The Financial Crimes Enforcement Network (“FinCEN”) has issued its Year in Review for FY 2023 (“YIR”). It consists of five pages of infographics. According to FinCEN’s press release...more
6/11/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Cryptocurrency ,
Currency Transaction Reports (CTR) ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Information Sharing ,
Money Laundering ,
Suspicious Activity Reports (SARs)
The Financial Crimes Enforcement Network (“FinCEN”) has issued a Notice on the Use of Counterfeit U.S. Passport Cards to Perpetrate Identity Theft and Fraud Schemes at Financial Institutions (“Notice”), asking financial...more
4/18/2024
/ Anti-Money Laundering ,
Counterfeiting ,
Currency Transaction Reports (CTR) ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Fraud ,
Identity Theft ,
Money Laundering ,
Passports ,
Personally Identifiable Information ,
Popular ,
Suspicious Activity Reports (SARs)
The Financial Crimes Enforcement Network (“FinCEN”) has issued a notice entitled “FinCEN Calls Attention to Payroll Tax Evasion and Workers’ Compensation Fraud in the Construction Sector” (the “Notice”). According to the...more
8/17/2023
/ Anti-Money Laundering ,
Construction Industry ,
Currency Transaction Reports (CTR) ,
Financial Crimes ,
Financial Fraud ,
Financial Institutions ,
FinCEN ,
Payroll Taxes ,
Popular ,
Tax Evasion ,
Wage and Hour ,
Workers' Compensation Claim
Last week, FinCEN “communicated,” so to speak, to private industry, law enforcement, regulators, and legislators in three very different ways: through a FY 2022 Year In Review infographic; a first-of-its kind enforcement...more
The Financial Crimes Enforcement Network (“FinCEN”) recently complied with two important deadlines under the Anti-Money Laundering Act (“AML Act”) — issuing national priorities for AML and countering the financing of...more
Treasury Offers Something for Everyone to Comply With: Trades and Businesses, Banks, Crypto Exchangers and Individuals -
On May 21, 2021, the U.S. Department of Treasury (“Treasury”) released its American Families Plan Tax...more
The U.S. Attorney’s Office for the Southern District of New York announced the unsealing of a superseding indictment charging Jennifer Shah and another person for conspiring to commit wire fraud and money laundering. Shah,...more
First Post in a Two-Part Series -
Late last week, the U.S. Senate Committee on Banking, Housing, and Urban Affairs (the “Banking Committee”) met in open session to conduct a hearing on “Combating Money Laundering and Other...more
12/5/2018
/ Bank Secrecy Act ,
BSA/AML ,
Currency Transaction Reports (CTR) ,
EGRPRA ,
FBI ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Legislative Agendas ,
Money Laundering ,
OCC ,
Proposed Legislation ,
Senate Banking Committee ,
Threshold Requirements
As we just blogged, Financial Crimes Enforcement Network (“FinCEN”) Director Kenneth Blanco recently touted the value of Suspicious Activity Reports (“SARs”) in the context of discussing anti-money laundering (“AML”)...more
As we blogged yesterday, British Columbia’s (“B.C.”) Attorney General David Eby recently released an independent and very detailed report examining money laundering in B.C.’s gaming industry and providing 48 recommendations...more
7/17/2018
/ BSA/AML ,
Canada ,
Casinos ,
Currency Transaction Reports (CTR) ,
Enforcement Actions ,
Financial Crimes ,
FinCEN ,
Gambling ,
Gaming ,
Money Laundering ,
Regulatory Oversight ,
Regulatory Standards ,
Suspicious Activity Reports (SARs)
As we blogged earlier this week, Congress is considering a new draft bill, the Counter Terrorism and Illicit Finance Act (“CTIFA”), in committee in the Senate. The CTIFA proposes the most substantial overhaul to the Bank...more
1/25/2018
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Currency Transaction Reports (CTR) ,
Financial Institutions ,
Financial Regulatory Reform ,
Information Sharing ,
Legislative Agendas ,
Money Laundering ,
Patriot Act ,
Proposed Legislation ,
Reporting Requirements ,
Suspicious Activity Reports (SARs)
Congress is considering a new draft bill, the Counter Terrorism and Illicit Finance Act (“CTIFA”), currently in committee in the Senate. The CTIFA proposes the most substantial overhaul to the Bank Secrecy Act (“BSA”) since...more
1/23/2018
/ Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Currency Transaction Reports (CTR) ,
Customer Due Diligence (CDD) ,
Financial Regulatory Reform ,
FinCEN ,
Legal Entities ,
Legislative Agendas ,
Proposed Legislation ,
Risk Assessment ,
Risk Management ,
Suspicious Activity Reports (SARs) ,
Terrorism Funding ,
Terrorist Financing Regulations
In its Summer 2017 issue of Supervisory Insights, published last week, the Federal Deposit Insurance Corporation (“FDIC”) provides some insight into its examination process and outcomes for Bank Secrecy Act (“BSA”)/Anti-Money...more
Forfeiture actions by Internal Revenue Service Criminal Investigation (IRS CI) based on alleged structuring activity have come under fire, yet again. Specifically, the Treasury Inspector General for Tax Administration (TIGTA)...more
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
3/10/2017
/ Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Currency Transaction Reports (CTR) ,
EU ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
Offshore Funds ,
Panama Papers ,
Tax Evasion
In part two of our review of the 2016 developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues, we discuss four additional key...more
2/7/2017
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
Bitcoin ,
BSA/AML ,
Civil Forfeiture ,
Currency Transaction Reports (CTR) ,
Digital Currency ,
Financial Institutions ,
Forfeiture ,
Money Laundering ,
Virtual Currency
The federal courts continued in 2016 to produce a stream of cases pertaining to money laundering. We focus on three below because they involve analysis of basic issues that frequently arise in money laundering litigation....more
2/7/2017
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
BSA/AML ,
Civil Forfeiture ,
Cross-Border Transactions ,
Currency Transaction Reports (CTR) ,
Department of Justice (DOJ) ,
Energy Sector ,
Financial Institutions ,
Fraud ,
International Emergency Economic Powers Act (IEEPA) ,
Iran ,
Iran Sanctions ,
Money Laundering ,
Private Equity ,
Summary Judgment ,
Taylor v US ,
Wire Fraud
The field of forfeiture saw significant action in 2016. The IRS offered to return forfeited funds used in structuring, but Congress still may clip its ability to forfeit such funds. Meanwhile, DOJ renewed a controversial...more
2/7/2017
/ Asset Seizure ,
Bank Secrecy Act ,
BSA/AML ,
Criminal Investigations ,
Currency Transaction Reports (CTR) ,
Department of Justice (DOJ) ,
Financial Institutions ,
Forfeiture ,
IRS ,
Luis v United States ,
Money Laundering ,
SCOTUS ,
Sixth Amendment