The U.S. Treasury Office of Inspector General for Tax Administration (TIGTA) has criticized the Internal Revenue Service in two key areas related to financial crime compliance and investigations, stating in one report that the agency’s anti-money laundering (AML) division – that typically examiners all non-bank operations without a federal functional regulator, has “minimal impact,” while […]
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This month, after 90-day and then 30-day extensions, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) permanently extended a rare ruling granting exceptive relief related to an ambiguous, potentially burdensome piece of new beneficial ownership obligations for legal entity customers that took effect in late July. The original final rule, released in May of 2016, […]
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Posted by: Brian Monroe The top banking agencies of the United States, in conjunction with the U.S. Treasury, this month attempted to delineate more clearly what banks should do in crafting financial crime compliance programs related to following laws, regulations or guidance – a likely response to widespread criticism in the recent implementation of new […]
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Attendance is FREE but you MUST REGISTER to attend Lunch included along with snacks & beverages for breaks! WHEN: Saturday, October 27, 2018 10:00 am – 4:00 pm WHERE: MARITIME CONFERENCE CENTER 692 Maritime Blvd Linthicum Heights, MD 21090 Register Here
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August 28, 2018 Jacob Gaffney THE QUESTION: Are both banks and nonbanks required to perform an independent audit of their anti-money laundering (“AML”) program? What are the requirements for such audit? THE ANSWER: Absolutely. The Bank Secrecy Act (“BSA”) requires all residential mortgage lenders and originators to perform an independent review or audit of their […]
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On May 16, 2018, the Financial Crimes Enforcement Network (FinCEN) issued a 90-day limited exceptive relief to covered financial institutions from the obligations of the Beneficial Ownership Rule for Legal Entity Customers (Beneficial Ownership Rule)1 for certain financial products and services (i.e., certificate of deposit or loan accounts) that were established before the Beneficial Ownership […]
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By Samuel Rubenfeld printed in Wall Street Journal Decade-long effort received recent boosts from Delaware official, Treasury secretary Two dozen state attorneys general joined the push to increase the transparency of shell companies by requiring them to disclose their owners. Anonymous, or shell, companies are legal but they can be easily abused to hide or […]
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Friday, August 3, 2018 South Carolina’s money transmitter licensing law, the South Carolina Anti-Money Laundering Act, and its implementing regulations (collectively, the “Act”) became effective on May 25th 2018 becoming the latest state to implement such legislation. This means that the newly established Money Services Division (the “Division”) within the SC Attorney General’s Office is […]
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NASHVILLE, Tenn. (WKRN) – From Green Dot pre-paid cards to gift cards, experts say they’re the perfect vehicles for scam artists to steal your money. “It acts like cash,” said Lisa Smith with the Better Business Bureau of Middle Tennessee. “So, once it’s gone, it’s gone.” “It’s untraceable, there’s no recourse,” Smith said. “If you use a […]
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by Philip Bump published in Washington Post If Michael Wolff’s reporting is to be believed, Stephen K. Bannon’s assessment of the most dangerous threat posed by special counsel Robert S. Mueller III’s investigation is not the one you might have assumed. “You realize where this is going,” Bannon reportedly told Wolff. “This is all about money […]
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