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 -

FinCEN Imposes Section 311 Fifth Special Measure on Latvian Bank ABLV

by Ballard Spahr LLP on

Alleged Illicit Activity Included Transactions Promoting North Korea’s Missile Program and an Institutional Commitment to Laundering Money - On February 13, 2018, FinCEN announced that it had proposed a special measure...more

Coming Soon: Digital Asset Regulation

by Ifrah PLLC on

In January, Bitcoin dropped to approximately 50% of its 2017 peak price. Other digital currencies saw similar declines. Most market observers blamed these massive price fluctuations on related events: (i) widespread reports...more

Cryptocurrency and Money Laundering

by Sanford Millar on

In a recent enforcement action FinCEN, the Financial Crimes Enforcement Network levied an $8 million fine on a California card club for violation of the Anti-Money Laundering provisions of the Bank Secrecy Act. (“BSA”). One...more

Annual Compliance Obligation Reminders

by Vedder Price on

Investment advisers registered with the U.S. Securities and Exchange Commission (“SEC”) or with a state (“Advisers”) as well as commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) registered with the...more

Treasury Official Warns Of Risks To Financial System Posed By Illicit Use Of Virtual Currencies

by Fox Rothschild LLP on

In a recent speech, the Under Secretary of Treasury’s Office of Terrorism and Financial Intelligence (TFI) warned of the growing threats to the U.S. financial system posed by virtual currencies. Addressing the Securities...more

SEC Announces 2018 Examination Priorities

by Ropes & Gray LLP on

The National Examination Program, which is administered by the SEC’s Office of Compliance Inspections and Examinations (“OCIE”), recently published its Examination Priorities for 2018 (the “2018 Exam Priorities”). In the 2018...more

Red Notice Newsletter - Russian

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more

Red Notice Newsletter - Chinese

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more

U.S. Treasury to Review FinCEN’s Cryptocurrency Practices

In October, the U.S. Department of the Treasury (the “Treasury”) released its Annual Plan, outlining the Office of Inspector General’s audit and investigative priorities for fiscal year 2018. The Annual Plan notes that...more

Federal Budget Deal Reaffirms Executive Legislative Branch Split in Legalized Medical Marijuana Policy

by Cozen O'Connor on

On February 9, 2018, funding was restored to the federal government through March 23, 2018. The spending legislation is significant for the cannabis industry for two reasons. First, the budget deal extends the...more

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

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

Top Federal Securities and Commodities Regulators Testify on Virtual Currency Regulation Before Senate Committee

by Shearman & Sterling LLP on

In their testimony before the U. S. Senate Committee on Banking, Housing and Urban Affairs (the “Committee”), Chairman Jay Clayton of the Securities and Exchange Commission (SEC) and Chairman J. Christopher Giancarlo of the...more

Treasury Secretary Suggests Greener Pastures for Marijuana Banking

by Reed Smith on

On Tuesday February 6, 2018, U.S. Treasury Secretary Steven Mnuchin, in a speech before the House Financial Services Committee, offered some insights into how the Treasury Department may respond the growing area of marijuana...more

New FinCEN beneficial ownership requirements for legal entity customers to become effective in May 2018

by Thompson Coburn LLP on

Effective May 11, 2018, new Financial Crimes Enforcement Network (FinCEN) regulations (codified at 31 C.F.R. §§ 1010.230 and 1020.210(b)(5)) (the “New Regulations”) require that covered financial institutions, including...more

Red Notice Newsletter - January 2018

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd....more

FinCEN Clarifies Upcoming FBAR Due Date For Calendar Year 2017

by Fox Rothschild LLP on

Today the Treasury Department’s Financial Crimes Enforcement Network posted a “FBAR Due Date Clarification” on its website, which confirms that the annual filing deadline for FinCEN Form 114 (commonly referred to as the FBAR...more

Rise of Blockchain and ICOs Brings Regulatory Scrutiny

In 2017, the increased adoption of blockchain technology in various industries was partially obscured by the dramatic fluctuations in the price of bitcoins and the prevalence of so-called initial coin offerings (ICOs) to...more

AG Kills the Buzz for Marijuana Businesses

Banks face even greater risks and are likely to back away from marijuana-related businesses after the U.S. Attorney General changed the federal government’s stance on legalized pot....more

FinCEN AND FINRA News for 2018

by Kelley Drye & Warren LLP on

FinCEN Exchange to encourage information sharing In December 2017, the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) announced the creation of a platform to facilitate information sharing on a voluntary...more

FinCEN Said to Be Reviewing Marijuana Guidance

We recently reported that the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) was retaining its Bank Secrecy Act marijuana guidance. Last week, a senior official in the Department of the Treasury...more

Congress Proposes National Directory of Beneficial Owners of Legal Entities

by Ballard Spahr LLP on

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

The Need for Anti-Money Laundering Regulatory Reform

by Michael Volkov on

It is rare these days for Republicans and Democrats to agree on political priorities – another profound grasp of the obvious. Recently, on Capitol Hill there appears to be some common ground on the issue of reforming AML...more

AML Regulation and Compliance Trends

by Michael Volkov on

Regulators and enforcement agencies continue to pursue aggressive regulations and requirements for financial institutions (a very broad definition under Title 31 of the US Code and regulations). The new administration does...more

Update on IRS Offshore Initiatives

by Moskowitz LLP on

Global tax issues are a top priority for the Internal Revenue Service Criminal Investigation Division (IRS-CI), which focuses its work on investigating taxpayers who willfully engage in tax evasion. Significant efforts are...more

Regulators Slap Banks, MSBs and Card Club with AML Violation Penalties

by Michael Volkov on

Financial institutions face enormous pressures with respect to anti-money laundering compliance. These burdens are about to grow with implementation of customer due diligence rules. In 2017, federal and state regulators...more

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Cybersecurity

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