Events listed in [FinCEN] Financial Crimes Enforcement Network
FinCEN Proposes New Regulation to Enhance Transparency in Convertible Virtual ...
ID 25412
The Financial Crimes Enforcement Network, FinCEN, has announced and meanwhile published in the Federal Register a proposed new reporting rule under Statutory Instrument 31 CFR Part 1010, FinCEN’s reporting rule, to require the reporting of transactions involving convertible virtual currencies (CVCs) and CVC mixers by financial institutions. CVC mixing is thereby defined by FinCEN as „the facilitation of CVC transactions in a manner that ...
FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership ...
ID 24977
In view of the coming into force of the beneficial ownership reporting obligation of firms operating in the U.S. on January 1, 2024 (please see EventID 17480 for a detailed description of the upcoming requirements), the Financial Crimes Enforcement Network (FinCEN) has published several documents and even two videos to support small firms in their compliance with the new reporting and notification requirements. Specifically, ...
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. ...
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. ...
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 ...
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 ...
FinCEN Issues Initial Beneficial Ownership Information Reporting Guidance
ID 22471
In view of the coming into force of the beneficial ownership reporting obligation of firms operating in the U.S. on January 1, 2024 (please see EventID 17480 for a detailed description of the upcoming requirements), the Financial Crimes Enforcement Network (FinCEN) has published several documents and even two videos to support firms in their compliance with the new reporting and notification requirements. Specifically, FinCEN ...