FinCEN’s (a bureau of the U.S. Department of the Treasury) primary purpose is protecting the financial system from illicit use, combating money laundering, and promoting national security through the collection, analysis,...more
FinCEN es una oficina del Departamento del Tesoro de los EE. UU. Su propósito principal es proteger el sistema financiero del uso ilícito, combatir el lavado de dinero y promover la seguridad nacional a través de la...more
9/4/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Data Collection ,
Data Management ,
Financial Crimes ,
FinCEN ,
IRS ,
Memorandum of Understanding ,
Money Laundering ,
Tax Planning
In 2018, the Organization for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. ...more
El 15 de abril de 2020, los miembros del Consejo de Examen de Instituciones Financieras Federales (“FFIEC”) publicaron secciones actualizadas y procedimientos de examen relacionados con el Manual de Examen de la Ley de...more
En mayo del 2020, el FATF (GAFI) publicó nuevas amenazas y vulnerabilidades de lavado de dinero y financiamiento del terrorismo derivadas de la crisis COVID-19. El documento destaca cómo el fraude, el cibercrimen, la mala...more
On May, 2020, the FATF published new money laundering and terrorist financing threats and vulnerabilities arising from the COVID-19 crisis. The document highlights how fraud, cybercrime, misdirection of government funding...more
The Internal Revenue Manual defines fraud as a “deception by misrepresentation of material facts or silence when good faith requires expression, which results in material damage to one who relies on it and has the right to...more
6/18/2020
/ Bankruptcy Plans ,
BSA/AML ,
Corruption ,
Employment Tax ,
Forensic Accounting ,
Fraud ,
Gaming ,
Healthcare Fraud ,
Identity Theft ,
Money Laundering ,
Popular ,
Tax Fraud ,
White Collar Crimes
With respect to customers, Financial Institutions are required to have processes in place for identifying Politically Exposed Persons – known as “PEPs”. ...more
The U.S. Department of the Treasury 2020 Strategy (National Strategy for Combating Terrorist and Other Illicit Financing released on February 6, 2020) describes ongoing significant AML/CFT threats. ...more
3/13/2020
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Common Reporting Standard (CRS) ,
Corruption ,
Cross-Border Transactions ,
Digital Assets ,
FATCA ,
FATF ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Money Laundering ,
Real Estate Investments ,
Tax Haven ,
Terrorism Funding ,
Terrorist Financing Regulations ,
U.S. Treasury ,
Vulnerability Assessments
On 2/6/2020, the U.S. Department of the Treasury issued the 2020 National Strategy for Combating Terrorist and Other Illicit Financing (2020 Strategy). The purpose of the 2020 Strategy is to...more
2/21/2020
/ AML/CFT ,
Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Corruption ,
Cross-Border Transactions ,
Digital Assets ,
Drug Trafficking ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Human Trafficking ,
Money Laundering ,
Organized Crime ,
Real Estate Investments ,
Regulatory Oversight ,
Terrorism Funding ,
Terrorist Financing Regulations ,
Transparency ,
U.S. Treasury ,
Vulnerability Assessments
Financial Institutions ought to design and evaluate compliance programs to meet BSA/AML requirements and to satisfy Bank Examiner expectations. A Financial Institution’s Compliance Programs must comply with the requirements...more
1/24/2020
/ Anti-Money Laundering ,
Banking Examinations ,
BSA/AML ,
Compliance Management Systems ,
Due Diligence ,
Financial Institutions ,
Internal Controls ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Policies and Procedures ,
Risk Assessment ,
Risk Management ,
Risk-Based Approaches ,
Tax Planning ,
Third-Party Service Provider
La Ley de Prácticas Corruptas en el Extranjero (“Foreign Corrupt Practices Act – FCPA”) prohíbe el pago de sobornos a funcionarios extranjeros para ayudar a obtener o retener negocios. Exige que las empresas cuyos valores se...more
1/10/2020
/ Anti-Bribery ,
Anti-Money Laundering ,
Bank of New York (BNY) Mellon ,
Bank Secrecy Act ,
Books & Records ,
Bribery ,
BSA/AML ,
Compliance Management Systems ,
Corruption ,
Credit Suisse ,
Criminal Investigations ,
Criminal Prosecution ,
Enforcement Actions ,
FCPA Guidance ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Hiring & Firing ,
Internal Controls ,
Internships ,
Middle East ,
Money Laundering ,
Policies and Procedures ,
Politically Exposed Person (PEPs) ,
Publicly-Traded Companies ,
SAFE Act ,
Securities and Exchange Commission (SEC) ,
Sons And Daughters ,
Sovereign Wealth Funds ,
Statutory Violations ,
Strict Compliance ,
Tax Planning ,
Third-Party Relationships ,
Third-Party Risk ,
Truth in Lending Act (TILA) ,
Vendor Contacts ,
White Collar Crimes
The Foreign Corrupt Practices Act (FCPA) prohibits payment of bribes to foreign officials to assist with obtaining or retaining business. It requires companies whose securities are listed in the US to maintain books and...more
1/10/2020
/ Anti-Bribery ,
Anti-Money Laundering ,
Bank of New York (BNY) Mellon ,
Bank Secrecy Act ,
Banking Sector ,
Books & Records ,
Bribery ,
BSA/AML ,
Compliance Management Systems ,
Corruption ,
Credit Suisse ,
Criminal Investigations ,
Criminal Prosecution ,
Enforcement Actions ,
FCPA Guidance ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Hiring & Firing ,
Internal Controls ,
Internships ,
Middle East ,
Money Laundering ,
Policies and Procedures ,
Politically Exposed Person (PEPs) ,
