How Shell Companies Might be Circumventing FinCEN’s Beneficial Ownership Rule
FinCEN issued the final rule on customer due diligence on the heels of the Panama Papers scandal, and we’re now ...
Tag: Financial Crimes Enforcement Network (FinCEN)
Regulatory Oversight for Cryptocurrency?
What Crypto Exchangers and Administrators Need to Know U.S. regulators have recently joined with an international coalition of tax enforcement ...
With Updated AML/CFT Priorities, Businesses Across Verticals Face Unprecedented Exposure to FinCEN and OFAC Scrutiny
Updated enforcement priorities and guidance on facilitating ransomware payments remind companies of all types to establish holistic AML policies and ...
A Laundry List of Compliance Failures Landed BitMEX a $100M Penalty from CFTC and FinCEN
In a recent assessment, CFTC and FinCEN found the virtual currency exchange BitMEX lacked a number of licenses and had ...
Inefficiency Plagues AML Enforcement, But Banks Are Hardly the Sole Culprit
While they did identify examples of shocking activity, Buzzfeed's and ICIJ's FinCEN Files didn't necessarily expose widespread wrongdoing, as its ...
Haider Settlement
The ex-compliance chief of MoneyGram International Inc. (MoneyGram) is found personally liable for MoneyGram’s AML failures. The lawsuit is unprecedented ...
FinCEN’s Registry Will Be a Game-Changer. It Will Also Place an Added Burden on Corporations.
The Corporate Transparency Act (CTA) passed last year mandates FinCEN to establish a national registry of ultimate beneficial ownership (UBO) ...
How the Corporate Transparency Act Shakes Up AML: Beneficial Ownership Updates and More
The CTA changes what constitutes beneficial ownership and establishes more robust automated data collection. In addition, it increases responsibilities and ...
The Corporate Transparency Act: Pulling Back the Veil
The Corporate Transparency Act (CTA) will require millions of U.S. businesses to provide beneficial ownership information to the federal government. ...
The Controversy Surrounding the Corporate Transparency Act
Gavin/Solmonese’s Anne Eberhardt explores the opposition to the Corporate Transparency Act of 2019, stemming in part from privacy concerns and ...
The Most Significant Change to AML Rules Since the Patriot Act
Anti-money laundering laws have now seen the most significant reformation of the Bank Secrecy Act since the adoption of the ...
FinCEN’s Proposed Changes to the Recordkeeping and Travel Rule Thresholds
FinCEN has proposed lowering the “Recordkeeping Rule” and “Travel Rule” thresholds, and although the changes would benefit law enforcement, they ...
