Links in “FinCEN”

A look at some of the "no, thanks" reactions from banks and trade group representatives in Colorado, the state with an immediate need for action at the federal level, to FinCEN's guidance on banking marijuana businesses. [2/17]

FinCEN guidance focuses on due diligence expectations and reporting requirements for the mostly cash marijuana industry. Challenges remain inherent given expectations for monitoring of entity for violations of Federal Law and new DOJ priorities. [2/17]

FinCEN files CMPs against Michigan MSB for serious and willful BSA violations involving failure to implement anti-money laundering efforts involving wires to Yemen. [2/10]

Article highlights expanding targeted focus of Financial Crimes Enforcement Network (FinCEN) on virtual currency with reach expanding to those directly involved in the currency. Key tool is Suspicious Activity Reporting failure. [2/6]

FinCEN provides two rulings associated with convertible virtual currency (i.e., Bitcoin). Rules note that self-"mining" for one's own purpose or purchasing and selling as investment for company's own benefit do not cross into definitional money transmitter under BSA. [1/31]

FinCEN and OCC combine for $461 million in fines of JPMorgan Chase for willfully violating BSA by failing to report suspicious transactions arising out of Bernard L. Madoff’s decades-long, multi-billion dollar fraudulent investment scheme. Financial institutions could benefit from a consideration of the key weaknesses cited by regulators. [1/8]

FactSheet gives 5 Ws of 314(b), which can be a critical element of an FI's BSA/AML program when effectively utilized. Progression in BSA/AML world towards more analysis of complex activities often necessitates participation in 314(b). [11/1]

$4.1 million CMP against now defunct Saddle River Valley Bank notes slew of weaknesses in BSA/AML monitoring activities associated with casas de cambio activities. [9/24]

The $37.5 million penalty to TD Bank is on top of the $600 million paid in restitution and the $15 million in SEC Fines. The latest penalty focuses on BSA/AML issues associated with failures to heed alerts and file Suspicious Activity Reports (SARs) related to the $1.2 billion Ponzi scheme by Scott Rothstein. The fine is first civil money penalty assessed by FinCEN’s new elite Enforcement Division "who target the exploitation of the financial system by illicit actors" focusing on "compromised financial institutions and their officers, managers, and employees; compromised jurisdictions; and third party money launderers who facilitate financial crime." [9/24]

Report of Foreign Bank and Financial Accounts (FBAR) webinar (9/19) will give strong overview on electronic filing and related features of FBAR. [9/10]