FinCEN has issued a Notice informing about ongoing efforts related to the Anti-Money Laundering Act of 2020 requirements pertaining to antiquities and art trades. The Notice provides information about illicit [...]
Yesterday the Financial Crimes Enforcement Network released an advisory to warn banks of COVID-19 related fraud, specifically involving the health care industry. The advisory contains descriptions of fraud involving health care benefit programs and health insurance, associated financial [...]
Earlier this week, FinCEN released responses to Frequently Asked Questions regarding Suspicious Activity Reporting and other Anti-Money Laundering Requirements. The FAQs are meant to help clarify regulatory compliance obligations, allowing banks to focus resources on the BSA activities that [...]
Yesterday, FinCEN issued a Notice for banks to stay alert for potential fraud, ransomware attacks, or similar criminal activity related to COVID-19 vaccines and their distribution. The Notice provides specific information on filing Suspicious [...]
Last week the Financial Crimes Enforcement Network (FinCEN) addressed the importance of information sharing in identifying, reporting, and preventing financial crimes such as money laundering and terrorist financing. Important clarification on FinCEN’s information sharing under [...]
Yesterday, the Financial Crimes Enforcement Network (FinCEN) issued an advisory alerting financial institutions of unemployment insurance (UI) fraud detected during the COVID-19 pandemic. The below are representative types of illicit [...]
In response to banks requesting clarification regarding Customer Due Diligence (CDD) for Politically Exposed Persons (PEPs), the FRB, FDIC, FinCEN, NCUA, and the OCC issued a joint statement clarifying the [...]
Early this week, FinCEN issued three new FAQs related to customer due diligence requirements. The new FAQs address customer information risk-based procedures, customer risk profiles, and ongoing monitoring of the [...]
Yesterday, FinCEN released an advisory on Cybercrime and Cyber-Enabled Crime exploiting the COVID 19 Pandemic. The advisory includes descriptions of COVID-19 related malicious cyber activity and scams and their associated [...]
Previously, any ‘person’ entering or exiting the United States physically transporting $10,000 or more in currency or other monetary instruments at one time was required to file the Currency and [...]