Links in “FinCEN”

FinCEN issued a $1 million civil money penalty against Thomas E. Haider, who oversaw the fraud and AML compliance departments of MoneyGram. According to FinCEN Director Jennifer Calvery, Mr. Haider "created an environment where fraud and money laundering thrived and dirty money rampaged through the very system he was charged with protecting." [12/19/14]

It’s been nearly half a decade since the FFIEC and FinCEN have released a new update of the BSA/AML Examination Manual. In this video, AffirmX’s senior analyst, Coppelia Padgett, provides an overview of critical changes. [12/19/14]

In what is being perceived as an unprecedented move, FinCEN is seeking to hold a compliance officer personally responsible to the tune of $1 million for the anti-money laundering failures of his employer. FinCEN alleges MoneyGram's compliance officer allowed criminals to defraud consumers and launder the proceeds. [12/19/14]

FinCEN has assessed a civil money penalty of $300,000 against North Dade Community Development Federal Credit Union for serious violations of the Bank Secrecy Act. Among the offenses were admittedly willful violations of section 314(a) of the USA PATRIOT Act and record retention requirements, and significant deficiencies in general BSA program requirements. [11/26/14]

The OCC reiterated its position on not directing banks regarding customer acceptance or non-acceptance with particular emphasis on MSB account management. The OCC noted that MSBs are not de facto high risk and promoted continued use of appropriate oversight to evaluate risks and assign appropriate risk ratings for all accounts. [11/21/14]

The law firm of Katten Muchin Rosenman LLP provides a roundup and impact of recent US actions regarding Bitcoin. The summary focuses on the seemingly concerted actions of FinCEN, New York State Department of Financial Services (DFS), the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the US Department of Justice. [11/14/14]

The AML Task Force, made up of eight government agencies, has taken upon itself the task of bettering the world of AML. During the ABA Conference, Under Secretary Cohen detailed the efforts that have been taken as well as future efforts, with an emphasis on the handling of money services businesses. [11/10/14]

Ever since the increased regulatory scrutiny on money services businesses, financial institutions everywhere have been shutting down MSB accounts or refusing to open accounts in the first place. This has not gone unnoticed as FinCEN made an official statement today in favor of MSBs. [11/10/14]

Find out what the FTC has to say about FinCEN's proposed rule regarding strengthening customer due diligence requirements. [10/8/14]