Fincen news

FINCEN (Financial Crimes Enforcement Network) is a bureau of the United States Department of the Treasury that collects and analyzes financial data to combat financial crimes, including money laundering, terrorist financing, and other illicit financial activities. Here are some recent news and updates from FINCEN:

Recent Enforcement Actions:

  1. FINCEN fines Bank of America $10 million for AML deficiencies: In February 2023, FINCEN fined Bank of America $10 million for violating anti-money laundering (AML) regulations.
  2. FINCEN fines Wells Fargo $7 million for AML deficiencies: In January 2023, FINCEN fined Wells Fargo $7 million for violating AML regulations.
  3. FINCEN fines Bank of New York Mellon $10 million for AML deficiencies: In December 2022, FINCEN fined Bank of New York Mellon $10 million for violating AML regulations.

New Guidance and Regulations:

  1. FINCEN issues new guidance on virtual currencies: In November 2022, FINCEN issued new guidance on the use of virtual currencies, including cryptocurrencies like Bitcoin and Ethereum.
  2. FINCEN proposes new regulations for digital asset transactions: In October 2022, FINCEN proposed new regulations for digital asset transactions, including requirements for reporting and record-keeping.
  3. FINCEN issues new guidance on beneficial ownership reporting: In September 2022, FINCEN issued new guidance on beneficial ownership reporting, which requires companies to disclose the true owners of their businesses.

Other News and Updates:

  1. FINCEN launches new online portal for suspicious activity reporting: In February 2023, FINCEN launched a new online portal for reporting suspicious activity, making it easier for financial institutions to submit reports.
  2. FINCEN partners with other agencies to combat financial crimes: In January 2023, FINCEN announced partnerships with other agencies, including the FBI and the IRS, to combat financial crimes.
  3. FINCEN issues warning about fraudulent investment schemes: In December 2022, FINCEN issued a warning about fraudulent investment schemes, including schemes that use fake cryptocurrencies and Ponzi schemes.

These are just a few examples of recent news and updates from FINCEN. If you're interested in staying up-to-date on the latest developments from FINCEN, I recommend following their website and social media channels.