FinCEN

The interim final rule removes the requirement under the Corporate Transparency Act for U.S. companies and people to report beneficial ownership information.

Both consumers and banks reported that the rate of fraud and scams has steadied, according to Fincen and FTC data, but the total cost continued rising.

A new order requires certain non-bank financial companies in certain ZIP codes to report transactions over $200, much lower than the previous $10,000 threshold.

A federal district court in Texas has stayed an injunction that had prevented enforcement of the Corporate Transparency Act and its reporting requirement.

The Treasury Department extended deadlines for businesses to file beneficial ownership information after a court lifted a nationwide injunction on the reporting requirements.

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.

The Treasury Department's Financial Crimes Enforcement Network fined a New York credit union employee $100,000 Wednesday in connection with a scheme to launder $1 billion using armored trucks and the credit union's Fed master account.

Treasury Secretary Janet Yellen said Monday the agency's Financial Crimes Enforcement Network has received over 100,000 entries for its beneficial ownership information registry, and will set additional regulations to address money-laundering risks in real estate transactions early this year.

The Treasury's Financial Crimes Enforcement Network launched its new database identifying U.S. business owners pursuant to the 2021 Corporate Transparency Act Monday, giving existing companies one year to file reports on their true owners and new companies 90 days after their creation to comply.

The Financial Crimes Enforcement Network issued a final rule on beneficial ownership information ahead of a deadline to start reporting this data on January 1, 2024, with revisions to address concerns from lawmakers and banking advocates.

Both parties agree the registry's rules need to be more targeted, while Democrats decried a Republican push to cut the agency's funding.