Category: FinCEN

FATF Updates High-Risk and Monitored Jurisdictions List, Reshaping Global Financial Landscape

FATF, FinCEN
The Financial Crimes Enforcement Network (FinCEN) has announced significant changes to the Financial Action Task Force’s (FATF) list of jurisdictions with strategic deficiencies in their anti-money laundering, counter-terrorist financing, and counter-proliferation financing (AML/CFT/CPF) regimes. These updates, stemming from the FATF’s June 2024 plenary meeting, are poised to have far-reaching implications for the global financial system and U.S. financial institutions. In a notable shift, the FATF has added Monaco and Venezuela to its “Jurisdictions Under Increased Monitoring” list, commonly referred to as the “grey list.” This designation indicates that both countries have acknowledged deficiencies in their financial crime prevention systems and…

FinCEN’s 2023 Report Highlights Robust Compliance Enforcement and the Power of Financial Data in Fighting Crime

Financial Crime, FinCEN
The Financial Crimes Enforcement Network (FinCEN) has released its Year in Review for Fiscal Year 2023, underscoring the critical role of regulatory compliance and enforcement in safeguarding the U.S. financial system. The report showcases how the bureau leverages the Bank Secrecy Act (BSA) data to combat money laundering, terrorism financing, and other financial crimes, while holding non-compliant entities accountable. In FY 2023, FinCEN’s enforcement actions resulted in four civil money penalties totaling $60,780,829. These penalties serve as a stark reminder to financial institutions of the cost of non-compliance with BSA regulations. The message is clear: failure to adhere to reporting…

FinCEN Launches Regulatory Process for New Real Estate Sector Reporting Requirements

FinCEN, Money Laundering, Regulation
WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) announced today an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a potential rule to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity. The systemic money laundering vulnerabilities presented by the U.S. real estate sector, and consequently, the ability of illicit actors to launder criminal proceeds through the purchase of real estate, threatens U.S. national security and the integrity of the U.S. financial system. FinCEN has long been concerned with the potential for corrupt officials and illicit actors to launder the proceeds of…

FinCEN Seeks Comments on Modernization of U.S. AML/CFT Regulatory Regime

FinCEN, Money Laundering, Regulation
WASHINGTON— Today, FinCEN is issuing a request for information (RFI) seeking comments on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. FinCEN is particularly interested in comments on ways to modernize risk-based AML/CFT regulations and guidance, issued pursuant to the Bank Secrecy Act (BSA) so that they, on a continuing basis, protect U.S. national security in a cost-effective and efficient manner. Today’s RFI also supports FinCEN’s efforts to conduct a formal review of BSA regulations and related guidance, which is required by Section 6216 of the Anti-Money…