Bancrédito fined as US sets sights on offshore lenders
Puerto Rico-based Bancrédito International Bank and Trust Corporation, now in liquidation, has been fined US$15 million by the US treasury department’s Financial Crimes Enforcement Network (FinCEN). The bank admitted “wilful violations” of the Bank Secrecy Act (BSA) and its implementing regulations regarding suspicious activity monitoring…
TBML unearthed in FinCEN’s first enforcement action against a trust company
Transactions with connections to a trade-based money laundering (TBML) scheme have been revealed in an investigation by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) that has resulted in a US$1.5 million civil money penalty on South Dakota-chartered Kingdom Trust Company for wilful violations of the…
FinCEN analysis of Russian oligarchs’ funds flows highlights value of data from financial institutions
Russian oligarchs are increasingly purchasing high-value goods or property as they reroute their finances in response to their country’s invasion of Ukraine and the subsequent slew of international sanctions imposed on them, according to new analysis from the US treasury department’s Financial Crimes Enforcement Network…
FinCEN issues first ever penalty for failing to comply with GTO order
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has for the first time ever fined a business in the Los Angeles Fashion District for failing to comply with a geographic targeting order (GTO). A&S World Trading, operating under the name Fine Fragrance (A&S), has…
FinCEN seeks comments on modernisation of US AML/CFT regulatory regime
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a request for information (RFI) seeking comments on ways to streamline, modernise and update the country’s anti-money laundering and counter financing of terrorism (AML/CFT) regime. As part of a formal review process, FinCEN says…
Financial institutions’ critical role in combatting wildlife trafficking outlined in new FinCEN report
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has released a Financial Threat Analysis on wildlife trafficking threat patterns and trend information identified in Bank Secrecy Act (BSA) data. The report aims to further inform efforts to combat wildlife trafficking and the associated movement…
High risk of violating US law for banks and others that fail to exit Xinjiang supply chains, ventures and investments
Financial institutions, businesses and individuals that do not exit supply chains, ventures and investments connected to the Chinese province of Xinjiang could run a high risk of violating US law according to an updated business advisory published by several US government departments. Banks come under…
Draft reports, regulations and studies central to US trade-based financial crime compliance due from FinCEN before year end
A report on trade-based money laundering (TBML), regulations regarding anti-money laundering and counter financing of terrorism (AML/CFT) requirements for the antiquities trade and a study on money laundering and the art trade are amongst 22 reports, regulations or studies to be published by the US…
Banks should start preparing for new AML/CFT Priorities in BSA says FinCEN
Financial institutions should begin preparing for changes to the Bank Secrecy Act (BSA) that respond to new US priorities in anti-money laundering and counter financing of terrorism (AML/CFT) compliance that are expected to be announced by the end of this year according to the US…
FinCEN informs financial institutions of developments related to trade in antiquities and art
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a notice to inform financial institutions of the latest developments to prevent money laundering and report suspicious activity related to trade in art and antiquities. The notice covers new measures in the Anti-Money Laundering…
