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 -

With CDD and Beneficial Ownership Rule in Effect, FinCEN Continues to Clarify and Refine Rules for Financial Institutions

Long awaited rules for “Customer Due Diligence Requirements for Financial Institutions” (the CDD Rules) went into effect on May 11, 2018. FinCEN has taken steps to clarify and refine implementation of the CDD Rules, issuing...more

A Quick Guide to the Suspicious Activity Report (SAR)

by Foodman CPAs & Advisors on

The Suspicious Activity Report (SAR) was originally created by five federal financial supervisory agencies (Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of...more

BSA/AML ALERT: FinCEN Grants a 90-Day Exemption from the Beneficial Ownership Rule for Certain Financial Product Renewals and...

by Vedder Price on

On May 11, 2018, compliance with the beneficial ownership rule became mandatory. In accordance with the rule, a covered financial institution must verify, at the time a new account is opened, the beneficial owners opening the...more

Regulators Update BSA/AML Exam Manual Sections

Just in time for the effective date of FinCEN’s Customer Due Diligence (CDD) and Beneficial Ownership Rules, on May 11, 2018 the Federal Financial Institutions Examination Council (FFIEC) published updates to its Bank Secrecy...more

Financial Services Weekly News - May 2018 #3

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) published its Spring 2018 rulemaking agenda; the U.S. Department of Housing and Urban Development (HUD) announced that it will seek public...more

Customer Due Diligence and Beneficial Ownership: Updates to FFIEC Examination Manual and FinCEN Administrative Ruling

by Morrison & Foerster LLP on

May 11, 2018 was the applicability date for FinCEN’s new “Customer Due Diligence Requirements for Financial Institutions” (the “CDD Rule”). FinCEN noted the occasion by issuing a press release to remind covered financial...more

Tackling the Challenges of Complying With FinCEN’s New Customer Due Diligence Rule

Effective May 11, 2018, covered financial institutions are required to comply with the customer due diligence rule (the Rule) that the Financial Crimes Enforcement Network (FinCEN) finalized in May 2016. The Rule mandates the...more

FinCEN Provides Exceptive Relief from New Beneficial Ownership Rule

by Ballard Spahr LLP on

Relief is Narrow, but FinCEN’s Explanation of Low Money Laundering Risk Posed by Lending Products is Instructive - On May 11, the Financial Crimes Enforcement Network (“FinCEN”) issued a ruling to provide exceptive relief...more

Are Cryptocurrencies Subject to FBAR and Form 8938 Reporting?

by Sanford Millar on

On May 2, 2018 The Section of Taxation of the ABA issued its “Comments Regarding OVDP and Streamlined Procedures” in the form of a lengthy letter to Acting IRS Commissioner Kautter. Section II B provides “Guidance on...more

BSA/AML Alert: The Beneficial Ownership Rule Becomes Effective Today

by Vedder Price on

On May 11, 2018, the beneficial ownership rule became fully effective. While the rule was finalized on July 16, 2016, compliance was not mandatory until May 11, 2018. The delay in implementation was to permit covered...more

Cryptoasset Exchanges Respond to New York Attorney General’s Virtual Markets Integrity Initiative

On April 17, 2018, the New York Attorney General’s Office (“OAG”) launched a Virtual Markets Integrity Initiative and sent letters to thirteen cryptoasset trading platforms requesting, through a questionnaire, disclosures on...more

Bank Regulatory News and Trends

by DLA Piper on

This regular publication from DLA Piper focuses on helping banking and financial services clients navigate the ever-changing federal regulatory landscape....more

This Week in Congress: May 2018 #2

by McGuireWoods LLP on

The Senate convenes today at 3 p.m. The House returns Tuesday at noon. House - Farm Bill. The 2018 farm bill (H.R. 2) may land on the House floor for debate as early as Wednesday, May 16. ...more

Legal Issues With Blockchain-Based Crypto Games and Collectibles

The use of blockchain technology for crypto games and token-based digital collectibles is on the rise. One of the first crypto games of note was CryptoKitties. It may turn out that CryptoKitties becomes to crypto games what...more

Who will have the last word with Virtual Currency? IRS, FinCEN, SEC, OFAC or the CFTC?

by Foodman CPAs & Advisors on

Virtual Currency (VC) investors are currently investing without clarity regarding which Government Agency(s) has the final word with respect to the treatment of VC. US Agencies: IRS, FinCEN, SEC and CFTC – have expressed...more

Financial Services Weekly News - May 2018 #2

by Goodwin on

Editor's Note - Regulatory Relief, One Way or Another. It seems that banks may finally be the beneficiaries of meaningful regulatory relief and such relief is coming from several different sources. Yesterday, May 8, 2018,...more

Customer Due Diligence and FinCEN’s Frequently Asked Questions

by Sullivan & Worcester on

As you are aware, FinCEN’s Customer Due Diligence rules are effective in two days. In a nutshell, these rules require banks to obtain and verify the identity of the beneficial owners of new business customers. The rules are...more

FinCEN Extends $3 Million Carrot to Card Club and Casino: Reduce Assessed Civil Penalty by Completing Compliance Undertakings

by Ballard Spahr LLP on

FinCEN announced on May 3, 2018 that Artichoke Joe’s, a card club and casino located in San Bruno, California and founded in 1916, has entered into a revised civil money penalty assessment regarding alleged deficiencies under...more

Top Ten Key Points from FinCEN’s Recent Guidance Regarding the CDD Rule

Mere weeks before the mandatory compliance deadline of May 11, 2018, FinCEN answered 37 of the most frequently asked questions by covered financial institutions regarding the implementation of its Customer Due Diligence...more

Who monitors digital currency wallets?

by Foodman CPAs & Advisors on

Investors in Virtual Currency (VC) utilize the services of on-line “secure” platforms for buying, selling, transferring, and storing VC. The providers of these services are known as web-wallets (Coinbase is an example). ...more

Beyond BSA Compliance: Human Trafficking Corporate Liability for Small Banks and MSBs

Smaller banks and money services businesses should expand their AML compliance to mitigate human trafficking corporate liability. Aside from the Bank Secrecy Act, federal law creates corporate liability for financial...more

Financial Services Weekly Roundup - May 2018

by Goodwin on

Editor's Note - In This Issue. The Securities and Exchange Commission’s (SEC) Division of Enforcement issued answers to frequently asked questions regarding its recently announced Share Class Selection Disclosure...more

Deadline Approaches for Implementation of FinCEN Customer Due Diligence Requirements

by Kelley Drye & Warren LLP on

On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) adopted final rules which codify customer due diligence requirements for financial institutions (the “CDD Rule”)[1] under the Bank Secrecy Act (the “BSA”). ...more

Here is what you need to know about the FinCEN’s Final CDD Rule effective May 11, 2018

by Foodman CPAs & Advisors on

Covered Financial Institutions (CFI) have until May 11, 2018 to implement and comply with the Financial Crimes Enforcement Network (FinCEN) Final Customer Due Diligence Rule (the CDD Rule). The CDD Rule imposes a new...more

Nutter Bank Report, April 2018

Treasury Report Recommends Changes to Community Reinvestment Act Rules - The U.S. Department of the Treasury has released a report recommending changes to the federal banking agencies’ rules that implement the Community...more

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