Events listed in Currency and Foreign Transactions Reporting Act of 1970 (Bank Secrecy Act)
FinCEN Alert on COVID-19 Employee Retention Credit Fraud
ID 25890
On November 22, 2023, the Financial Crimes Enforcement Network (FinCEN) along with the IRS Criminal Investigation (CI) released an alert warning financial institutions about potential fraud schemes linked to the so-called COVID-19 Employee Retention Credit (ERC). This credit is/was part of the relief measures provided to businesses affected by the pandemic and involves the provision of tax credit to those businesses that decide(d) not ...
FinCEN and the Bureau of Industry and Security (BIS) Issue Joint Notice and New Key ...
ID 25681
The Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) have issued a *joint notice to inform financial institutions of a new „key term“ to be used in SAR Field 2 when filing suspicious activity reports (SARs) in relation to „potential efforts by individuals or entities seeking to evade U.S. export controls NOT* related to Russia’s ...
READOUT: FinCEN Hosts Public-Private Dialogue on Cyber-Related Terrorism Financing
ID 25666
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 virtual currencies ...
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and ...
ID 25652
The Financial Crimes Enforcement Network (FinCEN) has published a press release relating to the recent statements by the Financial Action Task Force (FATF) regarding jurisdictions with Anti-Money Laundering (AML) and Combating the Financing of Terrorism and Counter-Proliferation (CFT) deficiencies. Specifically, FATF announced the following re-classification of jurisdictions in accordance with their deficiencies: (1) Jurisdictions Under Increased Monitoring (Grey List): Bulga ...
FinCEN Analysis Reveals Trends and Patterns in Suspicious Activity Potentially Tied ...
ID 24877
The Financial Crimes Enforcement Network (FinCEN) has issued a financial trend analysis on „Trends in Bank Secrecy Act Data: Suspected Evasion of Russian Export Controls“ in Bank Secrecy Act reporting. Therein, FinCEN primarily outlines the findings from an analysis of suspicious activities reports (SARs) filed between June 2022 and July 2023 relating to suspicious transactions involving „suspected evasion of Russian export controls“, taking into ...
READOUT: FinCEN Hosts Public-Private Dialogue on Countering the DPRK’s ...
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 ...
FinCEN Notice Highlights Concerning Increase in Payroll Tax Evasion, Workers’ ...
ID 24639
The Financial Crimes Enforcement Network (FinCEN) has issued a notice to alert financial institutions of activities that may be related to payroll tax evasion or to workers‘ compensation fraud in both the U.S. residential and the commercial real estate construction sector. Specifically, the notice provides institutions with essential information to enhance their monitoring, detection, and reporting of suspicious activities associated with such fraud schemes. ...
Bank Secrecy Act/Anti-Money Laundering: Updated Sections of the FFIEC BSA/AML ...
ID 24534
The Office of the Comptroller of the Currency, OCC, has published a press statement to announce that the Federal Financial Institutions Examination Council (FFIEC) – which is composed of members of the five banking regulators in the U.S. – has updated several parts of its Examination Manual on the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML). The affected sections are the following and ...
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and ...
ID 23929
The Financial Crimes Enforcement Network (FinCEN) has published a press release relating to the recent statements by the Financial Action Task Force (FATF) regarding jurisdictions with Anti-Money Laundering (AML) and Combating the Financing of Terrorism and Counter-Proliferation (CFT) deficiencies. Specifically, FATF announced the following re-classification of jurisdictions in accordance with their deficiencies: (1) Jurisdictions Under Increased Monitoring (Grey List): Camer ...
Supplemental Alert: FinCEN and the U.S. Department of Commerce’s Bureau of Industry ...
ID 23333
The Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) have issued a joint alert to provide guidance to financial institutions regarding possible trade restriction evasion attempts by entities of the Russian Federation and Belarus following the occupation of Crimea and the invasion of the Ukraine by Russian military and the subsequent imposition of sanction measures. ...