FinCEN

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of... more +
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -
News & Analysis as of

What Does FinCEN’s Proposed AML Rule Really Mean For Registered Investment Advisers?

Federal regulators are on the brink of finalizing proposed anti-money laundering (“AML”) regulations for Securities and Exchange Commission (“SEC”)-registered investment advisers (and those investment advisers required to...more

Why is On-boarding and Off-boarding Bank Clients Important?

After the Panama Papers, and with the recent FinCEN final Customer Due Diligence (CDD) rule, U.S. financial institutions are further focused on tightening internal controls against money laundering, terrorist financing,...more

9th Circuit: Online Poker Accounts Not Reportable on FBAR

On July 21, 2016, the Ninth Circuit in United States v. Hom, No. 14-16214 D.C. No. 3:13-cv-03721-WHA (9th Cir. 2016), determined that a taxpayer who held an online poker account with PokerStars and PartyPoker was not required...more

Financial Services Weekly News - July 2016 #4

Editor's Note - What Exactly Is Bitcoin? In a case featuring a sting operation beginning with meetings in a coffee shop, ice cream store and hotel lobby and ending with the sale of bitcoins to an undercover Miami Beach...more

FinCEN Targets More Real Estate Deals for AML

Today, the Financial Crimes Enforcement Network (FinCEN) announced, effective August 28, 2016golden and continuing for 180 days, it is expanding its earlier Geographic Targeting Orders (GTO) requiring information about the...more

FinCEN Adopts New Customer Due Diligence Requirements for Financial Institutions

The Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) has adopted new anti-money laundering (“AML”) regulations that impose additional customer due diligence requirements on certain financial institutions...more

Final FinCEN Customer Due Diligence Rule Released – Concerns Abound as Covered Financial Institutions Grapple with Implementation

The United States Department of Treasury’s Financial Crimes Enforcement Network’s (FinCEN) new customer due diligence rule released in May has caused concern throughout the industry. In what it says is an effort to prevent...more

FinCEN Issues Customer Due Diligence Rule (CDD) FAQs

On July 19, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued FAQs regarding the customer due diligence requirements (“CDD”) that it published on May 11, 2016, for certain financial institutions, including...more

The “Fifth Pillar” of AML/BSA Compliance FinCEN Issues Final Rule for New Customer Due Diligence Requirements under the Bank...

For years, financial institutions have operated under the maxim that an effective anti-money laundering and Bank Secrecy Act compliance program (collectively “AML”) rests upon four pillars: (1) written policies and...more

FinCEN Assesses Significant Penalty Against Casino for Bank Secrecy Act Violations

The Financial Crimes Enforcement Network (FinCEN) assessed on July 15 a civil money penalty in the amount of $2.8 million against Hawaiian Gardens Casino Inc., d/b/a The Gardens Casino, for Bank Secrecy Act (BSA) regulatory...more

Civil Fines Jump Across Agencies Under Inflation Adjustment Act

Civil fines across federal agencies have recently been increased dramatically under the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Act) (Sec. 701 of Public Law 114-74), with some more than...more

EU brings virtual currency exchanges and wallet providers under the EU Anti-Money Laundering Directive

On 5 July 2016, the European Commission (the Commission) adopted a proposal for a directive that, when passed, will begin to narrow the regulatory gap between the U.S. and the EU for virtual currency exchange platforms and...more

IRS and DOJ are Reviewing and Scrubbing Offshore Accounts Data to Build Civil and Criminal Cases

During the June 24, 2016 Tax Controversy Conference held at New York University, officials from both the Department of Justice (DOJ) and the Internal Revenue Service (IRS) emphasized their focus on analyzing the avalanche of...more

Wealth Management Update - July 2016

July Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The July § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Government Investigations: Use of the Financial Crimes Enforcement Network and Virtual Currency

Since 2009, the US Department of Justice has implemented an aggressive anti-tax evasion strategy that has changed by targeting tax havens that host financial intermediaries (i.e., banks) to the financial intermediaries...more

US Financial Crimes Enforcement Network Identifies the Democratic People’s Republic of Korea as a Jurisdiction of Primary Money...

The US Financial Crimes Enforcement Network, pursuant to authority contained in the USA PATRIOT ACT, found “reasonable grounds” to conclude that the Democratic People’s Republic of Korea is a jurisdiction of primary money...more

State Banking Regulators Issue Annual Report

What were state banking regulators focused on last year? A new report from the Conference of State Bank Supervisors (CSBS) reveals that state regulators "increased coordination and collaboration between state regulators and...more

FinCEN Extends Filing Deadline for Certain FBAR Filers

Certain individuals who have only signature authority over foreign financial accounts now have until April 15, 2017 to file the Report of Foreign Bank and Financial Accounts....more

Retailers, Take Note: Connecticut Adds New Gift Card Cash-Back Requirements

On June 9, Connecticut Governor Dan Malloy signed into law HB 5564, which adds Connecticut to the growing list of states that require gift card sellers or issuers to provide cash back to consumers in certain partial...more

FinCEN Issues Final Beneficial Owner Identification Rules

In May 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network issued final rules regarding beneficial owner identification obligations for legal entity customers (the “Rule”). Under the Rule, covered...more

Deadline: Foreign Bank Account Reports Due June 30, 2016

Any U.S. person who has a financial interest in or signature authority over one or more foreign financial accounts with an aggregate value over $10,000 (on any day of the year) must report the accounts to the Treasury...more

FBAR: 2015 Reports Due by June 30, 2016

Every U.S. person (including both individuals and entities, as discussed below) that had a financial interest in, or signature or other authority over, one or more foreign financial accounts during 2015 must electronically...more

West Coast Real Estate Update: June 2016 #1

California Governor Proposes "Build By Right" Approval Process for Affordable Housing - Recognizing the extreme need throughout California for construction of new affordable housing units, on May 13, 2016, Gov. Jerry...more

Are You Within Reach of Anti-Money Laundering Enforcement? The Tentacles of Money Laundering Schemes Affect Real Estate Investors...

The U.S. Treasury Department has signaled the latest focus of its enforcement: real estate ventures with ties to money laundering schemes. Individual real estate investors and companies involved in luxury real estate, real...more

FinCEN Issues Customer Due Diligence Rules and Amends AML Program Rules

On May 11, 2016, the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) published a final rules release (the “Release”) containing new rules to strengthen customer due diligence (“CDD”) requirements for...more

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