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TIGTA chides IRS in two key compliance areas, stating its AML efforts have a ‘minimal impact’ and its failing to properly use CTR data

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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FinCEN permanently extends limited relief for renewable, rollover products related to new beneficial ownership rule

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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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Guidance AML guidance does not have the force of laws, bank regulators say in rare multi-agency guidance

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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Do both banks and nonbanks require an independent audit of anti-money laundering programs? What are the requirements for such audit?

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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Extension of Limited Exception from Beneficial Ownership Requirements for Legal Entity Customers of Certain Financial Products and Services with Rollovers and Renewals

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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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24 State Attorneys General Seek Change to Rule on Shell Companies

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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The Latest State to Implement Money Transmitter Licensing Laws and Regulations

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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Stores help prevent scams through pre-paid cards by talking to customers

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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How Money Laundering Works in Real Estate

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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