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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…
The Financial Crimes Enforcement Network is issuing this guidance to clarify the due diligence obligations of mutual funds under the regulations implementing section 312 of the USA PATRIOT Act (“section 312”).1 Specifically, this guidance addresses the issue of for whom a mutual fund…
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…
The Financial Crimes Enforcement Network is issuing this advisory to U.S. financial institutions so that they may better guard against an increasingly prevalent money laundering threat involving the smuggling of bulk U.S. currency into Mexico. This advisory warns U.S. financial institutions of…
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…
Please note: During the process of developing this guidance, the federal banking agencies were also consulted. Banks that borrow securities through an agent lender in the manner described below may rely on this guidance in implementing their customer identification programs.
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