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The Financial Crimes Enforcement Network is issuing this guidance to clarify the obligations of futures commission merchants subject to the final due diligence rules implementing section 312 of the USA PATRIOT Act (the “section 312 rules”).1 Specifically, this guidance addresses (1) how accounts…

Please note: This guidance supplements the Frequently Asked Questions that were issued on October 31, 2005. 1. What does FinCEN mean by "any other insurance product with features of cash value or investment," under the definition of "covered products"? Per 31 C.F.R. § 103.137, the definition of "…

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 an…

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…

Chairman Bachus, Ranking Member Sanders and distinguished members of the Subcommittee, I appreciate the opportunity to appear before you today to discuss H.R. 5341, the "Seasoned Customer CTR Exemption Act of 2006". Balancing the regulatory burdens imposed upon the financial services industry under…

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…