News & Analysis as of September 21, 2024

FinCEN › FATF

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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 -

Banking and Consumer Regulatory Digest - February 2024 - 3

Davis Wright Tremaine LLP on 3/11/2024

Editor's Note: The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

Acciones Clave GAFI Febrero 2024

Foodman CPAs & Advisors on 3/6/2024

El 02/23/24, el Grupo de Acción Financiera Internacional (GAFI o “FATF”), una entidad intergubernamental independiente que desarrolla políticas para la protección de nuestro sistema financiero global contra el lavado de...more

FATF Key Actions February 2024

Foodman CPAs & Advisors on 3/6/2024

On 2/23/24, the Financial Action Task Force (FATF), an independent inter-governmental entity that develops policies for protection of our global financial system from money laundering, terrorist financing and financing of...more

ALD/FT Viene A Los “Investment Advisers”

Foodman CPAs & Advisors on 3/4/2024

El 15 de febrero de 2024, FinCEN publicó un Aviso de Reglamentación Propuesta (NPRM) que requeriría que ciertos asesores de inversiones (Investment Advisers) apliquen requisitos de ALD/FT conforme con la Ley de Secreto...more

AML/CFT Coming To Investment Advisers

Foodman CPAs & Advisors on 3/4/2024

On 2/15/24, FinCEN published a Notice of Proposed Rulemaking (NPRM) that would require certain investment advisers to apply AML/CFT requirements pursuant to the Bank Secrecy Act, including implementing risk-based AML/CFT...more

Daily Financial Regulation Update -- Friday, March 1, 2024

Paul Hastings LLP on 3/1/2024

February 29, 2024- The Federal Reserve Bank of New York has released a case study focused on pension fund investments in affordable apartments. February 29, 2024- The Financial Action Task Force (FATF) issued an...more

What Trustees Need to Know About the Corporate Transparency Act – Sooner Rather Than Later

Levenfeld Pearlstein, LLC on 10/19/2023

January 1, 2024 is quickly approaching and it will be a milestone for small businesses and their owners. Why? Because it is the effective date of the Corporate Transparency Act (the “Act”) – historic legislation that requires...more

A Guide to the Corporate Transparency Act for Individuals with Closely-Held Businesses and State-Monitored Entities Created for...

Goulston & Storrs PC on 8/21/2023

In an effort to curb money laundering, tax evasion, and other corrupt activities conducted through shell companies and synthetic identities, the world’s developed nations have worked for over a decade to create a system of...more

FinCEN updates jurisdictions with AML/CFT/CPF deficiencies

Orrick, Herrington & Sutcliffe LLP on 7/10/2023

On June 29, FinCEN announced that the Financial Action Task Force (FATF) issued a public statement updating its lists of jurisdictions with strategic deficiencies in anti-money laundering (AML), countering the financing of...more

U.S. Government Issues Africa Gold Advisory

Katten Muchin Rosenman LLP on 6/29/2023

On June 27, a broad lineup of U.S. government departments and agencies issued an “Africa Gold Advisory.” The 29-page Advisory, jointly issued by the U.S. Departments of State, Treasury, Commerce, Homeland Security, and Labor,...more

Blockchain Regulatory Certainty Act Would Protect Non-Custodial Crypto Services

Latham & Watkins LLP on 3/31/2023

The bipartisan bill would provide a federal safe harbor for non-custodial blockchain service providers from state money transmission and digital asset licensing laws. On March 23, 2023, US House of Representatives...more

FinCEN comments on Russia’s suspended FATF membership; issues statements on jurisdictions with AML/CFT/CPF deficiencies

Orrick, Herrington & Sutcliffe LLP on 3/24/2023

On March 9, FinCEN informed U.S. financial institutions that last month the Financial Action Task Force (FATF) suspended the Russian Federation’s membership after determining that the country’s “actions unacceptably run...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

