BSA

FinCEN has issued an alert regarding fraud schemes related to the COVID-19 Employee Retention Credit. As a reminder, the Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized the Employee [...]

FinCEN has updated its Beneficial Ownership Information FAQs to include new questions regarding the reporting process, reporting companies, beneficial owners, company applicants, reporting requirements, initial reports, and reporting company exemptions. [...]

The Financial Crimes Enforcement Network (FinCEN) has issued additional guidance materials for the Beneficial Ownership Information (BOI) reporting requirements, which are supposed to go into effect January 1, 2024.  FinCEN [...]

FinCEN has published a small entity compliance guide to assist small businesses in complying with the beneficial ownership information reporting rule, which takes effect on Jan. 1, 2024. According to the [...]

FinCEN has issued an analysis of patterns and trends contained in Bank Secrecy Act reporting on suspected evasion of Russia-related export controls. The agency said the analyzed reports indicate almost [...]

FinCEN has issued an alert warning of a virtual currency investment scam called “pig butchering.” In the scams, bad actors use fake identities to build personal relationships with victims they [...]

Last week, FinCEN and IRS Criminal Investigation issued a notice warning of a “concerning increase” in state and federal payroll tax evasion and workers’ compensation insurance fraud in the residential [...]

The Federal Financial Institutions Examination Council (FFIEC) has released updates to several sections of the Bank Secrecy Act / Anti-Money Laundering Examination Manual. These updates offer further transparency into the [...]

In April, the Treasury Department announced the 2023 De-Risking Strategy, mandated by the Anti-Money Laundering Act of 2020. This strategy shapes a safer, more transparent, and more accessible financial system [...]