A Forensic Accountant Bringing the Investigative Component to a Matter at Hand, Can Give an Attorney an Edge

December 2020

Presenting results in an easily understood manner is something one must expect a forensic accountant to bring to the plate. The skill set of a forensic accountant can provide a significant advantage by taking complex financial data and putting it

  • Foodman website and JD Supra

Is your Financial Institution Maintaining Continuous Compliance with FATCA?

December 2020

Participation in FATCA is not an option, it is here to stay, and it is part of a global initiative. FATCA is complicated, and for the bankers, it has implied learning new terminology and understanding thousands of pages of a

  • Foodman website and JD Supra

The BSA CASTS A WIDER NET

November 2020

On  September 15, 2020,  FinCEN issued a Final Rule stating that Banks lacking a Federal Functional Regulator will be required to establish and implement AML programs including policies and procedures,  a dedicated compliance officer, employee training,  an independent audit function

  • Foodman website and JD Supra

Did you know that FinCEN maintains Data Access Memoranda of Understanding (MOUs) that have over 12,700 authorized users?

November 2020

FinCEN has more than 400 data-access MOUs with federal, state, and local law enforcement regulatory agencies     relating to BSA data.  It consolidates the information that it receives and shares the consolidated reports with regulatory agencies. All the supervisory agencies update

  • Foodman website and JD Supra

While FinCEN lacks Independent Litigating Authority, it is the Regulator for the BSA and is responsible for the administration of BSA/AML

November 2020

FinCEN issues implementing regulations that “ensure” compliance with the BSA.  FinCEN delegates its examination authority to federal agencies.  These federal agencies are the “Federal Functional Regulators” who supervise institutions for BSA compliance.  They are the: Federal Deposit Insurance Corporation (FDIC)

  • Foodman website and JD Supra

Is Section 314 of the USA PATRIOT Act Working?

November 2020

Section 314 of the USA PATRIOT Act (Sec 314) was drafted by Congress in 2001 to allow financial institutions to work with law enforcement agencies and with each other to support the common goal of deterring money laundering and terrorist

  • Foodman website and JD Supra

“Complexity will not hide crime from law enforcement,” California U.S. Attorney on Brockman Indictment

November 2020

The U.S. Department of Justice (DOJ) 39 count indictment charging Robert T. Brockman, with tax evasion, wire fraud, money laundering, and other offenses, demonstrates that the DOJ is committed to the investigation and prosecution of the costliest and most sophisticated

  • Foodman website and JD Supra

Are you purchasing Real Property from a Foreign Person?

November 2020

On 9/14/20, the IRS announced 4 New Compliance Campaigns . One Campaign addresses FIRPTA (Foreign Investment in Real Property Tax Act of 1980) Reporting Compliance for Non-Resident Aliens (NRAs).  FIRPTA authorized the United States to tax foreign persons on dispositions

  • Foodman website and JD Supra

IRS is Paying Attention to Virtual Currency Third-Party Information Reporting and Title 26

October 2020

On September 24, 2020, the TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION (TIGTA) issued a final audit report: “The Internal Revenue Service Can Improve Taxpayer Compliance for Virtual Currency Transactions”  that evaluates the IRS’s efforts to ensure accurate reporting of virtual

  • Foodman website and JD Supra

Financial Institutions to Remain Vigilant of Ransomware Attacks as they are Facilitators of Ransomware Payments

October 2020

On October 1, 2020, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert Financial Institutions (FI) relating to “predominant trends, typologies, and potential indicators of ransomware and associated money laundering activities”.  The FinCEN Advisory also makes reference to

  • Foodman website and JD Supra

Beware of FATCA Notices of Default After FATCA Certification Deadlines!

October 2020

Under FATCA, an Event of Default (EOD) will occur if an Entity fails to perform required material obligations with respect to the due diligence, verification, withholding, or reporting FATCA requirements, or if the IRS determines that the entity has failed

  • Foodman website and JD Supra

Are Banks Implementing BSA Risk Based Adjustments related to COVID-19 circumstances?

October 2020

The Office of the Comptroller of the Currency (OCC) Semiannual Risk Perspective Report highlights how the Covid-19 Pandemic has elevated  operational risks for banks as they are challenged with the implementation of new processes/procedures, business continuity plans and a steep

  • Foodman website and JD Supra

Search

Partners