Events listed in Currency and Foreign Transactions Reporting Act of 1970 (Bank Secrecy Act)
FinCEN Fiscal Year 2022 in Review
ID 22976
The Financial Crimes Enforcement Network (FinCEN) has published its latest Year in Review Report (2022) which provides some key statistics on FinCEN’s supervisory and enforcement work as regards the prevention of money laundering (ML) and the financing of terrorism (FT). The report is intended to help stakeholders gain insights into the activities of FinCEN and into FinCEN’s use of suspicious activities reports (SARs) and ...
OCC Opens Registration for Community Bank Director and Senior Management Workshops
ID 22717
The Office of the Comptroller of the Currency (OCC) has published a press statement to announce its 2023 schedule of workshops for board directors and senior management of national (community) banks and federal savings associations. The schedule encompasses the following five workshops (as quoted): (1) Risk Governance Workshop (1 day workshop or 3-hour virtual workshop) which aims to bring about the following outcomes: – ...
FinCEN Analysis of Business Email Compromise in the Real Estate Sector Reveals ...
ID 22561
The Financial Crimes Enforcement Network (FinCEN) has issued a new financial trend analysis on „patterns and trends identified in Bank Secrecy Act (BSA) data relating to business email compromise (BEC) in the real estate sector“. Therein, FinCEN primarily outlines the findings from an analysis of suspicious activities reports (SARs) filed from January 2020 through December 2021 relating to suspicious transactions as regards real estate ...
Financial Action Task Force Suspends the Membership of the Russian Federation, and ...
ID 22201
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): Cambo ...
FinCEN Alert on Nationwide Surge in Mail Theft-Related Check Fraud Schemes ...
ID 22052
The Financial Crimes Enforcement Network (FinCEN) has issued a new alert in connection with the „Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U.S. Mail“. The alert is addressed at financial institutions to make them aware of this surging fraud scheme and the methods perpetrators use to scam clients. The alert thereby briefly describes the typical typology of the scheme which generally ...
Risk Real Estate Russian: FinCEN Alert
ID 21587
Risk Real Estate Russian: FinCEN Alert on Potential U.S. Commercial Real Estate Investments by Sanctioned Russian Elites, Oligarchs, and Their Proxies The Financial Crimes Enforcement Network (FinCEN) has issued an aler to provide guidance to financial institutions regarding possible sanction evasion attempts by Russian oligarchs through investments in commercial and / or private real estate. new alert The alert provides examples of such attempts ...
Financial Crimes Enforcement Network; Inflation Adjustment of Civil Monetary ...
ID 21523
The Financial Crimes Enforcement Network (FinCEN) has published in the Federal Register its updated civil monetary penalties which are due in case of failing to comply with U.S. anti money laundering (AML) and counter financing of terrorism (CFT) regulations. The update is mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990 and represents the increase in the *Consumer Price Index for all ...