information

READOUT: FinCEN Hosts Public-Private Dialogue on Countering the DPRK’s Illicit Cyber Activities

ID 24778

The Financial Crimes Enforcement Network (FinCEN) has published a press statement to inform about its recently hosted FinCEN Exchange and to encourage financial institutions of all kinds (banks, payment service providers, virtual asset dealers / brokers / platforms, investment firms, brokers, (private equity) fund managers etc.) to participate in the Exchange.
Specifically, this recent meeting primarily focused on countering the misuse of the digital ecosystem by the Democratic People’s Republic of Korea (DPRK). The DPRK utilizes virtual assets to fund its illicit weapons programs posing a significant threat to the U.S. financial system. During the session, FinCEN and Federal law enforcement agencies presented related information, followed by discussions on information sharing mechanisms. Financial institutions and representatives from the virtual currency industry discussed strategies to combat DPRK’s cyber-enabled illicit finance.
The FinCEN Exchange program underscores the importance of communication between FinCEN, law enforcement, and financial institutions to identify and investigate criminal actors and money laundering. As FinCEN notes, financial institutions play a crucial role in supporting law enforcement and national security agencies through suspicious activity reporting which is why the Network urges financial market players to register under USA PATRIOT Act Section 314(b) and engage in voluntary information sharing. This collaborative approach can uncover networks of illicit activity that individual firms may miss. In fiscal year 2022, over 7,600 financial institutions were registered under Section 314(b), enabling extensive network analysis and thus preventing money laundering and the financing of terrorism on a large scale.
To provide further details on the registration, FinCEN has attached its latest Section 314(b) Fact Sheet which describes which financial market participants (i.e. fund management companies, brokers, banks, etc.) are eligible for information sharing and the type of information that may be shared pursuant to section 314(b) of the Bank Secrecy Act for purposes of the prevention of money laundering and the financing of terrorism.

Other Features
AML
banks
Blockchain/DLT
broker
CFT
companies
crypto-assets
digital assets
digitisation
eligibility
financial advisors
fraud
fund management
investment firms
payment services
registration
reporting
securities
Date Published: 2023-08-31
Regulatory Framework: Currency and Foreign Transactions Reporting Act of 1970 (Bank Secrecy Act)
Regulatory Type: information

FinCEN Issues Final Rule Regarding Access to Beneficial Ownership Information

ID 26486
Following the implementation of rules to require the reporting of beneficial ownership by ...

Fact Sheet: Beneficial Ownership Information Access and Safeguards Final Rule

ID 26466
In view of the finalization of the „access rule“ as regards access to FinCEN&# ...
Asset Management
conference / webinar

FinCEN to Host Webinar on Beneficial Ownership Information Reporting Requirements

ID 26184
In view of the coming into force of the new beneficial ownership reporting requirements on ...

FinCEN Extends Deadline for Companies Created or Registered in 2024 to File ...

ID 25987
The Financial Crimes Enforcement Network (FinCEN) has published a press statement to annou ...
  • Topic Filter

    Top Tag Search
    Top Tag Search
    Top Tag Search
    Top Tag Search
You are on the training version of RISP core with limited functions and data. Please subscribe to RISP core for professional or academic use. We supply free real time datasets for approved academic research; professional subscriptions start at 950€ plus VAT per annum.

Compare Listings