation to safeguard…

FinCEN issues new rule on Beneficial Ownership information reporting deadline extension for reporting companies created or registered in 2024

November 15, 2023

As the effective date approaches, FinCEN has issued a new rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an individual beneficial owner.  Once effective, reporting companies created on…

FinCEN joins Harvard Kennedy School event on the role of cryptocurrency in financing terrorism

November 14, 2023

Participants discussed the analytical tools and anti-money laundering/countering the financing of terrorism authorities available to prevent the use of cryptocurrency for illicit purposes

The White House issues Notice on the continuation of the national emergency with respect to Iran

November 13, 2023

This renewal, distinct from a previous one on March 10, 2023, ensures that measures taken in response to the Iran-related emergency declared in 1979 remain in effect for an additional year, with the notice to be published in the Federal Register and transmitted to Congress…

FinCEN finalises rule on the use of FinCEN identifiers in beneficial ownership information reporting

November 7, 2023

The rules responds to concerns that incumbent identifiers did not obscure the identities of beneficial owners in a more transparent manner and the need for more clear criteria.

 

US DoJ sends officials to Mexico to provide capacity building to Mexican prosecutors to counter fentanyl trafficking and organised crime

October 30, 2023

The workshops highlighted and promoted good practices to investigate fentanyl trafficking networks, provided an understanding of global trafficking trends and the fentanyl criminal market worldwide, and explained how precursors from China arrive to the Americas and are eventually used to make fentanyl that is trafficked throughout the United States.

FinCEN proposes new regulation to enhance transparency in convertible virtual currency mixing and combat terrorist financing

October 19, 2023

Highlights the risks posed by the extensive use of CVC mixing services by a variety of illicit actors throughout the world and proposes a rule to increase transparency around CVC mixing to combat its use by malicious actors including Hamas, Palestinian Islamic Jihad, and the Democratic People’s Republic of Korea (DPRK).

SEC adopts amendments to rules governing beneficial ownership reporting

October 19, 2023

The amendments accelerate the filing deadlines for initial and amended beneficial ownership reports on Schedules 13D & 13G. The final rules are intended to improve transparency and provide more timely information for shareholders and the market…

SEC division of examinations announces 2024 priorities. AML compliance is one of the top priorities.

October 19, 2023

SEC’s Division of Examinations announced that its 2024 examination priorities will focus on key risk factors related to information security and operational resiliency, crypto assets and emerging financial technology, regulation systems compliance and integrity, and AML…

US DoJ announces court-authorised action to disrupt illicit revenue generation efforts of Democratic People’s Republic of Korea IT workers

October 18, 2023

A court order issued in the Eastern District of Missouri seized 17 website domains used by DPRK information technology (IT) workers in a scheme to defraud U.S. and foreign businesses, evade sanctions and fund the development of the DPRK government’s weapons program.

FinCEN holds meeting with Israel’s Financial Intelligence Unit

October 18, 2023

FinCEN pledges redoubling of its efforts to combat the financing of terrorism alongside IMPA and other strategic FIU partners during this critical time, following Hamas’ brutal terrorist attacks on innocent civilians of October 7.