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 the…
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…
ABA calls on FinCEN to make changes to proposed beneficial ownership rule
The American Bankers Association (ABA) is urging the Financial Crimes Enforcement Network (FinCEN) to make changes to the form that entities will use to report beneficial ownership information to the registry that FinCEN is creating to store this information. Financial institutions have so far not…
Impact on financial institutions of upcoming US beneficial ownership rule examined in new paper
Financial institutions have so far not been provided the relief from the burdens of onboarding and customer due diligence they had hoped for as a result of the final version of the beneficial ownership rule issued in September by the US treasury department’s Financial Crimes…
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 seeks comments from financial institutions and other stakeholders on proposed rule on access to beneficial ownership information
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) is seeking comments on a notice of proposed rulemaking (NPRM) published on 15 December 2022 that would implement provisions of the Corporate Transparency Act (CTA) that govern the access to and protection of beneficial ownership information….
Research exposes industrial-scale abuse of UK LLPs for financial crime
More than one in ten of all Limited Liability Partnerships (LLPs) ever incorporated in Britain bear the hallmarks of shell companies used for serious financial crimes, according to a new report published today by Transparency International UK (TI). The independent anti-corruption organisation now wants to…
Banks and financial regulators wasting time on AML compliance should consider AI techniques
A new policy brief published by the Brookings Centre on Regulation and Markets has a clear focus on anti-money laundering (AML) compliance and suggests that banks, regulators, and law enforcement authorities are spending time and money chasing down potential leads but not really curbing illicit…
