Payments News

On The Web

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Regulation

FinCEN Analysis Reveals Ransomware Reporting in BSA Filings Increased Significantly During the Second Half of 2021

“The Financial Crimes Enforcement Network (FinCEN) today issued its most recent Financial Trend Analysis of ransomware-related Bank Secrecy Act (BSA) filings for 2021, indicating that ransomware continued to pose a significant threat to U.S. critical infrastructure sectors, businesses, and the public. The report focuses on ransomware trends in BSA filings from July-December 2021, and addresses the […]
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Regulation

FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency

“Today, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) took a historic step in support of U.S. government efforts to crack down on illicit finance and enhance transparency by issuing a final rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA). The rule will require most corporations, limited liability companies, […]
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Regulation

Banks Back Plan to Share SARs With Foreign Units. For Now.

“Banking industry groups welcomed a new Financial Crimes Enforcement Network proposal that would allow some U.S. banks to share suspicious activity reports with their business units in other countries. However, analysts say its hefty compliance requirements ultimately could dampen banks’ interest in the program. The proposal follows the enactment of the Anti Money Laundering Act […]
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Regulation

EFF to FinCEN: Stop Pushing For More Financial Surveillance

“Today, EFF submitted comments to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) opposing the agency’s proposal for new regulations of cryptocurrency transactions. As we explain in our comments , financial records can be deeply personal and revealing, containing a trove of sensitive information about people’s personal lives, beliefs, and affiliations. Regulations regarding such […]
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Regulation

The FinCEN Files

“A huge trove of secret government documents reveals for the first time how the giants of Western banking move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the work of terrorists, kleptocrats, and drug kingpins. And the US government, despite its vast powers, fails to stop it.Today, the FinCEN Files — […]

On The Wires

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Regulation

Financial Action Task Force Identifies Jurisdictions With Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies | FinCEN.gov

“The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has updated its statements concerning jurisdictions with strategic AML/CFT/CPF deficiencies.  FinCEN previously […]
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Regulation

New FinCEN Guidance Affirms Its Longstanding Regulatory Framework for Virtual Currencies and a New FinCEN Advisory Warns of Threats Posed by Virtual Currency Misuse | FinCEN.gov

“To provide regulatory certainty for businesses and individuals engaged in expanding fields of financial activity, the Financial Crimes Enforcement Network (FinCEN) today issued the following guidance, Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies (CVC) . The guidance is in response to questions raised by financial institutions, law enforcement, and regulators […]