The Financial Crimes Enforcement Network (FinCEN) recently issued an advisory to banks that outlined fourteen red flag indicators to be on the lookout for (and report) related to pandemic related economic relief payments. Entitled “Advisory on Financial Crimes Targeting COVID-19 Economic Impact Payments,” FinCEN issued the advisory based on its “analysis of COVID-19-related information obtained
New FinCEN Cryptocurrency Guidance Clarifies Applicability of Anti-Money Laundering Regulations to Virtual Currency Business Models
The Financial Crimes Enforcement Network (FinCEN) is the U.S. Treasury Department bureau charged with monitoring financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.
Under FinCEN’s Bank Secrecy Act/Anti-Money Laundering regulations, money transmitters and other money service businesses are required to develop anti-money laundering/countering the financing of…
U.S. Treasury Warns Financial Institutions of Venezuelan Corruption and Money Laundering
The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury issued an advisory on September 20 warning U.S. financial institutions of “money laundering schemes used by corrupt Venezuelan officials.” The advisory was addressed to Private Banking Units, Chief Risk Officers, Chief Compliance Officers, AML/BSA Analysts, Sanctions Analysts and Bank Legal Departments, and…