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

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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

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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)

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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

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“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

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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

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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

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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

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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

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¡Tenga cuidado con las notificaciones de incumplimiento de FATCA después de las fechas límite de certificación de FATCA!

October 2020

Bajo FATCA, un Evento de Incumplimiento (“Event of Default o EOD”) ocurrirá si una Entidad no cumple con las obligaciones materiales requeridas con respecto a los requisitos de diligencia debida, verificación, retención o reporte de FATCA, o si el IRS

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GAFILAT Identifica Amenazas Emergentes de Lavado de Dinero/Financiamiento del Terrorismo

October 2020

GAFILAT (Grupo de Acción Financiera de América Latina) publicó una Segunda Actualización del Informe Regional de Amenazas de Lavado de Dinero (2017-2018) que incluye: ANEXO VI: AMENAZAS RELACIONADAS CON LA PANDEMIA COVID-19. Considerado como un análisis regional de amenazas de

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¿Retención FACTA errónea?

October 2020

¿Qué sucede si un agente de retención de los EE. UU. de una institución financiera extranjera (FFI) aplica erróneamente una retención del capítulo 4 de FATCA del Código de Rentas Internas (IRC) del 30% a un pago a la FFI?

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