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.

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.

Led by House Financial Services Committee Chair Patrick McHenry, R-N.C., Republican lawmakers asked the Financial Crimes Enforcement Network to develop a plan to make sure small businesses can come into compliance with its new beneficial ownership rule.

The only way for Fincen to assure that banks have the tools to identify illicit shell companies is for the agency to verify the information in its new beneficial ownership database.

Amid the clamor over the agency's new beneficial ownership database, banks want FinCEN to withdraw the rule.

Authorities gained from Russian sanctions legislation helped law enforcement build the case against Hong Kong-based exchange.

Rules being considered by the Financial Crimes Enforcement Network would needlessly hinder banks seeking to do due diligence on their customers.