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Answers to Frequently Asked Questions About Suspicious Activity Reports and Other Anti-Money Laundering Situations

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The Financial Crimes Enforcement Network (FinCEN), jointly with the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) (collectively, the Federal banking agencies), and in consultation with the staff of certain other […]

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FinCEN Imposes $390,000,000 Civil Money Penalty Against Capital One, National Association for Violation Regarding the Bank Secrecy Act

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WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced that Capital One, National Association (Capital One) has been assessed a $390,000,000 civil money penalty for engaging in both willful and negligent violations of the Bank Secrecy Act (BSA) and its implementing regulations. Specifically, FinCEN determined and Capital One admitted to willfully failing to implement and maintain […]

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Alert: FinCEN Asks Financial Institutions to Stay Vigilant to COVID-19 Vaccine-Related Scams and Cyber Attacks

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December 28, 2020 The Financial Crimes Enforcement Network (FinCEN) issued a Notice this week to alert financial institutions about the potential for fraud, ransomware attacks, or similar types of criminal activity related to COVID-19 vaccines and their distribution. This Notice also provides specific instructions for filing Suspicious Activity Reports (SARs) regarding such suspicious activity related […]

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FinCEN Seeks Public Feedback on Enhancing the Effectiveness of Anti-Money Laundering Programs

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The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions pertaining to potential regulatory amendments under the Bank Secrecy Act.  The proposals under consideration are intended to provide financial institutions greater flexibility in the allocation of resources and greater alignment of […]

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FinCEN Release Statement on Enforcement of the Bank Secrecy Act

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Contact Office of Strategic Communications 703-905-3770 Immediate Release August 18, 2020 WASHINGTON—As the primary regulator and administrator of the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) today issued a statement that sets forth its approach to enforcing the rules and regulations within the BSA. Through this statement, FinCEN aims to provide clarity […]

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FinCEN Issues Advisory on Medical Scams Related to COVID-19 and Companion Notice Providing Filing Instructions for Financial Institutions

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FinCEN has issued an advisory to alert all financial institutions to rising medical scams related to the COVID-19 pandemic. This advisory contains red flags, descriptions of COVID-19 related medical scams, and information on reporting suspicious activity. This is the first of several advisories FinCEN intends to issue concerning financial crimes related to the COVID-19 pandemic. FinCEN has […]

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U.S. Anti-Money-Laundering Official Calls for Beneficial Ownership Registry

Citing Lack of business-ownership information creates a ‘dangerous and widening gap’ in the national security apparatus By Dylan Tokar Dec. 10, 2019 7:53 pm ET print Text WASHINGTON—A lack of information about who owns and controls businesses incorporated in the U.S. is creating a “dangerous and widening gap” in the country’s national security apparatus, the […]

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DailyPay Announces Partnership With InfoSync

NEW YORK, Dec. 17, 2019 /PRNewswire/ — DailyPay, the leading provider of the daily pay benefit — a benefit offered through employers that allows employees to receive instant access to their earned wages, today announced its partnership with InfoSync, a leading accounting, reporting and human resources outsourcing solution that principally serves restaurants and other multi-unit businesses. […]

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So much for the Cashless Society: Currency is popular again, especially the $100 bill

By Leonid Bershidsky and Mark Whitehouse | Bloomberg  Oct. 27, 2019 3 AM Modern finance requires a lot of trust, and its digital future will demand still more. If, for example, electronic payments are to replace cash, people must be willing to believe that the bits of data traveling among phones, cards, terminals and blockchains actually […]

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FinCEN Adds New Unit to Focus on Money Laundering Threats Globally & Locally

The Financial Crimes Enforcement Network announced the launch of its newly created Global Investigations Division (GID), with responsibility for targeting terrorist financing and money laundering threats, both domestically and internationally. Matthew Stiglitz, a former principal deputy chief in the Department of Justice’s Criminal Division, will lead the GID. Stiglitz brings considerable experience to FinCEN in […]

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