Links in “FinCEN”

FinCEN has issued an advisory on the importance of nurturing a culture of BSA/AML compliance, including ensuring that compliance concerns are not compromised by revenue interests, providing adequate human and technological resources, and engaging independent and competent testing. [8/13/14]

FinCEN proudly reports that 105 U.S. financial institutions provide banking operations to marijuana-related businesses and that it has reviewed more than 180,000 (62%) of more than 290,000 Suspicious Activity Reports, but doesn't mention that those numbers mean 99% of U.S. banks won't touch marijuana-related businesses and 38% of the filed SARs go unreviewed. [8/13/14]

FinCEN has proposed a renewal of suspicious activity reporting requirements. Thankfully, no changes are proposed, but comments are welcome. [8/11/14]

Worried about FinCEN's proposed customer due diligence expansion to include beneficial owners? Better make sure you know what's coming. [8/6/14]

FinCEN is working together with its Mexican counterpart, the Unidad de Inteligencia Financiera, in order to crack down on cross-border cash transactions. FinCEN Director Jennifer Shasky Calvery states that “FinCEN is committed to working closely with our Mexican counterparts, law enforcement, and industry partners to bring greater transparency along our border and safeguarding the integrity of our financial systems.” [8/4/14]

FinCEN is proposing new rules under the Bank Secrecy Act which would put emphasis on identifying beneficial owners of legal entity customers. [8/4/14]

ICBA says FinCEN's proposal to require banks to identify the beneficial owners as they open accounts and add further due diligence requirements will further strain the nation's banks' ability to promote economic growth in their communities. [8/1/14]

FinCEN and the Treasury are amending the CDD requirements as part of the BSA in an effort to increase the transparency associated with the real people that own, control, and profit from the companies using banking services. [7/31/14]

NCUA Director of Insurance and Examinations Larry Fazio has sent copies of the FinCEN Guidance on Marijuana-Related Businesses to states where the sale of marijuana is legal. CUNA states that more definitive guidance from NCUA would be preferred to what the trade association sees as over-reaching due diligence guidelines provided by FinCEN. [7/29/14]

FinCEN issues a notice of proposed rulemaking on FBME (Federal Bank of the Middle East) citing money laundering concerns as its primary issue. [7/22/14]