News & Analysis as of September 21, 2024

FinCEN › Fraud

+ Follow

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 -

DOJ Triples Down on Incentivizing Disclosures with Launch of Three-Year Corporate Whistleblower Awards Pilot Program

Proskauer Rose LLP on 9/9/2024

Corporate Whistleblower Awards Pilot Program (“Pilot Program”), aimed at incentivizing whistleblowers to report potential criminal conduct. The announcement was anticipated, having been previewed in March 2024 by Deputy...more

Key Compliance Takeaways for Companies from the DOJ's New Corporate Whistleblower Program

Holland & Hart LLP on 8/21/2024

On August 1, 2024, the U.S. Department of Justice (“DOJ”) announced its new “Corporate Whistleblower Awards Pilot Program” (“DOJ Program”), a three-year initiative managed by DOJ’s Money Laundering and Asset Recovery Section....more

Can a Failed Privacy Program Lead to Fentanyl Trafficking or OFAC Violations?

Guidepost Solutions LLC on 8/1/2024

In July 2024, the Federal Bureau of Investigation and Department of Treasury’s Financial Crime Enforcement Network and Office of Foreign Assets Control (OFAC) released a joint notice discussing how Mexican-based Transnational...more

Alerta De Fraude Del CTA De FinCEN

Foodman CPAs & Advisors on 6/10/2024

FinCEN se ha enterado de intentos fraudulentos de solicitar información de personas y entidades que pueden estar sujetas a requisitos de presentación de reportes en virtud de la Ley de Transparencia Corporativa (“CTA”). Los...more

CTA Fraud Alert From FinCEN

Foodman CPAs & Advisors on 6/10/2024

FinCEN has learned of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act (CTA). Scammers are on the hunt to steal...more

Tarjetas Pasaporte De EE.UU. – Aviso De FinCEN Sobre Fraude

Foodman CPAs & Advisors on 5/17/2024

El 15 de abril de 2024, FinCEN, junto con el Servicio de Seguridad Diplomática (“DSS”) del Departamento de Estado de EE.UU., emitió una advertencia sobre el fraude con tarjetas pasaporte de EE.UU. mediante un Aviso a las...more

U.S. Passport Card Fraud FinCEN Notice

Foodman CPAs & Advisors on 5/17/2024

On 4/15/24, FinCEN in conjunction with the U.S Department of State’s Diplomatic Security Service (DSS), issued warning regarding U.S. Passport Card Fraud via Notice to financial institutions urging them to be vigilant in...more

NAVEX 2024 Whistleblower Report Highlights Important Trend — More Reports are Being Made and More Are Being Substantiated

The Volkov Law Group on 4/24/2024

The increase in internal reporting comes at a critical time when government-sponsored whistleblower programs are maturing and expanding into new agencies. The SEC’s program continues to increase and received a record number...more

FinCEN Issues Notice on Counterfeit Passport Card Fraud

Ballard Spahr LLP on 4/18/2024

The Financial Crimes Enforcement Network (“FinCEN”) has issued a Notice on the Use of Counterfeit U.S. Passport Cards to Perpetrate Identity Theft and Fraud Schemes at Financial Institutions (“Notice”), asking financial...more

CFPB Issues Report on Risks Posed by Video Game Marketplaces

Morrison & Foerster LLP on 4/15/2024

On April 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued a report on “Banking in video games and virtual worlds” (Report). The Report focuses on the movement of money in virtual worlds and how gamer data is...more

Exercise Caution in Corporate Transparency Act Compliance Matters

Clark Hill PLC on 3/22/2024

Threat actors never miss an opportunity to use recent events to infect computer systems or quickly and easily gather personal information. The Corporate Transparency Act (“CTA”) is just such an opportunity and businesses and...more

Investigations Newsletter: Deputy Attorney General Monaco Warns Industries: “Fraud Using AI is Still Fraud”

ArentFox Schiff on 3/15/2024

On March 7, Deputy Attorney General Lisa Monaco delivered the keynote remarks at the American Bar Association’s (ABA) 39th National Institute on White Collar Crime. She noted that artificial intelligence (AI) “holds great...more

Federal District Court in Alabama Declares CTA Unconstitutional; DOJ Appeals to 11th Circuit; FinCEN Requires Continued Compliance

