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The Treasury Department today announced a new bank reporting rule designed to both significantly reduce unnecessary paperwork for America's banks and improve the quality of information routinely provided to law enforcement.The new rule will go into effect May 1, 1996, changing the previous…

Today, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board issued amendments to the two funds transmittal (wire transfer) rules that were published in January 1995 and extended the effective date of the rules, as amended, to May 28, 1996…

Basic Facts about Money Laundering and FinCENWhy is it important?With few exceptions, criminals are motivated by one thing—profit. Greeddrives the criminal, and the end result is that illegally-gained money must be introducedinto a nation's legitimate financial systems. In just the United States…

FinCEN Advisory This advisory is provided to alert recipients to the following information: Banks and other financial institutions are advised to give enhanced scrutiny to all financial transactions routed into or out of the Seychelles, or involving persons domiciled in the Seychelles.…

The Treasury's Financial Crimes Enforcement Network (FinCEN) will issue a final rule tomorrow that brings tribal casinos under Treasury's anti-money laundering controls. The final rule delays the effective date of the rule to August 1, 1996, allowing tribal casinos sufficient time to design…

A new regulation announced Monday will aid criminal investigations while significantly cutting costly and burdensome paperwork for America's banking community. The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC…

p The Treasury Department's Financial Crimes Enforcement Network (FinCEN), issued today an ADVANCE COPY of the revised Currency Transaction Report (CTR) Form 4789 and instructions. This CTR revision reduces the amount of information required on the CTR by approximately 30 percent, and substantially…

Ronald K. Noble, Treasury's Under Secretary for Enforcement, will chair the fourth meeting of the Bank Secrecy Act (BSA) Advisory Group today. "The BSA Advisory Group anticipated the letter and spirit of the President's recent regulatory reinvention initiative," said Under Secretary Noble. "It is a…

The BSA is the core of Treasury's anti-money laundering efforts, and one of the main elements of this authority is the ability to require financial institutions to retain records that can be an invaluable tool in criminal, tax or regulatory proceedings. "Wire transfers are the arteries of the…