News & Analysis as of September 19, 2024

New Guidance

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The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -

FinCEN Issues Analysis of Increasing Elder Financial Exploitation

Ballard Spahr LLP on 5/2/2024

The Financial Crimes Enforcement Network (“FinCEN”) recently issued a Financial Trend Analysis (“Analysis”) focusing on patterns and trends identified in Bank Secrecy Act (“BSA”) data linked to Elder Financial Exploitation...more

“Tri-Seal” Compliance Notice: U.S. Authorities Release Joint Guidance on Voluntary Self-Disclosure of Potential Sanctions and...

Ballard Spahr LLP on 8/3/2023

On July 26, the Department of Commerce, the Department of the Treasury, and the Department of Justice released a joint compliance notice (the “Compliance Notice”) updating and summarizing each agency’s position regarding the...more

FinCEN offers suspicious activity reporting guidance for human smuggling along U.S.- Mexico border

Orrick, Herrington & Sutcliffe LLP on 1/20/2023

On January 13, the Financial Crimes Enforcement Network (FinCEN) issued an alert advising financial institutions on how to detect and report suspicious financial activity that may be related to human smuggling along the...more

Nutter Bank Report: July 2021

Nutter McClennen & Fish LLP on 7/29/2021

CFPB Amends Mortgage Rule to Protect Borrowers Affected by COVID-19 The CFPB issued a final rule to amend its Regulation X—which implements the Real Estate Settlement Procedures Act—to assist home mortgage loan borrowers...more

FinCEN Issues First U.S. Priorities for Anti-Money Laundering and Counter-Terrorism Financing

Jones Day on 7/9/2021

On June 30, 2021, FinCEN announced the first set of government-wide AML/CFT Priorities, as required by the Anti-Money Laundering Act of 2020 ("AML Act"). Consistent with the National Strategy for Combating Terrorist and Other...more

MSB or Not MSB? That Is the Question (for Determining Applicability of Anti-Money Laundering Rules)

Wilson Sonsini Goodrich & Rosati on 1/26/2021

Over the last 20 years, commerce, finance, and banking have become increasingly digital. Anti-money laundering (AML) regulators have found themselves catching up with the pace of technological innovation.1 As AML regulators...more

Nutter Bank Report: November 2020

Nutter McClennen & Fish LLP on 11/24/2020

Federal Banking Agencies Issue New Guidance on Managing the LIBOR Transition - The member agencies of the Federal Financial Institutions Examination Council (“FFIEC”) have issued joint guidance for banking organizations...more

Bank Secrecy Act Update

King & Spalding on 9/22/2020

Bank Secrecy Act Update: The Financial Crimes Enforcement Network Details Its Bank Secrecy Act Enforcement Approach; Bank Regulators Provide Guidance on Their Approach to BSA Enforcement; FinCEN’s Final Rule Requiring BSA...more

FinCEN Expands View of Compliance Requirements

Foley & Lardner LLP on 8/26/2020

On August 18, 2020, the Financial Crimes Enforcement Network (FinCEN) issued a statement on its approach to enforcing the Bank Secrecy Act (BSA), to provide clarity on its approach to bringing compliance or enforcement...more

FinCEN Releases New Guidelines, Highlighting The Factors To Be Considered When Bringing Enforcement Actions

Vinson & Elkins LLP on 8/24/2020

In a significant move toward more transparency, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) released new guidance (the “Guidance”) on August 18, 2020, setting forth its enforcement approach and...more

The Banking of Cannabis and Hemp-Related Customers: An Update

Ballard Spahr LLP on 7/8/2020

We are really pleased to presenting on July 9, 2020 to the National Association of Federally-Insured Credit Unions (“NAFCU”) on banking issues relating to cannabis. The cannabis and hemp industry continues to pose a...more

FinCEN clarifies SAR filing and due diligence requirements for financial institutions providing services to hemp-related...

