The Financial Crimes Enforcement Network (FinCEN) and staff of the Commodity Futures Trading Commission (CFTC) announced today that they are jointly issuing guidance on the application of the customer identification program (CIP) regulation to give-up arrangements in the futures industry. Today'…
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More than 2,000 members of the credit union industry participated Tuesday in the first-ever web-based seminar hosted jointly by the National Credit Union Administration (NCUA) and the Financial Crimes Enforcement Network (FinCEN). Entitled "BSA: A Year in Review and Setting the Table for 2007,"…
The Financial Crimes Enforcement Network (FinCEN), the Internal Revenue Service (IRS), and the Nevada Gaming Control Board (NGCB) announced today that FinCEN and the IRS will offer a series of one-day Bank Secrecy Act (BSA) educational outreach sessions in March 2007. The outreach will be hosted…
The Financial Crimes Enforcement Network today announced that the Department of the Treasury has delivered a Congressionally mandated report to Capitol Hill stating that the reporting of cross-border wire transfer data by financial institutions is technically feasible for the government and may…
The National Credit Union Administration and the Financial Crimes Enforcement Network today announced that they will jointly host a seminar over the web "BSA: A Year in Review and Setting the Table for 2007." The seminar, known as a webinar, will take place on Tuesday, February 6, 2007 and will…
The Financial Crimes Enforcement Network (FinCEN), Federal Deposit Insurance Corporation (FDIC), and Florida Office of Financial Regulation (OFR) today announced the assessment of civil money penalties totaling $800,000 against Beach Bank, Miami Beach, Florida, for violations of federal and…
Washington, DC, Dec. 21, 2006 – The Securities and Exchange Commission (SEC) and the Financial Crimes Enforcement Network (FinCEN) today announced that they have reached an agreement for the routine exchange of examination and enforcement information relating to SEC-regulated…
The Financial Crimes Enforcement Network (FinCEN) today released an assessment showing considerable growth in money laundering-related suspicious activity reporting associated with the commercial real estate industry. An examination of a sampling of Suspicious Activity Reports (SARs) filed over…
The Financial Crimes Enforcement Network (FinCEN) today announced the launch of FinCEN Updates – a new, free e-mail subscription management service designed to keep the financial industry, the media and the public informed of news, rulemakings, advisories and other developments at FinCEN. This…
Robert W. Werner announced today that he will be leaving his position as Director of the Financial Crimes Enforcement Network at the end of the year and accepting a position with Merrill Lynch & Co., Inc., as a Managing Director and the head of Merrill Lynch's Monetary and Financial Control…
FinCEN to Continue Outreach Effort to States on Shell Company Formations
The 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…
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…
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…