Publicly-Traded Companies ,
SAFE Act ,
Securities and Exchange Commission (SEC) ,
Sons And Daughters ,
Sovereign Wealth Funds ,
Statutory Violations ,
Strict Compliance ,
Tax Planning ,
Third-Party Relationships ,
Third-Party Risk ,
Truth in Lending Act (TILA) ,
Vendor Contacts ,
White Collar Crimes
El perfil de riesgo de la OFAC de una Institución Financiera se determina basado sus productos, servicios, clientes y ubicaciones geográficas. Se requiere que un programa de cumplimiento OFAC de una Institución Financiera...more
12/9/2019
/ Anti-Corruption ,
Anti-Money Laundering ,
BSA/AML ,
Consumer Financial Products ,
Corruption ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
High Risk Financial Products ,
Industry Examinations ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Risk Management ,
Risk-Based Approaches ,
Tax Planning ,
White Collar Crimes
A Financial Institution’s OFAC risk profile is determined based on its products, services, customers and geographic locations. A Financial Institution’s OFAC compliance program is required to...more
12/9/2019
/ Anti-Corruption ,
Anti-Money Laundering ,
BSA/AML ,
Consumer Financial Products ,
Corruption ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
High Risk Financial Products ,
Industry Examinations ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Risk Management ,
Risk-Based Approaches ,
Tax Planning ,
White Collar Crimes
FinCEN defines a Money Service Business (MSB) as any person DOING BUSINESS, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities...more
7/22/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
Civil Monetary Penalty ,
Enforcement Actions ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Money Services Business ,
Money Transmitter ,
Peer-to-Peer ,
Risk Management ,
Suspicious Activity Reports (SARs) ,
Tax Planning ,
Virtual Currency
The Suspicious Activity Report (SAR) was created by five federal financial agencies and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN)....more
6/3/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Financial Abuse ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Regulatory Requirements ,
Reporting Requirements ,
Suspicious Activity Reports (SARs)
The FATF (FATF) is an inter-governmental body with 38 members that sets standards and promotes the implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and threats...more
4/29/2019
/ AML/CFT ,
BSA/AML ,
Cryptocurrency ,
Customer Due Diligence (CDD) ,
Digital Assets ,
FATF ,
Financial Institutions ,
Money Laundering ,
Regulatory Oversight ,
Regulatory Standards ,
Tax Planning ,
Virtual Currency
The Financial Crimes Enforcement Network (FinCEN) provided the banking industry certain “permanent” relief from collecting beneficial ownership information regarding certain accounts (Covered Products) that automatically...more
El 8 de agosto de 2018, el Director de FinCEN, Kenneth A. Blanco, pronunció un discurso en la Conferencia Técnica (Legal) Chicago-Kent Block 2018. Los puntos más destacados de sus comentarios incluyen...more
12/6/2018
/ AML/CFT ,
Bitcoin ,
BSA/AML ,
Cryptocurrency ,
Digital Currency ,
Financial Services Industry ,
Financial Transactions ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Money Laundering ,
Money Transmitter ,
Token Sales ,
Virtual Currency
Government agencies apparently believe that expertise from blockchain analytic firms is required to assist with investigating illicit activities such as tax evasion, money laundering, terrorist financing, and drug markets. ...more
11/21/2018
/ Blockchain ,
Criminal Investigations ,
Cryptocurrency ,
FBI ,
Government Investigations ,
Immigration and Customs Enforcement (ICE) ,
IRS ,
Money Laundering ,
Popular ,
Tax Evasion ,
Terrorist Financing ,
Virtual Currency
With whom we do business can be critical to combating identity theft, financial fraud, money laundering and terrorism. Vetting individuals and entities is necessary for preventing financial crimes. ...more
On August 8, 2018, FinCEN Director Kenneth A. Blanco, delivered a speech at the 2018 Chicago-Kent Block (Legal) Tech Conference. Highlights from the commentary include...more
9/10/2018
/ AML/CFT ,
Bitcoin ,
BSA/AML ,
Cryptocurrency ,
Digital Currency ,
Financial Services Industry ,
Financial Transactions ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Money Laundering ,
Money Transmitter ,
Token Sales ,
Virtual Currency
The Organisation for Economic Co-operation and Development (OECD) issued a “call to action” for countries to do more to tackle enablers of tax crimes. The result of this “call to action” was the establishment of an...more
8/24/2018
/ Bitcoin ,
Blockchain ,
Capital Gains ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Crimes ,
Financial Transactions ,
Income Taxes ,
Investment ,
IRS ,
Money Laundering ,
Popular ,
Regulatory Oversight ,
Reporting Requirements ,
Tax Evasion ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Virtual Currency
A GTO is a Geographic Targeting Order issued by the Financial Crimes Enforcement Network (FinCEN) under the Bank secrecy Act (BSA) for a specific geographic area. ...more
8/22/2018
/ Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
Covered Business Method Proceedings ,
Covered Transactions ,
Financial Transactions ,
FinCEN ,
GTO ,
Legal Entities ,
Money Laundering ,
Money Transfer ,
Real Estate Investments ,
Real Estate Market ,
Recordkeeping Requirements ,
Reporting Requirements ,
Tax Planning ,
Threshold Requirements ,
Title Insurance ,
Wire Transfers