Eversheds Sutherland (US) LLP on 7/8/2020

On June 29, 2020, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued guidance (the 2020 Guidance) clarifying requirements under the Bank Secrecy Act (BSA) for financial institutions providing...more

FinCEN Provides BSA Customer Due Diligence Guidance for Hemp-Related Businesses

Morgan Lewis - All Things FinReg on 7/7/2020

The Financial Crimes Enforcement Network (FinCEN) published guidance (Guidance) on customer due diligence requirements under the Bank Secrecy Act (BSA) for hemp-related customers on June 29. ...more

Hemp Banking – FinCEN Issues New Guidance Regarding AML/BSA Obligations

Bradley Arant Boult Cummings LLP on 7/6/2020

...On June 29, the Financial Crimes Enforcement Network (FinCEN) issued guidance (the “June guidance”) to “address questions related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements” for providing...more

Federal agencies clarify SAR filing requirements for financial services provided to hemp-related businesses

Eversheds Sutherland (US) LLP on 12/12/2019

On December 3, 2019, four federal agencies, in consultation with state banking regulators, clarified the legal status of hemp growth and production under the Bank Secrecy Act (BSA) for banks providing financial services to...more

Banking Services for Hemp Growers – FinCEN Makes a Statement

Dorsey & Whitney LLP on 12/9/2019

On December 3, 2019, FinCEN, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, in consultation with the Conference of...more

Is the Bank Open? Federal Agencies Clarify Regulatory Requirements for Banking Hemp

Bradley Arant Boult Cummings LLP on 12/6/2019

On December 3, several federal agencies issued guidance (Guidance) that, by its terms, “provide[s] clarity” regarding “the regulatory requirements under the Bank Secrecy Act (BSA) for banks providing services to hemp-related...more

Banking Regulators Ease SAR Reporting Requirements Applied to Hemp-Related Businesses

Ballard Spahr LLP on 12/5/2019

On December 3, 2019, four federal agencies – the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (“FDIC”), the Financial Crimes Enforcement Network (“FinCEN”), and the Office of the...more

CFTC, FinCEN, and SEC Warn of Crypto AML Enforcement

Proskauer - Blockchain and the Law on 11/8/2019

Based on a recent regulatory statement, entities involved with cryptocurrency or digital assets should revisit their anti-money laundering and countering the financing of terrorism obligations (AML/CFT) compliance under the...more

Financial Regulatory Leaders Highlight Anti-Money Laundering Issues With Digital Asset Transactions - Regulators highlight AML/CFT...

Jones Day on 10/23/2019

On October 11, 2019, the heads of the U.S. Commodity Futures Trading Commission ("CFTC"), the U.S. Securities and Exchange Commission ("SEC"), and the Financial Crimes Enforcement Network ("FinCEN"), issued a joint statement...more

Blockchain Week in Review - October 2019

Perkins Coie on 10/18/2019

U.S. Developments - U.S. Federal Regulatory Developments - CFTC, FinCEN, and SEC Leaders Release a Join Statement on Digital Assets - On October 11, 2019, the heads of the Commodity Futures Trading Commission (“CFTC”),...more

DBO Issues Guidance To Banks And Credit Unions Serving Cannabis Related Businesses

Allen Matkins on 10/4/2019

In the early 1970s, I worked as a petroleum transfer engineer (aka service station attendant). In those halcyon days, we actually pumped the gas for customers, washed their windows and offered to check the oil. I remember one...more

FinCEN Publishes Guidance Pertaining to Certain Business Models Involving Convertible Virtual Currencies

Katten Muchin Rosenman LLP on 6/26/2019

On May 9, the Financial Crimes Enforcement Network of the US Department of the Treasury (FinCEN) issued guidance relating to how its regulations apply to certain businesses that transact in "convertible virtual currencies"...more

FinCEN’s New Guidance for Cryptocurrency Businesses – Some Questions Answered, Some New Questions Raised, Careful Consideration a...

Orrick - On the Chain on 6/24/2019

Last month, the Financial Crimes Enforcement Network (FinCEN) released new guidance to clarify when the Bank Secrecy Act (BSA) will apply to businesses that involve cryptocurrencies (what FinCEN refers to as convertible...more

Virtual Currency Guidance + Enforcement Actions = AML Regulators Are Watching

Wilson Sonsini Goodrich & Rosati on 5/29/2019

A few days before thousands of blockchain industry participants poured into New York for “Blockchain Week,” the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued guidance on virtual currencies...more

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