King & Spalding on 3/13/2024

On March 1, 2024, a federal judge in the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA and its implementing regulations require that...more

CTA Here to Stay? Federal District Court Rules Corporate Transparency Act Unconstitutional

McNees Wallace & Nurick LLC on 3/7/2024

Although the Corporate Transparency Act (“CTA”) became effective Jan. 1, 2024, in just two short months, its constitutionality was challenged in the U.S. District Court, Northern District of Alabama’s decision issued on March...more

Federal District Court in Alabama Deems Corporate Transparency Act Unconstitutional

Kohrman Jackson & Krantz LLP on 3/6/2024

The Corporate Transparency Act (the CTA), which became effective on January 1, 2024, was ruled unconstitutional by the U.S. District Court for the Northern District of Alabama (District Court), in the case styled National...more

Proposed Rule to Impose Anti-Money Laundering Requirements on Investment Advisers

K2 Integrity on 2/27/2024

On 13 February 2024, the Financial Crimes Enforcement Network (FinCEN) issued a groundbreaking Notice of Proposed Rulemaking (NPRM) to combat illicit finance and national security threats in the investment adviser sector. The...more

ACT NOW: FEDERAL FILING REQUIREMENTS MAY IMPACT YOU!

Houston Harbaugh, P.C. on 2/7/2024

In 2021, Congress passed the Corporate Transparency Act (CTA) in an effort to thwart criminals from using entities as a way to launder money and further illicit activities. The CTA contains a reporting requirement mandating...more

Are the Corporate Transparency Act’s Criminal Provisions a Positive Development?

Bradley Arant Boult Cummings LLP on 1/25/2024

When the Corporate Transparency Act took effect earlier this month, most commentary rightly focused on the obligations it imposed and the measures necessary to comply with its terms. As part of that analysis, commentators...more

Business Owner Alert: Corporate Transparency Act Requires New Ownership Reporting in 2024 and Beyond

Mitchell, Williams, Selig, Gates & Woodyard,... on 1/12/2024

It has been many years in the making, but the effective date of the Corporate Transparency Act (the “CTA”) is finally here. The CTA, enacted in 2021, is designed to prevent money laundering and other unlawful activity...more

Investigations Newsletter: Binance to Pay Historic $4 Billion Fine

ArentFox Schiff on 12/4/2023

Binance to Pay Historic $4 Billion Fine - Binance Holdings Limited, the operator of the world’s largest cryptocurrency exchange, agreed to pay $4.3 billion to resolve allegations that it violated the Bank Secrecy Act (BSA)...more

FinCEN Issues Alert on COVID-19 Employee Retention Tax Credit Fraud

Ballard Spahr LLP on 11/29/2023

On November 22, 2023, the Financial Crimes Enforcement Network (“FinCEN”), in close coordination with the Internal Revenue Service (“IRS”) Criminal Investigation (“CI”), issued an alert (“Alert”) regarding the COVID-19...more

CryptoLink - October 2023 Updates

Akin Gump Strauss Hauer & Feld LLP on 11/20/2023

CryptoLink is a compilation of news stories published by outside organizations. Akin aggregates these stories, but the information contained in them does not necessarily represent the beliefs or opinions of the firm. Akin's...more

The U.S. Corporate Transparency Act is Almost Here

Best Best & Krieger LLP on 10/12/2023

This is the second in a two-part series discussing the Corporate Transparency Act (CTA) – new legislation enacted by Congress in January 2021, as part of the Anti-Money Laundering Act of 2020. Read the first part of this...more

Cryptocurrency: Legal Developments and Outlook

King & Spalding on 9/25/2023

Federal and state regulators have taken an increased interest in regulating cryptocurrencies, digital assets, and the larger blockchain ecosystem. This landscape is opaque and rapidly evolving, and many industry participants...more

Cryptocurrencies Mirrored a New Gold Rush, Then Ended Up Similarly: With Scammers Going to Jail

Kohn, Kohn & Colapinto LLP on 8/23/2023

Despite the excitement that surrounded original cryptocurrencies like Bitcoin, the dust eventually settled, revealing that only a few early investors got rich and many others lost their life savings. But it was not long...more

72 Results

View per page

Page: of 3

FinCEN › Fraud

"My best business intelligence, in one easy email…"