FinCEN head issues reminder on Russia-related alerts, warns of lack of funds for new AML legislation
The head of the US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a reminder in a congressional committee of two alerts related to recent sanctions imposed on Russia that provide financial institutions with information about red flags and typologies that include several trade-based…
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…
Whitepaper: Sanctions advisories for the maritime industry
Practical challenges and recommendations for financial institutions regarding the monitoring of AIS outages and suspicious vessel activity. Executive summary
Art traders call for review of AML/CFT regulations after US treasury report suggests prioritising shell companies and real estate
The world’s largest art trade federation is leading the call for a fundamental international review of policy making after a recent report commissioned by the US treasury department indicated that money laundering and terror finance risks associated with shell companies and the real estate sector…
Clamp down expected on UK registered shell companies favoured by Russia and other ex-Soviet actors
The UK government has published its proposals to clamp down on the use of anonymous or fraudulent shell companies and partnerships that provide criminals with a veneer of legitimacy to help commit a range of crimes, from money laundering and grand corruption to fraud and…
FACT Coalition “applauds” proposals for revised US beneficial ownership reporting
A non-partisan alliance of more than 100 US and international organisations working toward a fair tax system has “applauded” the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based Financial Crime, 30 December 2021)….
Difficult to assess FinCEN’s beneficial ownership reporting proposals say US banks
The American Bankers Association (ABA) has responded to the proposal by the US treasury department’s Financial Crimes Enforcement Network (FinCEN) for revised rules on beneficial ownership information reporting requirements (Trade-based Financial Crime, 30 December 2020). The association says it supports the creation of the registry…
Unregulated art financiers vulnerable to money laundering says new US treasury report on high-value art trade
The US treasury department has published a study on the facilitation of money laundering and the financing of terrorism through the trade in works of high-value art. The study found that banks that regularly transmit payments for the art market have developed tailored policies, procedures…
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…
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 landmark…
