News

On September 20, 2016, the U.S. District Court for the District of Columbia remanded to FinCEN a Final Rule issued under Section 311 that would have severed FBME Bank Ltd. from the U.S. financial system. In its memorandum opinion, the court stated that FinCEN had not meaningfully responded to…

The Financial Crimes Enforcement Network (FinCEN) has issued Frequently Asked Questions (FAQs) regarding the reporting of cyber-events, cyber-enabled crime, and cyber-related information through…

The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to financial institutions on cyber-events and cyber-enabled crime. Cybercriminals target…

The Financial Crimes Enforcement Network (FinCEN) announced today that it is providing exceptive relief under 31 U.S.C. § 5318(a)(7) and 31 C.F.R. § 1010.970 to U.S. financial institutions covered by 31 C.F.R. § 1010.651 (FinCEN’s rule…

Two years ago, FinCEN issued an Advisory to U.S. Financial Institutions on Promoting a Culture of Compliance. Many financial institutions have taken positive steps to improve their compliance culture, but there is more to be done. Acting Director Jamal El-…

WASHINGTON, DC – FinCEN today assessed a civil money penalty of $12 million against CG Technology, L.P., doing business as Cantor Gaming, for egregious and…

The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to help financial institutions guard against a growing number of e-mail fraud schemes in which criminals misappropriate funds by deceiving financial institutions and their customers into conducting wire transfers. …

To ensure consistent Bank Secrecy Act (BSA) coverage across the banking industry, FinCEN is proposing to require banks lacking a Federal functional regulator to establish and implement…

WASHINGTON—Jamal El-Hindi, Acting Director of the Financial Crimes Enforcement Network (FinCEN), announced today the selection of Thomas P. Ott as Associate Director for its Enforcement Division. Mr. Ott will oversee FinCEN’s Bank Secrecy Act compliance and enforcement program.…

On March 31, 2016, following a voluntary remand ordered by the United States District Court for the District of Columbia, FinCEN published in the Federal Register a Final Rule imposing the fifth special measure against FBME Bank Ltd. (FBME), which was scheduled to take effect on July 29, 2016.…

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced Geographic Targeting Orders (GTO) that will temporarily require U.S. title insurance companies to identify the natural persons behind shell companies used to pay “all cash” for high-end residential real…

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced a settlement with and a $2.8 million assessment against Hawaiian Gardens Casino, Inc. d/b/a The Gardens Casino, of Hawaiian…