FinCEN brings private investor sector in line with financial institutions under BSA requirements
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has proposed a new rule intended to close the loophole that has historically allowed private equity, hedge fund and venture capital firms to dodge even basic anti-money laundering checks. Under the proposed rule, firms operating in…
FinCEN’s focus on fentanyl highlights TBML concerns
Andrea Gakki, the director of the US Financial Crimes Enforcement Network (FinCEN), earlier this month highlighted the agency’s focus on the country’s fentanyl crisis to the US house of representatives’ committee on financial services. The trade in fentanyl and other opioids in the US is…
China’s banks amongst foreign financial institutions in Washington’s sights for Russia-related sanctions evasion
Foreign financial institutions (FFIs) are receiving visits from senior US officials following up on President Joe Biden’s new executive order (OE) threatening that FFIs facilitating significant transactions relating to Russia’s military-industrial base may expose themselves to US sanctions (Trade-based Financial Crime, 10 January 2023). US…
New US beneficial ownership information access rule will not put additional burden on banks
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has released a final rule outlining procedures for accessing beneficial ownership information (BOI) reported under the Corporate Transparency Act (CTA). This final ‘Access Rule’ does not create a new regulatory requirement for banks to access BOI…
FinCEN’s final rule on beneficial ownership could simplify reporting requirements
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule specifying when companies can use preapproved FinCEN identifiers in lieu of information about an individual beneficial owner. Allowing firms to use FinCEN identifiers could simplify reporting requirements ahead of the 1…
FinCEN imposes US$15 million penalty on Shinhan Bank America for BSA violations
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a US$15 million civil money penalty against Shinhan Bank America (SHBA) for wilful violations of the Bank Secrecy Act (BSA) and its implementing regulations. The wholly-owned subsidiary of South Korea’s Shinhan Bank wilfully disregarded…
US financial institutions should remain vigilant for Russian attempts to evade US export controls say FinCEN and BIS
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) and the commerce department’s Bureau of Industry and Security (BIS) have issued a supplemental joint alert urging US financial institutions to remain vigilant for potential attempts by Russia to evade US export controls. The latest alert…
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…
US lawmakers demand amendments to FinCEN’s proposed rules on beneficial ownership
Lawmakers in Washington are demanding amendments to the US treasury department’s notice of proposed rulemaking on beneficial ownership information reporting requirements. They say that the proposal by the US treasury department and its Financial Crimes Enforcement Network (FinCEN) deliberately provides an “escape hatch” for avoiding…
FinCEN publishes first guidance on beneficial ownership reporting requirements for businesses
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) on Friday published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information reporting requirements taking effect on 1 January 2024. Banks are…
Latest news
Trade Based Financial Crime
Trade Based Financial Crime
This online training course provides you with the technical knowledge required to succeed within the trade finance compliance landscape.