Daily Financial Regulation Update -- Tuesday, November 1, 2022

Paul Hastings LLP on 11/1/2022

October 31, 2022- Securities and Exchange Commission Commissioner Caroline A. Crenshaw gave remarks at the inaugural ECGI Responsible Capitalism Summit entitled, "Moving Forward in Our Lane."...more

Domestic Terrorism: Understanding the Threat and How Banks Can Counter It

K2 Integrity on 10/26/2022

Domestic terrorism is not a new threat in America, but in recent years we have seen a significant and horrific increase in violent attacks and activities carried out by individuals and groups motivated by a range of radical...more

Opportunities, Risks, and Compliance in the Digital Assets Space

K2 Integrity on 10/3/2022

On 14 September 2022, K2 Integrity hosted a webinar on considerations in the digital assets space. K2 Integrity Board Member Christopher Brummer and AML/CFT experts Mariano Federici and Alex Levitov discussed the current...more

FATF Updates Risk-Based Approach Guidance for the Real Estate Sector

Ballard Spahr LLP on 8/3/2022

As we have repeatedly blogged, concerns about perceived anti-money laundering (“AML”) risks in the real estate industry are rising globally. Consistent with this concern, the Financial Action Task Force (“FATF”) has updated...more

Four major changes to corporate transparency in 2022

White & Case LLP on 4/5/2022

There is no doubt 2022 has signalled a renewed focus on beneficial ownership transparency. White & Case partners Jonah Anderson and Anneka Randhawa, and associate Laura Higgins have collaborated with Hannah Lilley and Michael...more

FinCEN Warns Against Evasion of Russian Sanctions

Goodwin on 3/14/2022

In this Issue. The Financial Crimes Enforcement Network (FinCEN) published an alert warning financial institutions of possible efforts to evade U.S.-imposed sanctions on Russia and Belarus; the U.S. Department of the Treasury...more

The Extension of FAFT’s ‘travel Rule’ and Implications for Virtual Asset Service Providers in the UK

McDermott Will & Emery on 2/25/2022

The extension of the Financial Action Task Force (FATF) ‘Travel Rule’ to ‘Virtual Asset Service Providers’ (VAPSs) is emblematic of the continued and growing push to bring crypto businesses into the mainstream of financial...more

FinCEN Seeks Public Input to Reduce Vulnerability of Real Estate Market to Money Laundering

Holland & Knight LLP on 12/20/2021

The Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (Notice) on Dec. 9, 2021, requesting public comment on ways to enhance the transparency of the domestic real estate market...more

Global Developments in AML and Virtual Assets: FATF Guidance and the Travel Rule, and U.S. Pronouncements on Stablecoins

Ballard Spahr LLP on 11/19/2021

In late October, the Financial Action Task Force issued its long-awaited updated guidance on Virtual Assets and Virtual Asset Service Providers (“FATF Guidance”), an extremely lengthy and detailed document setting forth how...more

Winning the AML Intelligence War with Public Private Partnerships

White & Case LLP on 11/18/2021

Key considerations for banks engaging with governments and peer institutions to improve financial crime compliance systems - Every year, banks spend billions of dollars on core financial crime compliance systems and are...more

FinCEN Round-Up: Real Estate GTOs, Exceptive Relief for On-Line Casinos for Non-Documentary Customer Verification, and the FATF...

Ballard Spahr LLP on 11/3/2021

The Financial Crimes Enforcement Network (“FinCEN”) has been busy during the last few weeks – and presumably will remain busy for the rest of 2021, as it attempts to satisfy numerous mandates imposed by the Anti-Money...more

Treasury Releases Guidance for the Virtual Currency Industry and Analysis on Ransomware Trends

K2 Integrity on 10/25/2021

Office of Foreign Assets Control (OFAC) released detailed sanctions compliance guidance for the virtual currency industry (the Guidance). The Guidance provides an overview of OFAC sanctions requirements and lists several best...more

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FinCEN › FATF

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