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

Deadlines Coming for Multinationals’ Retirement Plans and U.S. Taxpayers with Foreign Financial Interests

In 2010, the U.S. enacted a sweeping change in enforcement of its tax laws on foreign financial interests, the Foreign Account Tax Compliance Act (FATCA). The main thrust of the act is to penalize foreign financial...more

Investment Management Legal + Regulatory Update -- April 2014

In This Issue: - Regulatory Updates: ..NEP Announces Never-Before-Examined Initiative; Examination Priorities for 2014; Division of Investment Management Lists 2013 Accomplishments; Sets 2014 Agenda; Money...more

Regulatory and Tax Issues Posed By Convertible Virtual Currencies

And the answer is – Property. Not surprisingly, the question is how Convertible Virtual Currencies (CVCs) such as Bitcoin should be classified for tax purposes. Given the treatment of CVCs by the Financial Crimes...more

FinCEN Guidance Updates FATF AML/CFT Deficient Jurisdictions List

On March 25, FinCEN issued an advisory notice, FIN-2014-A003, in which it provided guidance to financial institutions for reviewing their obligations and risk-based approaches with respect to certain jurisdictions. The...more

FinCEN Issues Advisory Regarding the FATF’s Updated List of Jurisdictions with AML/CTF Strategic Deficiencies

FinCEN issued an advisory (the “Advisory”) regarding the issuance by the Financial Action Task Force (the “FATF”) of an updated list of jurisdictions that the FATF has identified as having strategic deficiencies in their...more

Treasury Officials Detail Approach To Virtual Currency

This week, Treasury Under Secretary David Cohen and FinCEN Director Jennifer Shasky Calvery outlined the Treasury Department’s approach to regulation of virtual currency. Mr. Cohen acknowledged that large scale adoption of...more

IRS Issues Significant Convertible Virtual Currency Ruling - Bitcoin Community Abuzz

The IRS has issued its first major ruling on the U.S. federal tax implications of transactions in, or transactions that use, Bitcoin and other convertible virtual currencies. The ruling stresses that it relates to convertible...more

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

FinCEN Director Discusses 2014 Priorities

On February 20, in remarks to the Florida International Bankers Association Anti-Money Laundering Conference, FinCEN Director Jennifer Shasky Calvery reviewed FinCEN’s key initiatives over the past year and outlined...more

FinCEN Finalizes AML Rules For Fannie Mae, Freddie Mac

On February 20, FinCEN finalized a rule that will require Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (the GSEs) to develop AML programs and to file SARs directly with FinCEN. Under the current system, the GSEs...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

Banks Shy Away From Processing Marijuana Transactions in Colorado – Will Anyone Step Up?

Last Friday, the Department of Justice (DOJ) and the Department of Treasury, Financial Crimes Enforcement Network (FinCen), both published new guidance in connection with the legalization of recreational marijuana in...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

New FinCEN Guidance On Virtual Currency Transactions

Overview - On January 30, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued two administrative letter rulings that clarify the application of FinCEN’s regulations to...more

FinCEN Releases Additional Guidance Related To Virtual Currency Mining, Software, And Investment Activity

On January 30, FinCEN issued two rulings related to virtual currency mining and virtual currency software development and investment activity. The guidance clarifies FinCEN’s previous convertible virtual currency guidance. ...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

Virtual Currency Round-Up: NY Mulls Bitcoin License; FinCEN Issues Opinion Letters on Bitcoin Mining, Software Providers and...

New York Department of Financial Services Superintendent Benjamin Lawsky said the agency is considering a “BitLicense” in hearings held Jan. 28-29 in New York City. The Department will develop a virtual currency regulatory...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

FinCEN Publishes Administrative Rulings Further Clarifying When Virtual Currency Activity Constitutes Money Transmission

On January 30, 2014, the Financial Crimes Enforcement Network (“FinCEN”) of the United States Department of the Treasury published two administrative rulings directly addressing when specific virtual currency activities...more

Corporate and Financial Weekly Digest - Volume IX, Issue 5

In this issue: - FTC Announces New Filing Thresholds for Hart-Scott-Rodino Pre-Merger Notifications - SEC Division of Corporation Finance Issues Three C&DIs Relating to “Unbundling Rule” - NFA Members...more

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