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FinCEN Advises Financial Industry on Potential Risks of Shell Companies
FinCEN to Continue Outreach Effort to States on Shell Company FormationsThe Financial Crimes Enforcement Network (FinCEN) today issued an advisory to U.S. financial institutions on identifying, assessing and managing the potential risks associated with accounts maintained for shell companies. Today…
| Guidance
Potential Money Laundering Risks Related to Shell Companies
This advisory is being issued to alert financial institutions to some of the potential money laundering risks associated with providing financial services to shell companies. Most shell companies are formed by individuals and businesses for legitimate reasons. However, these entities also have been…
| News
FinCEN Assessment Reveals Suspected Mortgage Loan Fraud Continues to Rise
An assessment released today by the Financial Crimes Enforcement Network (FinCEN) reveals that suspected mortgage loan fraud in the United States continues to rise, and has risen 35 percent in the past year. FinCEN conducted the assessment, which was based on an analysis of Suspicious Activity…
| News
Financial Crimes Enforcement Network, Federal Deposit Insurance Corporation, and New York State Banking Department Assess Civil Money Penalty Against Israel Discount Bank of New York
The Financial Crimes Enforcement Network (FinCEN), Federal Deposit Insurance Corporation (FDIC), and the New York State Banking Department (NYSBD) today announced the assessment of civil money penalties of $12 million against Israel Discount Bank of New York for violations of federal and state anti…
| SAR Technical Bulletin
By The Numbers Issue 7
| Enforcement Action
In the Matter of Israel Discount Bank of New York
| Speech
PREPARED REMARKS OF ROBERT W. WERNER DIRECTOR FINANCIAL CRIMES ENFORCEMENT NETWORK
Good afternoon. I'm very pleased to be speaking with you today. I have found that opportunities to engage in public-private dialogues of this sort are extremely important to our efforts to continue developing and maintaining an effective partnership. I have been the Director of the Financial Crimes…
| News
FinCEN Issues Guidance on Suspicious Activity Reporting Requirements for Mutual Funds
The Financial Crimes Enforcement Network today issued guidance designed to assist mutual funds in complying with their suspicious transaction reporting requirement. Under a final rule, mutual funds must file reports with FinCEN that identify and describe transactions that raise suspicions of…
| Guidance
Frequently Asked Questions Suspicious Activity Reporting Requirements for Mutual Funds
The Financial Crimes Enforcement Network is issuing these frequently asked questions to clarify the suspicious activity reporting obligations of investment companies pursuant to the applicable Bank Secrecy Act regulation located at 31 C.F.R. § 103.15 (“Reports by mutual funds of suspicious…
| Federal Register Notice
Joint Advance Notice of Proposed Rulemaking - Threshold for the Requirement to Collect, Retain, and Transmit Information on Funds Transfers and Transmittals of Funds (RIN 1506-AA86 - 71 FR 35564-35567)