FinCEN

The Treasury's financial crimes arm alerted banks to the dangers of AI-powered fraud, urging close monitoring and swift reporting of any suspicious activity.

Banks and consumers report fraud at higher rates than they did before the pandemic, and those cases have continued getting costlier.

New rules from Treasury's Financial Crimes Enforcement Network will mandate reporting for non-financed real estate transfers and expand anti-money-laundering requirements for investment advisors.

Republican lawmakers want the Treasury secretary to extend the deadline for U.S. businesses to submit beneficial ownership information to the agency's Financial Crimes Enforcement Network. She emphasized that the agency is focused on penalizing willful non-compliance rather than enforcing 'gotcha' penalties against small businesses.

The Treasury Department's Financial Crimes Enforcement Network issued a proposal mandating banks enhance their anti-money-laundering and counterterrorism financing programs, including measures to address fentanyl trafficking and Russian money laundering.

Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.

Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.

The ruling further complicates an already complicated area — the law's mandate around beneficial ownership information reporting.

The Financial Crimes Enforcement Network Tuesday proposed a rule to include investment advisors in the compliance regime under the Bank Secrecy Act, aiming to close regulatory gaps exploited by criminals.

The Financial Crimes Enforcement Network issued an alert Thursday on avoiding business relationships with sanctioned Israeli settler groups in the West Bank, an effort that comes as the White House is pushing sanctions on foreign actors involved in destabilizing the region.