FinCEN Issues FAQs on Customer Due Diligence
The Financial Crimes Enforcement Network today published three frequently asked questions regarding customer due diligence requirements.
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FinCEN Warns of COVID-19-Related Cyber Fraud
The Financial Crimes Enforcement Network issued an advisory alerting financial institutions to several types of cybercrime and cyber-enabled crime connected to the coronavirus pandemic.
House Votes to Include ABA-Backed AML Provision in Defense Bill
With a bipartisan majority of 336 to 71, the House today voted to add ABA-advocated anti-money laundering provisions to the 2021 National Defense Authorization Act.
FinCEN Alerts Banks to Virtual Currency Scam Involving Twitter Accounts
The Financial Crimes Enforcement Network today warned financial institutions about a recent high-profile scam through which fraudsters exploit prominent Twitter accounts to solicit virtual currency payments from victims.
ABA: More Detail Needed in FinCEN Analysis of CTR Burden
A recent estimate by the Financial Crimes Enforcement Network of the total cost to file currency transaction reports “significantly underestimates” the burden faced by financial institutions, ABA said in a letter to the agency today.
FinCEN Warns of Imposter, Money Mule Scams Connected with COVID-19
The Financial Crimes Enforcement Network today issued an advisory alerting financial institutions to imposter scams and money mule schemes connected to the coronavirus pandemic.
State AGs Express Support for Bill to Create Beneficial Owner Registry
Forty-two state attorneys general wrote to Senate Banking Committee leaders today in support of S. 2563, the Illicit Cash Act, a bipartisan bill that would create a secure beneficial ownership registry of legal entities, to be overseen by the Financial Crimes Enforcement Network and the Treasury Department.
Banking Trade Groups Call for Inclusion of AML/CFT Bill in NDAA
In a letter to Senate Armed Services Committee leaders this weekend, ABA joined six other financial trade organizations calling for the inclusion of the Anti-Money Laundering Act of 2020 as part of the 2021 National Defense Authorization Act.
FinCEN: Fraud Schemes Pegged to Remote Environments, Pandemic News
Financial Crimes Enforcement Network Director Kenneth Blanco today outlined several coronavirus-related trends FinCEN is seeing in cyber crime.
FinCEN Reissues Real Estate Geographic Targeting Orders
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.