Money Laundering FinCEN

News & Analysis as of

FinCEN Issues a Geographic Targeting Order for Miami-Area Businesses

A Geographic Targeting Order (GTO) is one of the major enforcement tools of the Financial Crimes Enforcement Network (FinCEN). Such orders are issued under the authority of the Bank Secrecy Act and are used to impose stricter...more

FinCEN and ICE Issue Geographic Targeting Order Against Electronics Exporters in the Miami Area

On April 21, 2015, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) served a Geographic Targeting Order (GTO) on about 700 electronics exporter businesses in the Miami area, in an investigation into cash...more

FinCEN Assesses $75,000 Penalty Against Check Casher Business for Violating Anti-Money Laundering Laws

On March 18, the Financial Crimes Enforcement Network (FinCEN) assessed a $75,000 civil money penalty against a Colorado check casher and its general manager and ordered it to cease all business activities for “willfully...more

FinCEN Issues Notice of Proposed Rulemaking on Andorran Bank as “Primary Money Laundering Concern”

On March 10, 2015, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) named Banca Privada d’Andorra (BPA) a foreign financial institution of “primary money laundering concern,” a measure that will...more

FinCEN Blacklists Banca Privada d’Andorra

On March 10, 2015, FinCEN designated Banca Privada d’Andorra, based in the Principality of Andorra, as a foreign financial institution of primary money-laundering concern pursuant to Section 311 of the USA PATRIOT Act...more

FinCEN Hits Repeat Offender with $20M Penalty

Why it matters - The $20 million civil money penalty assessed by the Financial Crimes Enforcement Network (FinCEN) against Oppenheimer & Co. is intended to send several strong messages to all types of financial services...more

FinCEN Highlights Information Sharing Program Among Regulatory, Law Enforcement Agencies

On January 6, FinCEN released a fact sheet highlighting its Section 314(a) Program of the USA PATRIOT Act. Under the Section 314(a) Program, federal, state, local and foreign law enforcement are able to contact, through...more

Former Compliance Officer Assessed Million Dollar Penalty For Role In Company's Money Laundering Violations

Corporate officers with compliance duties, take note: you may face personal liability for your role in failing to prevent your company's violations of federal law. This new reality comes courtesy of the U.S. Department of the...more

FinCEN Issues Geographic Targeting Order Focused on Money Laundering in L.A.’s Fashion District

In the latest development in a probe by U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) targeting alleged money laundering activities in Los Angeles’ garment trade, the Financial Crimes...more

FinCrimes Update - July 2014 Summary, Volumn 1, Issue 5

FINCEN PROPOSES CUSTOMER DUE DILIGENCE RULE - On July 30, FinCEN released a proposed rule that would amend BSA regulations to clarify and add customer due diligence (CDD) obligations for banks and other financial...more

FinCEN Designates Foreign Private Bank Under Patriot Act

On July 17, FinCEN named FBME Bank Ltd., formerly known as the Federal Bank of the Middle East, as a foreign financial institution of primary money laundering concern pursuant to Section 311 of the USA PATRIOT Act....more

FinCrimes Update - Volume 1, Issue 3

On May 8, OFAC released enforcement information regarding “apparent violations” of the Cuban Assets Control Regulations by Canadian subsidiaries of a U.S. insurance company. The U.S. company self-reported 3,560 apparent...more

FinCEN Updates Trade-Based Money Laundering Detection Advice

On May 28, FinCEN published Advisory FIN-2014-A005, which updates advice related to trade-based money laundering (TBML) to address the increased use of “funnel accounts.” FinCEN explains that individuals or businesses may...more

Regulators Increasingly Pursue Individual Liability for Money-Laundering Violations

The Financial Crimes Enforcement Network (FinCEN), an arm of the U.S. Department of Treasury, recently fined a Miami-based money services business (MSB) and its owner $10,000 for failing to implement proper anti-money...more

FinCEN Issues Advisory on Increased Use of Funnel Accounts by Criminals as Part of Mexican Trade-Based Money Laundering...

FinCEN issued an advisory (the “Advisory”) to update financial institutions on the increased use of “funnel accounts” as part of trade-based money laundering (“TBML”) by criminals in the aftermath of the 2010 through 2012...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

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

Virtual Currency Year-In-Review: Bitcoin and Beyond

Bitcoin and other decentralized, math-based virtual currencies emerged in 2013 as nascent challenges to traditional payment systems, drawing widespread public attention, venture capital investment, and regulatory scrutiny....more

FinCEN Encourages Information Sharing Between Financial Institutions

On October 31, FinCEN issued a fact sheet to highlight Section 314(b) of the USA PATRIOT Act, which provides financial institutions with the ability to share information with one another under a safe harbor that offers...more

Liberty Reserve indictment rocks digital currency world

The indictment sealed on 20 May by a Grand Jury in the Southern District of NewYork, charging defendants operating international online digital currency and money transfer service Liberty Reserve with conspiracy to commit...more

What Are the Feds Looking At? Bitcoin Industry, Stay Awake

On May 28, 2013, federal prosecutors unsealed an indictment charging seven men with allegedly operating an organization known as “Liberty Reserve,” which prosecutors allege was established for the sole purpose of creating an...more

Federal Government Crackdown On Virtual Currency Heats Up

Asset Seizures and Arrests Mark Recent Federal Virtual Currency Enforcement Actions - Federal authorities have initiated several recent enforcement actions that are indicative of continuing regulatory changes in the...more

Money Laundering through Virtual Currency Provider Shut Down

The U.S. Department of the Treasury has targeted Liberty Reserve S.A. as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 311). According to Financial Crimes...more

The HSBC AML Settlement - Lessons Learned for the AML Compliance Practitioner

I recently wrote about banks behaving badly. Currently, Exhibit A in that list is HSBC. In December, 2012, the UK banking giant HSBC agreed to pay a fine of $1.92 billion for its transgressions involving money laundering....more

U.S. Law Enforcement Authorities And Regulators Resolve Significant Money Laundering And Sanctions Investigations

On December 11, a major international bank holding company announced agreements with U.S. law enforcement authorities and federal bank regulators to end investigations into alleged inadequate compliance with anti-money...more

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