Links in “FinCEN”
- Michigan MSB in Hot Water
FinCEN has fined King Mail & Wireless Inc. $12,000 today for âwillful and repeated violations of the Bank Secrecy Act.â [6/2/15]
- Keep it Classy: Improving your Compliance Culture
When regulators talk about the root causes of the problems in a financial institution's Bank Secrecy Act and Anti-Money Laundering programs, invariably the cause that comes out at the top of their list is a weak culture of compliance. FinCEN has highlighted six hallmarks of an institution with a sound compliance culture. [5/19/15]
- FinCENâs Holds First-ever Awards Ceremony
FinCEN honored law enforcement agencies that use BSA reporting in criminal investigations in a first-ever ceremony held at the U.S. Department of the Treasury. [5/13/15]
- Virtual Currency Gets its First Enforcement Action
FinCEN hits Ripple Labs with a $700,000 fine for BSA violations, alleging that the San Francisco-based startup operated in its early days as an unregistered money service business and neglected to comply with anti-money laundering rules. [5/6/15]
- Geographic Targeting Order Makes Waves
About seven hundred businesses in Miami have been targeted by the Financial Crimes Enforcement Network (FinCEN) due to a possible trade-based money laundering scheme with ties to drug trafficking. This bust was due to the issuance of a geographic targeting order. [4/22/15]
- FinCEN Has its Eye on You
FinCEN has put its sights on Banca Privada dâAndorra as a non-US money laundering concern and has implemented special measures against this institution. [3/16/15]
- FinCEN: It’s Goin’ Down
The Taj Mahal Casino Resort was fined $10 million dollars for failing to maintain and implement an effective AML program. [3/9/15]
- Youth: The Future of Financial Security
Five financial regulatory agencies (FinCEN, FRB, FDIC, NCUA, and OCC) have issued guidance encouraging institutions to promote improved financial strength of youth by offering savings programs directly geared toward young people. The guidance does not create any new regulatory policy or industry expectations; however, institutions are strongly encouraged to implement such programs. [2/25/15]
- MSBs: A Catch-22
FinCEN published the opening remarks from the MSB Roundtable on January 13th. The remarks focus on the risks of MSBs and what is expected of financial institutions with MSBs. [2/2/15]
- Broker-Dealer Feels FinCENâs Wrath
FinCEN fined Oppenheimer & Co., a broker-dealer, $20 million for failing to perform adequate due diligence on a foreign correspondent account and failing to comply with Section 311 of the USA PATRIOT Act. This is the third and largest fine Oppenheimer & Co. has experienced in the past 10 years. [1/28/15]
