Events listed in [FinCEN] Financial Crimes Enforcement Network

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 nearly all firms operating in the U.S. in an effort to enhance transparency on ownership and to reduce money laundering and financing of terrorism activity in the U.S. – and – following a subsequent consultation on regulating the access to such collected beneficial ownership information (BOI), the Financial Crimes Enforcement Network ...

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’s database on beneficial ownership information (BOI) (EventID 24631), the Financial Crimes Enforcement Network has published a corresponding fact sheet. The fact sheet outlines the key provisions of the final rule with respect to the following: (1) the background of the final rule and the regulatory framework; (2) recipients that will ...
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 January 1, 2024 (please see EventID 17480 in this context), the Financial Crimes Enforcement Network (FinCEN) published – on December 11, 2023 – a press statement in which it announced an „upcoming“ webinar with the topic: „Beneficial Ownership Information Reporting Requirements: What You Need to Know“ on December 13, ...

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 announce the finalization of its proposed rule amendment to extend the upcoming deadline for reporting beneficial ownership for certain companies. The final rule was meanwhile published in the Federal Register. Specifically, as proposed, FinCEN is modifying the current beneficial reporting rule as outlined in EventID 17480 and included in [Statutory Instrument 31 ...

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 Finalizes Rule on Use of FinCEN Identifiers in Beneficial Ownership ...

ID 25682
On November 7, 2023, the Financial Crimes Enforcement Network, FinCEN, published its final rule regarding the use of FinCEN identifiers when reporting beneficial ownership information. The final rule was subsequently published in the Federal Register on November 11, 2023 with an effective date of January 1, 2024. To recall, in December 2022, FinCEN launched a consultation on proposed modifications to [Statutory Instrument 31 CFR ...

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 Alert to Financial Institutions to Counter Financing to Hamas and its ...

ID 25430
The Financial Crimes Enforcement Network (FinCEN) has issued a new Alert to provide information and guidance to financial institutions and virtual asset service providers (VASPs) to help them identify and report suspicious activity related to the funding of the terrorist organization Hamas. The Alert highlights the various methods Hamas uses to raise funds for its operations, including support from Iran, private donations, investments, diverting ...
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