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…
FinCEN issues specific instructions to banks in response to upward trend in environmental crimes
Financial institutions in the US have been given specific suspicious activity report (SAR) filing instructions in a new notice issued by the US treasury’s Financial Crimes Enforcement Network (FinCEN) to pay more attention to an upward trend in environmental crimes and associated illicit financial activity….
FinCEN reminds US banks to comply with new FATF country risks but beware wholesale de-risking
The Financial Action Task Force (FATF) recently updated its list of jurisdictions that have strategic deficiencies in their anti-money laundering, counter financing of terrorism and combatting weapons of mass destruction proliferation financing (AML/CFT/CPF) regimes (Trade-based Financial Crime, 22 October 2021). As a result of this,…
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…
Trade-based financial crime a focus of FinCEN’s new AML/CFT Priorities
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) is mulling different measures to combat trade-based financial crime as it considers what are expected to be sweeping new US priorities in anti-money laundering and counter financing of terrorism (AML/CFT) compliance (Trade-based Financial Crime, 5 July…
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…
Comments sought on new US AML Act, significant implications for financial institution
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has published an Advance Notice of Proposed Rulemaking (ANPR) seeking comments on the new Anti-Money Laundering Act of 2020 (AML Act) which includes the Corporate Transparency Act (CTA). Reforms in the act present significant implications for…
FinCEN director asks bankers to “help us shape the rules” on new AML Act
The director of the US treasury department’s Financial Crimes Enforcement Network (FinCEN) has addressed bankers to share some of his perspectives on the US’ new Anti-Money Laundering Act of 2020 (AML Act). Kenneth Blanco said the act, which includes the Corporate Transparency Act (CTA), is a…
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…
GFI suggests FinCEN reforms for the Biden administration
Global Financial Integrity (GFI) has published a policy paper that provides five strategic recommendations the administration of new US President Biden and Congress could use to reform the treasury department’s Financial Crimes Enforcement Network (FinCEN) to better protect national security. Enhancing National Security by Reimagining…
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