Bank Secrecy Act FinCEN

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide... more +
The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -
News & Analysis as of

House Democrats Request Guidance On Banking Access For Marijuana Businesses

On March 5, a group of 16 Democratic U.S. House members sent letters to the leaders of the Federal Reserve Board, the OCC, the FDIC, and the NCUA requesting that the agencies issue guidance that would provide legitimate...more

Financial Services Law - Feb 28, 2014

Light ’em Up: FinCEN’s Cautionary Guidance About Banks Working With Marijuana Companies - The Financial Crimes Enforcement Network’s new guidance on how to work with marijuana-related businesses is unlikely to make it...more

FinCEN Issues Guidance for Financial Institutions Seeking to Provide Services to Marijuana-Related Businesses

The Financial Crimes Enforcement Network (“FinCEN”) issued guidance (the “Guidance”) to clarify FinCEN’s expectations as to how financial institutions (“FIs” and each an “FI”) will meet their compliance requirements under the...more

Anti-Money Laundering Compliance Update: FinCEN Issues Guidance For Financial Institutions Providing Services To Marijuana-Related...

On February 14, 2014, the Financial Crimes Enforcement Network (“FinCEN”) issued its guidance “BSA Expectations Regarding Marijuana-Related Businesses” in an effort to clarify Bank Secrecy Act (“BSA”) expectations for...more

Toke on This: FinCEN Issues Guidelines for Marijuana-Related Businesses

The Financial Crimes Enforcement Network (FinCEN) got a whiff of the fact that financial institutions provide services to burgeoning marijuana-related businesses and published guidance to clarify customer due diligence...more

FinCEN Director Reinforces Enforcement And Compliance Themes, Highlights Risks For Securities Firms

On January 30, in remarks to SIFMA’s AML and Financial Crimes Conference, FinCEN Director Jennifer Shasky Calvery stressed the importance of establishing a “culture of compliance” at financial institutions to support...more

FinCEN Issues Additional Clarifications Regarding Bitcoin and other Convertible Virtual Currency Activities

On January 30, 2014, the Financial Crimes Enforcement Network (“FinCEN”) issued two administrative rulings that address the application of Bank Secrecy Act (“BSA”) regulations to convertible virtual currency-related...more

FinCEN Rules on Status of Virtual Currency Miners and Investors as Money Service Businesses

The Financial Crimes Enforcement Network (FinCEN) has issued two rulings regarding the status of virtual currency miners and investors as money service businesses (MSB) under the Bank Secrecy Act (BSA). The rulings address...more

FinCEN Issues MSB Guidance for Bitcoin Miners, Investors and Software Developers

On January 30, the Financial Crimes Enforcement Network (FinCEN) published two administrative rulings (Administrative Rulings) clarifying that certain participants in the Bitcoin economy (and other convertible virtual...more

FinCEN Issues Administrative Rulings on Virtual Currency Related to Miners and Investors

Prompted by requests, FinCEN published two administrative rulings on the application of its regulations requiring money services businesses to be registered under the Bank Secrecy Act. ...more

US: FinCEN further clarifies application of money transmission rules to virtual currency

The Financial Crimes Enforcement Network (a branch of the US Treasury) has published two administrative rulings, providing additional information on whether a person’s conduct related to convertible virtual currency brings...more

Two Non-U.S. Banks Agree to Pay Penalties Totaling $160 Million for Violations of U.S. Sanctions Laws Resulting from Omnibus...

Recent enforcement actions brought by the U.S. Government against non-U.S. banks for violations of U.S. sanctions laws demonstrate the need for financial institutions, particularly those that act as custodians or financial...more

FBAR Update

The Report of Foreign Bank and Financial Accounts (FBAR) can no longer be filed on TDF 90-22.1, and must be e-filed on Form 114. This alert summarizes developments involving FBAR e-filing and signature authority. They are...more

Federal Authorities Announce Major BSA/AML Action Related To Madoff Scheme

On January 7, the U.S. Attorney for the Southern District of New York, the OCC, and FinCEN announced the resolution of criminal and civil BSA/AML violations by a major financial institution in connection with the bank’s...more

JPMorgan Chase & Co. and its Affiliates Agree to Pay the DOJ, OCC and FinCEN an Aggregate of $2.05 Billion to Resolve Violations...

JPMorgan Chase & Co. and its affiliates (collectively, “JPMorgan”) agreed to pay an aggregate of $2.05 billion to resolve civil and criminal claims generally related to JPMorgan’s Bank Secrecy Act (“BSA”) compliance program...more

FinCEN and FRB Finalize Rule Amending Definitions in the Bank Secrecy Act

FinCEN and the FRB issued a final rule largely adopting their 2012 proposal to amend the definitions of “funds transfer” and “transmittal of funds” under regulations implementing the Bank Secrecy Act. ....more

FinCEN and FRB Jointly Issue Final Rule Amending the Definitions of “Funds Transfer” and “Transmittal of Funds”

On December 4, 2013, the Financial Crimes Enforcement Network (“FinCEN”) and the FRB jointly issued a final rule (the “Final Rule”) amending the definitions of “funds transfer” and “transmittal of funds” under the regulations...more

FinCEN, Federal Reserve Board Finalize Changes To Certain Bank Secrecy Act Definitions

On December 3, FinCEN and the Federal Reserve Board issued a final rule to amend the definitions of “funds transfer” and “transmittal of funds” under regulations implementing the Bank Secrecy Act. The agencies finalized the...more

Update: Crackdown on Casino AML Deficiencies Continues as Caesars Entertainment Corp. becomes subject of FinCEN and DOJ...

On October 21, 2013, Caesars Entertainment Corp. (“Caesars”) announced in its filing with the Securities and Exchange Commission that its subsidiary Desert Palace, Inc. (owner of Caesars Palace) was under investigation for...more

FinCEN Joins The Enforcement Party

FinCEN’s new Enforcement Division, which was created in June of 2013, is already making its mark in the financial enforcement world. Federal regulators are focusing on compliance with Bank Secrecy Act (“BSA”) and...more

OCC and FinCEN Take Enforcement Actions and Assess Civil Money Penalty Against Small Bank for BSA/AML Violations

The OCC entered into a consent order with a small, New Jersey-based bank with approximately $118 million in total assets for violations of the Bank Secrecy Act (the “BSA”). The OCC assessed a civil money penalty (“CMP”)...more

Federal Election Commission Seeks Public Comment On The Use Of Bitcoins As Political Contributions

A political action committee has sought an advisory opinion from the Federal Election Commission (FEC) as to whether bitcoins can be accepted as political contributions and, if so, how bitcoins should be characterized and...more

FinCEN Guidance on Virtual Currency Regulation

On March 18, the Financial Crimes Enforcement Network (FinCEN) issued interpretive guidance clarifying the applicability of regulations implementing the Bank Secrecy Act to persons creating, obtaining, distributing,...more

Financial Crimes Enforcement Network Issues Guidance on Virtual Currency

FinCEN recently issued interpretive guidance to clarify that it views certain activities involving convertible virtual currencies as money transmission services under the Bank Secrecy Act and FinCEN regulations. If your...more

FinCEN Publishes SAR Activity Review And Annual SAR Data Report

This week, FinCEN published its semiannual SAR Activity Review, which provides information about the preparation, use, and value of Suspicious Activity Reports (SARs) filed by financial institutions. ...more

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