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

SEC Registered Investment Advisers—A Review of 2016 and a Look at What’s Ahead for 2017

As we near the seventh anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), private equity and hedge fund advisers are subject to an ever-increasing degree of supervision...more

Investor Suits Follow in the Wake of Western Union Settlement of Money Laundering and Fraud Claims

On January 19, 2017, the Western Union Company (“Western Union” or the “Company”) entered into a deferred prosecution agreement (“DPA”) with the Department of Justice (“DOJ”), in which Western Union admitted to willful...more

European Parliament: The U.S. is a Haven for Tax Cheats and Money Launderers

Earlier this week, we blogged about how the United States recently declared the Philippines to be a “major money laundering country.” On the same day of our post, March 7, the European Parliament (EP) issued a Report which...more

Immigration Fact and Fiction for the U.S. Employer: Customs and Border Protection (CBP) When You Depart the United States – Cash...

Moving forward in our series of separating fact from fiction, we address the question whether Customs and Border Protection (CBP) plays any role when a passenger, even a United States citizen departs the United States....more

West Coast Real Estate Update: March 2017

Gov. Brown Opposes Measure S - In a statement published less than two weeks before Los Angeles' Consolidated Municipal and Special Elections to be held on March 7, 2017, California Gov. Jerry Brown came out in opposition...more

Financial Services 2016 Year-End Report

Welcome to the 2016 Year-End Report from BakerHostetler’s Financial Services Industry Team. We are pleased to share our analysis of some of the key legal developments in the financial services industry in the past year and...more

Revisiting the Risk of Banking Marijuana Businesses

Even though as part of his confirmation hearings Attorney General Sessions informally indicated that enforcement of the federal criminal laws for marijuana businesses would not be a priority, this last week the Trump...more

FinCEN Enforcement Action Highlights AML Compliance Program Failures and Conflicts of Interest for High-Risk MSB Customers

On February 27, 2017, FinCEN announced a $7 million civil monetary penalty against Merchants for willful violations of the BSA. Additionally, the Office of the Comptroller of the Currency (OCC), Merchants’ federal functional...more

Your Daily Dose of Financial News

FinCEN is extending its campaign to press title insurance companies to reveal the real buyers behind shell companies that pay cash for high-end real estate deals in select cities around the country....more

FinCEN Renewal of GTOs for High-End Cash Buyers in Six Markets

FinCEN announced today that it is renewing the existing Geographical Targeting Orders (GTOs) issued in July 2016 that require all title insurance companies to identify and report on the natural persons behind shell companies...more

Bitcoin and Blockchain Technology Update: Research Paper

Locke Lord London Global Head of Cards & Payments Robert Courtneidge and Associate Charlie Clarence-Smith wrote a research paper on bitcoin and blockchain technology. Over the past few years, digital currencies have been...more

Navigating Through the Hazy Intersection of Financial Services and the Legal Marijuana Industry

As more states legalize marijuana use, financial institutions face increased uncertainty about how to handle accounts opened by marijuana-related businesses (MRBs) in light of regulatory difficulties stemming from the obvious...more

FinCEN Issues Advisory on Jurisdictions with AML/CFT Deficiencies

The Financial Crimes Enforcement Network (“FinCEN”), an agency within the U.S. Treasury Department, has put forth an Advisory on the FATFIdentified Jurisdictions with AML/CFT (Anti-Money Laundering/Combating the Financing of...more

Reporting A Closely Held U.S. Corporation’s Overseas Activities

We have heard a lot about large, publicly-traded U.S. corporations that have parked trillions of dollars overseas to avoid the payment of U.S. income tax. We have heard how the tax system must be seriously broken to have so...more

The Western Union DPA and the Need to Investigate One’s Own

The Western Union Company (“Western Union”) entered into a deferred prosecution agreement (“DPA”) on January 19th with the Department of Justice, based on alleged willful failures to maintain an effective AML program and the...more

No Seriously, When is My Return Due?

It’s that time of the year again. Or maybe it isn’t. Effective for tax years beginning on or after December 31, 2015, the filing deadlines for many common federal tax returns have changed. As a result, taxpayers coming...more

2016 Year in Review: Money Laundering (Part One)

2016 was a busy year for developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues. In part one of our year-in-review, we discuss six key...more

New Extended Due Dates for Foreign Bank Account Reports (FBAR)

All U.S. citizens and permanent residents are required to annually file a U.S. income tax return reporting their worldwide income from all sources. Additionally, U.S. citizens and permanent who have an interest in or...more

Cyber$ecurity: Recent Developments in the Protection of Financial Data

As cybersecurity remains in the headlines moving into 2017, we consider recent developments in public policy concerning cybersecurity in the financial services industry....more

Cyber$ecurity: Recent Developments in the Protection of Financial Data

As cybersecurity remains in the headlines moving into 2017, we consider recent developments in public policy concerning cybersecurity in the financial services industry....more

Western Union to Pay $586 Million in Restitution and Civil Penalties for AML Compliance Failure

On January 19, 2017, Western Union Financial Services, Inc. agreed to pay civil penalties and restitution to victims of fraud totaling $586 million to resolve actions brought by the U.S. Treasury Department’s Financial Crimes...more

SEC Charges BD, COO With Failing to File SARs

The Commission has long focused on microcap fraud by, among other things, bringing manipulation actions centered on penny stocks. OCIE and FINRA have also issued guidance for compliance departments on red flags to watch for...more

Financial regulation in 2017: Europe and the US

The result of the UK referendum on its EU membership and the outcome of the US Presidential elections of 2016 have laid the ground for 2017 to be a year of transition for both Europe and the United States. As transitions are...more

Banking Problems for a Whole Industry

About half of the States have legalized marijuana for either or both medical and recreational use. Despite being legal under various state laws, businesses operating in the marijuana industry continue to encounter federal...more

Paying for the Wall: Will President Trump’s Administration Scrutinize, Tax, or Seize Remittances?

One of the most significant post-election questions for the financial-services industry—particularly global financial institutions that move money across borders—is what is the status of President-elect Trump’s proposal to...more

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Cybersecurity

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