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…
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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…
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…
Robert W. Werner, Director of the Financial Crimes Enforcement Network (FinCEN), announced today the selection of Edward J. Dorris as Chief Information Officer (CIO) and the Associate Director of FinCEN's Information and Technology Division. Mr. Dorris will oversee the technical infrastructure…
Brian Ferrell, Chief Counsel of the Financial Crimes Enforcement Network, will be departing the agency at the end of August to become Assistant Vice President and Assistant General Counsel within the compliance group at The Hartford Financial Services Group, Inc., a financial services and…
The Financial Crimes Enforcement Network (FinCEN) announced today that Deprez’s Quality Jewelry and Loans, Inc. consented to the assessment of a civil money penalty in the amount of $25,000 for violations of the Bank Secrecy Act (BSA). Deprez Jewelry is a money services business (MSB) located in…
The Financial Crimes Enforcement Network (FinCEN) today announced it will permanently halt the current BSA Direct Retrieval and Sharing Component (BSA Direct R&S) project. The project has repeatedly missed program milestones and performance objectives and the current performance of the…
The Financial Crimes Enforcement Network (FinCEN) today withdrew its finding of April 26, 2005 which determined that Multibanka was a financial institution of primary money laundering concern and also withdrew the notice of proposed rulemaking against Multibanka. In a separate action today,…
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…
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…
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…