The number of Suspicious Activity Reports related to elder financial exploitation has risen dramatically over the past several years, as seniors face increasing threats from both domestic and foreign actors, according to an analysis released last night by the Financial Crimes Enforcement Network.
The relationship between anti-money laundering professionals and law enforcement has never been more important. AML professionals can follow these practical steps to enhance the usefulness and effectiveness of their SARs.
The Financial Crimes Enforcement Network today reissued its geographic targeting orders temporarily requiring U.S. title insurance companies in specified areas to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions.
The House today voted to pass the ABA-backed Corporate Transparency Act (H.R. 2513). The legislation, sponsored by Rep. Carolyn Maloney (D-N.Y.), would direct the Financial Crimes Enforcement Network to create a national database that banks could use to verify a business’s beneficial ownership information.
Four principles for mitigating the BSA/AML risks of banking higher-risk clients.
The American Bankers Association joined a group of financial trade associations in a letter to Senate Banking Committee leaders endorsing the Illicit Cash Act, a bipartisan bill introduced today that would create a secure beneficial ownership registry of legal entities, to be overseen by the Financial Crimes Enforcement Network and the Treasury Department.
The Financial Crimes Enforcement Network today issued an advisory to financial institutions on illicit financial schemes related to the trafficking of fentanyl and other synthetic opioids.
As part of an ongoing effort to enhance the efficiency and effectiveness of the Bank Secrecy Act/anti-money laundering regime, the federal banking agencies and the Financial Crimes Enforcement Network today issued a joint statement emphasizing their risk focused approach to BSA/AML examinations.
Business email compromise schemes—though which fraudsters target businesses and their fund transfers—generated more than $300 million a month in illicit revenue during 2018, the Financial Crimes Enforcement Network reported today.
The House Financial Services Committee voted to advance the NFIP Reauthorization Act of 2019