U.S. Passport Card Fraud FinCEN Notice
On 4/15/24, FinCEN in conjunction with the U.S Department of State’s Diplomatic Security Service (DSS), issued warning regarding U.S. Passport Card Fraud via Notice to financial institutions urging them to be vigilant in identifying and reporting suspicious activity related to the use of U.S. Passport Card Fraud for identity theft and fraud schemes. The purpose […]
Director Gacki from FinCEN Encourages Transparency in the U.S. Financial System
During the FIBA’s (Financial and International Business Association’s) annual anti-money laundering conference held from March 18, 2024, to March 21, 2024 in Miami, Florida, Director Gacki from FinCEN discussed regulatory expectations and best practices to prevent financial crimes in a fireside chat. Enhancing transparency in the U.S. financial system continues to be a top priority […]
Passport Revocation or Denial continues
On 1/1/24, the IRS updated its Passport Revocation or Denial Page in cases of certain unpaid taxes. Section 7345 of the Internal Revenue Code requires the U.S. Department of the Treasury to notify the U.S. Department of State if a certification is made that an individual has a “seriously delinquent tax debt.” The Internal Revenue […]
Fraud is the Number One Crime in Money Laundering
On February 2024, the U.S. Treasury released the 2024 National Money Laundering Risk Assessment (NMLRA) which examines the current money laundering environment and identifies the ways in which criminals and other actors seek to launder funds. The Assessment aims to: inform the understanding of illicit finance risk by governmental and private sector actors, strengthen risk […]
FATF Key Actions February 2024
On 2/23/24, the Financial Action Task Force (FATF), an independent inter-governmental entity that develops policies for protection of our global financial system from money laundering, terrorist financing and financing of weapons of mass destruction and considered to be the global money laundering and terrorist financing “watchdog”, concluded its fifth Plenary under the Singaporean presidency. The […]
BOI Access & Safeguards
On 2/20/23, FinCEN published the Small Entity Compliance Guide for Beneficial Ownership Information Access and Safeguards Requirements. The (six-pages and four sections) BOI Access & Safeguards Guide provides an overview of the Beneficial Ownership Information Access and Safeguards Rule (Access Rule) requirements for small entities that obtain BOI from FinCEN and only pertains to authorized […]
AML/CFT coming to Investment Advisers
On 2/15/24, FinCEN published a Notice of Proposed Rulemaking (NPRM) that would require certain investment advisers to apply AML/CFT requirements pursuant to the Bank Secrecy Act, including implementing risk-based AML/CFT programs, reporting suspicious activity to FinCEN, and fulfilling recordkeeping requirements. FinCEN’s view is that investment advisers are at risk of abuse by money launderers, corrupt […]
Real Estate Report from FinCEN
On February 07, 2024, FinCEN issued a Notice of Proposed Rulemaking (NPRM) to combat and deter money laundering in the U.S. residential real estate sector by increasing transparency. FinCEN is seeking to require certain professionals involved in the closing or settlement of residential real estate transfers to report information to FinCEN about certain non-financed sales […]
BOI Compliance/Enforcement for Reporting Companies
Reporting companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. Reporting Companies have a significant obligation to understand and comply with the BOI reporting rule and file the Beneficial Ownership Information Report(s) (BOIR). There are serious fines and penalties […]
Reporting Company gets clarity on FinCEN FAQ 1/12/24 update
On 1/12/24, FinCEN once again updated FAQs relating to the Beneficial Ownership Information (BOI) Reporting Rule by adding ten new FAQs. On 1/4/24, FinCEN published additional BOI FAQ’s to include new information about reporting companies, beneficial owners, company applicants, reporting requirements, and reporting company exemptions, as well as updated information about FinCEN identifiers. The 1/4/24 […]
BOI Authorized Recipients
On 12/21/23, FinCEN issued a final rule implementing the access and safeguard provisions of the Corporate Transparency Act (CTA) (the “Access Rule”). The Access Rule aims to ensure that: (1) only BOI authorized recipients have access to BOI; (2) BOI authorized recipients use that access only for purposes permitted by the CTA; and (3) BOI […]
Beneficial Owner Exceptions under BOI Reporting
The FinCEN BOI Small Business Guide was originally released on 9/18/23 and subsequently updated on December 2023 as Version 1.1. The purpose of the Guide is to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule that starts January 1, 2024. The Guide provides an explanation regarding who is […]
