News & Analysis as of

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 -

Financial Services Weekly News - December 2017 #2

by Goodwin on

Editor's Note - Attack of the State AGs. On December 12, New York Attorney General Eric T. Schneiderman and 16 other state attorneys general (State AGs) sent a letter to President Trump arguing that past statements by Mick...more

May 2018: D-Day for FinCEN Customer Due Diligence and EU’s General Data Privacy Regulations

by Michael Volkov on

Chief compliance officers for financial institutions are going to have a rough May 2018. First, on May 11, 2018, the new CDD Rule for beneficial ownership becomes effective. Two weeks later, on May 25, 2018, the EU’s...more

Financial Services Report – Winter 2017

by MoFo Reenforcement on

EDITOR’S NOTE - The holidays came early for the financial services industry. First, the Senate voted to repeal the CFPB’s rule banning class waivers in arbitration agreements in consumer financial contracts. Then,...more

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

by Proskauer - Tax Talks on

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

Texas Bank Faces $2M Fine From FinCEN

The Financial Crimes Enforcement Network (FinCEN) hit a Texas bank with a $2 million Assessment of Civil Money Penalty for Bank Secrecy Act and anti-money laundering (BSA/AML) violations of Section 312 of the USA PATRIOT Act...more

FinCEN Launches “FinCEN Exchange” To Enhance Information Sharing With Financial Institutions

by Fox Rothschild LLP on

The United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) launched the “FinCEN Exchange” program today in order to enhance information sharing with financial institutions and to strengthen...more

Corporate and Financial Weekly Digest, Featuring Topics on SEC/Corporate, Broker/Dealer, Derivatives, CFTC and UK/Brexit/EU...

FASB Ceases Work on Proposal To Amend Definition of “Materiality” for US GAAP - As previously discussed in the September 1edition of Corporate & Financial Weekly Digest, the Financial Accounting Standards Board (FASB) had...more

Cross-Border Investigations Update - November 2017

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including new U.K. reporting obligations for sanctions violations,...more

Red Notice Newsletter - November 2017

ANTICORRUPTION DEVELOPMENTS – SBM Offshore N.V. Agrees to Pay $238 Million to Resolve DOJ FCPA Enforcement Action - On November 29, 2017, SBM Offshore N.V. (SBM), a Netherlands based company specializing in the...more

U.K. Regulator Critiques Legal Industry AML Compliance

by Ballard Spahr LLP on

In its “Risk Outlook, Autumn Update” (“Update”) released last week, the Solicitor Regulation Authority (“SRA”), a regulator of solicitors and law firms in England and Wales, found that although the legal sector remains at...more

Cannabis Business? The Impact of Federal Law Might Reach Further Than You Think.

by Farrell Fritz, P.C. on

Everyone involved, or thinking about becoming involved, in the cannabis business is aware of the conflict between the laws of those states legalizing marijuana and the Controlled Substance Act (the “CSA”). The CSA is a...more

Anti-Money Laundering Update: California Card Club Clubbed by FinCEN for AML Violations

by Bass, Berry & Sims PLC on

Post at a glance: • FinCEN imposes $8 million penalty against California’s biggest and oldest card club • Club failed to implement and maintain an effective anti-money laundering (AML) program and failed to detect,...more

Making the Case for Requiring Beneficial Ownership Information

by Michael Volkov on

In this era of aggressive enforcement, global companies have to integrate beneficial ownership requirements when conducting due diligence of business associates and when engaging customers....more

California Card Club Plagued By Allegations Of Criminal Activity Fined $8 Million For AML Violations

by Fox Rothschild LLP on

Today the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that it had fined a California card club, Artichoke Joe’s Casino, $8 million for numerous willful violations of the Bank Secrecy Act...more

US Financial Crimes Enforcement Network Names Kenneth Blanco Director

by Shearman & Sterling LLP on

The US Department of the Treasury announced Kenneth A. Blanco as Director of FinCEN, a bureau in Treasury’s Office of Terrorism and Financial Intelligence...more

Anti-Money Laundering Update: FinCEN Makes Small Texas Bank Pay Big Fine for Violating Bank Secrecy Act

by Bass, Berry & Sims PLC on

This Post at a Glance: - FinCEN imposes $2 million penalty against community bank - Bank failed to conduct appropriate due diligence related to Mexican customer - Small banks, other financial institutions need to...more

SEC Charges Wells Fargo With Failing to File SARs

by Dorsey & Whitney LLP on

The Commission has an on-going program monitoring whether broker-dealers timely file suspicious activity reports or SARS with the Financial Crimes Network or FinCEN. Its most recent case in this area focused on the failure of...more

Financial Services Weekly News - November 2017 #2

by Goodwin on

Editor's Note - Change at the Fed. As expected, on November 2, President Trump nominated Jerome H. Powell to be Chairman of the Board of Governors of the Federal Reserve System (FRB) for a term of four years beginning...more

Newly Released Virtual-Currency Businesses Act Augurs Increased State Regulation of Bitcoin, Ether, and other Digital and Crypto...

by K&L Gates LLP on

The Uniform Law Commission (“ULC”) is an organization focused on developing and preparing “non-partisan, well-conceived, and well-drafted” state legislation in areas of state law where there is a perceived need for...more

With Another Veteran Criminal Prosecutor At FinCEN’s Helm, Aggressive AML Enforcement Expected To Continue

by Fox Rothschild LLP on

Today the U.S. Department of the Treasury announced Kenneth A. Blanco as Director of the Financial Crimes Enforcement Network (FinCEN), a bureau in Treasury’s Office of Terrorism and Financial Intelligence. The leading...more

Prosecutor Kenneth A. Blanco Named as Incoming Head of FinCEN

by Ballard Spahr LLP on

The U.S. Department of Treasury has issued a press release naming Kenneth A. Blanco as the incoming Director of the Financial Crimes Enforcement Network, or FinCEN. ...more

FinCEN Fines Texas Bank $2M for Alleged Failure to Vet and Monitor Mexican Correspondent Banking Relationship – But Touts Bank’s...

by Ballard Spahr LLP on

FinCEN recentlty announced entry of a $2 million assessment against Lone Star National Bank, a private bank operating out of Texas, for the bank’s allegedly willful violations of the Bank Secrecy Act (“BSA”) and inadequate...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission’s focus on retail investors is reflected in cases filed this week. One involved the manipulation of securities prices by gaining unauthorized access to retail accounts and then trading securities....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The White House has made it official and nominated Fed governor Jerome Powell as the next Chair of the Federal Reserve. Powell is expected to continue the basic fiscal (though not necessarily regulatory) policies of the...more

Red Notice Newsletter - October 2017

ANTICORRUPTION DEVELOPMENTS – Global Compliance Overhaul for SAP as DOJ and SEC Investigate Payments Allegedly Related to South African Government Contracts – On October 26, 2017, German software company SAP SE...more

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Cybersecurity

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