News & Analysis as of September 25, 2024

FinCEN › Cross-Border Transactions

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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 -

The Shadow Financial System

White & Case LLP on 6/18/2024

The concept of the shadow financial system rose to international prominence in the aftermath of the 9/11 terrorist attacks. In an interview with a Pakistani newspaper a month later, Osama bin Laden stated that Al Qaeda were...more

Five Things You Need to Know About Launching Fintech Products in the US

Goodwin on 5/1/2023

With more fintech’s looking to expand their businesses internationally, it can be daunting to navigate varying regulations across borders. This article focuses on regulations in the United States. For those also focused on...more

On the greylist – what does this mean?

Hogan Lovells on 2/28/2023

The Financial Action Task Force (FATF) has greylisted South Africa, along with Nigeria, for insufficient regulation of financial crimes like money laundering and terrorist financing. South Africa is the second G20 nation...more

Compliance measures to address sanctions enforcement: ‘the new FCPA’

American Conference Institute (ACI) on 7/12/2022

In line with the Biden administration’s declaration last year that anticorruption is a “core United States national security interest,” sanctions evasion enforcement rapidly has become a core priority for the Department of...more

Administration's Anti-Corruption Efforts Likely to Yield Greater FCPA Enforcement in Latin America and Beyond

Womble Bond Dickinson on 8/25/2021

On June 3 of this year, the Biden Administration made plain its commitment to fighting corruption around the world, releasing a document identifying the fight against corruption “as an economic and national security priority”...more

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

Jones Day on 7/14/2021

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

SEC Action Could Have Rippling Effects on Future of Cryptocurrency

Snell & Wilmer on 2/24/2021

Many investors, traditional and progressive, are looking hard at cryptocurrency investments as a way to diversify their portfolios. However, there are still multiple known “unknowns” about this new market, including the...more

2020 Anti-Money Laundering Year in Review

Jones Day on 2/8/2021

2020 witnessed a flurry of anti-money laundering activity, with the issues and developments continuing to be global in scope. In the United States, suspicious activity reports, outlining transactions involving terrorism...more

Top 5 Changes To Anti-Money Laundering Requirements

Miles & Stockbridge P.C. on 1/11/2021

On January 1, 2021, the National Defense Authorization Act became law after Congress overrode the President’s veto. As highlighted below, Congress enacted a variety of key provisions that create significant and sweeping...more

Proposal to Revise Recordkeeping and Travel Rule Requirements Poses Implementation Challenges for FIs and VASPs

K2 Integrity on 11/23/2020

The U.S. Financial Crimes Enforcement Network (FinCEN) and the Board of Governors of the U.S. Federal Reserve System (FRB) proposed new rules that would expand the applicability of recordkeeping and travel rule requirements,...more

The United States-Mexico-Canada Agreement – Paving the Way for a Cross-Border Fintech Sandbox

Sheppard Mullin Richter & Hampton LLP on 5/31/2020

At over $30 billion USD in transactions a year, the United States-Mexico remittance corridor is one of the largest in the world. The rapid development of cryptocurrencies has enabled cross-border transactions at just a...more

Treasury Department’s 2020 National Illicit Finance Strategy: Aspirations for BSA/AML Modernization and the Combatting of Key...

Ballard Spahr LLP on 2/28/2020

First in a Two-Post Series - The U.S. Department of Treasury (“Treasury”) has issued its 2020 National Strategy for Combating Terrorist and Other Illicit Financing (“2020 Strategy”)....more

Weekly IRS Roundup December 23 – 27, 2019

McDermott Will & Emery on 12/31/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 23 – 27, 2019. December 20, 2019: The Department of the Treasury’s Financial Crimes...more

FinCEN Issues Advisory on Foreign Jurisdictions with AML Deficiencies

Ballard Spahr LLP on 11/18/2019

On November 12, 2019, FinCEN issued its latest Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combatting the Financing of Terrorism Deficiencies and Relevant Actions by the...more

The House Passes Cannabis Banking Legislation: Implications for the Financial Services Industry

White & Case LLP on 10/9/2019

On September 25, 2019, the US House of Representatives ("House") passed, by a vote of 321 to 103, the Secure and Fair Enforcement Banking Act ("SAFE Banking Act"), bipartisan legislation designed to secure and regulate...more

FinCEN Advisory Highlights Money Laundering Risks Related to Fentanyl Trafficking

Ballard Spahr LLP on 8/30/2019

On August 21, 2019, FinCEN issued an advisory (the “Advisory”) alerting financial institutions to various financial schemes and mechanisms employed by fentanyl and synthetic opioid traffickers to facilitate the illegal...more

Cross-Border Investigations Update - November 2017

Skadden, Arps, Slate, Meagher & Flom LLP on 12/2/2017

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

Proposed Changes to Cross-Border Reporting

Ballard Spahr LLP on 6/20/2017

Part III of the Analysis of the Combatting Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 - As we recently blogged, Senators Chuck Grassley (R-Iowa) and Diane Feinstein (D-California) introduced on...more

De-Risking 101

Foodman CPAs & Advisors on 10/14/2016

Bank Secrecy Act of 1970 - Requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering by keeping records of cash purchases of negotiable instruments, and file reports...more

FinCEN Seeks to Add Investment Advisers to BSA/AML Regulation

Manatt, Phelps & Phillips, LLP on 9/21/2015

Why it matters - More than 12 years after initially proposing to extend the Bank Secrecy Act's anti-money laundering compliance programs and recordkeeping and reporting requirements to investment advisers, the Financial...more

FinCEN Proposes AML Program Rule for Investment Advisers

Goodwin on 8/31/2015

The Financial Crimes Enforcement Network (FinCEN) has issued a proposed rule that would subject certain investment advisers to AML requirements under the Bank Secrecy Act (the BSA). In proposing the rule, FinCEN cited...more

FinCEN's Busy August Yields Noteworthy Anti-Money Laundering Developments

Holland & Knight LLP on 9/4/2014

August was a busy month for the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). Among other initiatives, FinCEN issued its long-awaited proposed regulations on customer due diligence (CDD)...more

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FinCEN › Cross-Border Transactions

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