News

Brian Ferrell, Chief Counsel of the Financial Crimes Enforcement Network, will be departing the agency at the end of August to become Assistant Vice President and Assistant General Counsel within the compliance group at The Hartford Financial Services Group, Inc., a financial services and…

The Financial Crimes Enforcement Network (FinCEN) announced today that Deprez’s Quality Jewelry and Loans, Inc. consented to the assessment of a civil money penalty in the amount of $25,000 for violations of the Bank Secrecy Act (BSA). Deprez Jewelry is a money services business (MSB) located in…

The Financial Crimes Enforcement Network (FinCEN) today announced it will permanently halt the current BSA Direct Retrieval and Sharing Component (BSA Direct R&S) project. The project has repeatedly missed program milestones and performance objectives and the current performance of the…

The Financial Crimes Enforcement Network (FinCEN) today withdrew its finding of April 26, 2005 which determined that Multibanka was a financial institution of primary money laundering concern and also withdrew the notice of proposed rulemaking against Multibanka. In a separate action today,…

Robert W. Werner, Director of the Financial Crimes Enforcement Network (FinCEN), today announced he will extend the temporary "stop work" order on the Retrieval and Sharing Component of the BSA Direct project for an additional 30 days. This extension comes at the request of the team working on…

The Financial Crimes Enforcement Network (FinCEN), Federal Deposit Insurance Corporation (FDIC), and New York State Banking Department (NYSBD) announced today the assessment of civil money penalties totaling $600,000 against Liberty Bank of New York for violations of federal and state anti-money…

Robert W. Werner, Director of the Financial Crimes Enforcement Network (FinCEN), announced today the selection of Jamal El-Hindi as Associate Director for Regulatory Policy and Programs. Mr. El-Hindi will oversee the Financial Crimes Enforcement Network’s regulatory and compliance functions and…

WASHINGTON, D.C. — The Office of Federal Housing Enterprise Oversight (OFHEO) and the Financial Crimes Enforcement Network (FinCEN) have reached an agreement to facilitate the sharing of information by OFHEO of its examination findings regarding actual or suspected mortgage fraud with FinCEN.…

The Financial Crimes Enforcement Network (FinCEN) today announced it is extending the comment period of its Advance Notice of Proposed Rulemaking that seeks input from both the money services business industry and the banking industry on the issue of money services businesses obtaining access to…

The Financial Crimes Enforcement Network (FinCEN) announced today that Frosty Food Mart consented to the assessment of a civil money penalty in the amount of $10,000. Frosty Food Mart is a money services business located in Tampa, Florida.

FinCEN determined that Frosty Food Mart failed to…

Robert W. Werner, Director of the Financial Crimes Enforcement Network (FinCEN), announced today the selection of Patrick Conlon as Associate Director for Analysis and Liaison. Mr. Conlon will oversee FinCEN's analysis of BSA data in support of its law enforcement, intelligence, regulatory and…

Under a final rule announced today by the Financial Crimes Enforcement Network (FinCEN), mutual funds are required to file Suspicious Activity Reports (SARs) on suspicious transactions. Mutual funds must start filing SARs 180 days after the date of the publication of the final rule in the…

WASHINGTON - The Financial Crimes Enforcement Network (FinCEN) and the Office of Thrift Supervision (OTS) announced today that each has assessed a $10 million civil money penalty against BankAtlantic of Fort Lauderdale, Florida, for violations of the Bank Secrecy Act. OTS also issued a Cease and…

The Financial Crimes Enforcement Network (FinCEN) announced today that Edward E. Street and the Tonkawa Tribe of Oklahoma consented to the assessment of civil money penalties, in the amounts of $1.5 million and $1 million, respectively. The actions represent the first enforcement actions against…

William D. Langford, Jr., Associate Director for the Regulatory Policy and Programs Division, is leaving the Financial Crimes Enforcement Network at the end of April to pursue a career as Director of Global AML, Senior Vice President, at JPMorgan Chase & Co. in New York, FinCEN Director…