Finnciti 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 FinCEN Alerts and Advisories

  1. FinCEN Issues Advisory on North Korea's Illicit Activities: On February 26, 2021, FinCEN issued an advisory warning financial institutions about the risks of doing business with North Korea, citing the country's continued involvement in illicit activities such as money laundering, terrorist financing, and weapons proliferation.
  2. FinCEN Issues Alert on Russian Sanctions: On March 2, 2021, FinCEN issued an alert warning financial institutions about the risks of doing business with individuals and entities subject to Russian sanctions, citing concerns about money laundering, terrorist financing, and other illicit activities.
  3. FinCEN Issues Guidance on Cryptocurrency Transactions: On March 9, 2021, FinCEN issued guidance on the reporting requirements for cryptocurrency transactions, clarifying that financial institutions must report certain transactions involving convertible virtual currencies, such as Bitcoin.

FinCEN Rulemakings and Proposals

  1. FinCEN Proposes Rule to Enhance Customer Due Diligence: On January 13, 2021, FinCEN proposed a rule to enhance customer due diligence requirements for financial institutions, including the need to identify and verify the identity of beneficial owners of legal entity customers.
  2. FinCEN Proposes Rule to Improve Reporting of Suspicious Activity: On February 10, 2021, FinCEN proposed a rule to improve the reporting of suspicious activity by financial institutions, including the need to report suspicious transactions involving digital assets, such as cryptocurrencies.

FinCEN Enforcement Actions

  1. FinCEN Fines Bank $1.2 Million for AML Violations: On February 24, 2021, FinCEN fined a bank $1.2 million for violating anti-money laundering (AML) regulations, including failing to report suspicious transactions and maintain adequate AML programs.
  2. FinCEN Fines Money Service Business $250,000 for AML Violations: On March 3, 2021, FinCEN fined a money service business $250,000 for violating AML regulations, including failing to report suspicious transactions and maintain adequate AML programs.

These are just a few examples of recent news and updates from FinCEN. If you're interested in staying up-to-date on FinCEN's latest activities, I recommend checking their website or following reputable financial news sources.