As part of its effort to facilitate compliance with new beneficial ownership information reporting requirements, the Financial Crimes Enforcement Network today extended the timeframe for companies that will be created or registered in 2024 to report their beneficial owners.
The Financial Crimes Enforcement Network and IRS issued an alert for financial institutions on fraud schemes related to the employee retention credit, or ERC, available to businesses and tax-exempt organizations affected by the COVID-19 pandemic.
The areas of supervisory focus for banking regulators in 2024 will look a lot like their focus since the bank failures earlier this year, with asset liability management, credit risk, cybersecurity, and operational risk top of mind, representatives from the Federal Reserve, OCC and Treasury Department said.
FinCEN released a final rule that amends the final beneficial ownership reporting rule to permit reporting companies to use the FinCEN identifier of another company in certain limited circumstances.
The Financial Action Task Force—an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism and countering the financing of proliferation of weapons of mass destruction—has updated its lists of jurisdictions with strategic AML/CFT/CPF deficiencies.
ABA supports the Financial Crimes Enforcement Network’s “revised approach” to collecting beneficial ownership information, but the revised reporting form still has drawbacks, the association said in comments to the agency.
FinCEN announced the renewal and expansion of its geographic targeting orders that require U.S. title insurance companies to identify the natural persons behind companies used in non-financed purchases of residential real estate.
FinCEN issued an alert to help financial institutions identify funding streams for the terrorist organization Hamas.
FinCEN issued a proposed rule that would identify international convertible virtual currency mixing as a “class of transactions” of primary money laundering concern.
FinCEN plans to issue a proposed rulemaking to tackle money laundering in real estate and to implement a whistleblower program for individuals who provide the agency information that leads to successful enforcement actions, Director Andrea Gacki said.