In a continuing effort to expand the coverage of suspicious activity reporting to all potentiallyvulnerable sectors of the financial services industry, today the Financial Crimes EnforcementNetwork (FinCEN) announced a new rule requiring brokers and dealers in securities to reportsuspicious…
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A seminar to discuss issues surrounding informal value transfer systems, to include hawala, washeld yesterday at the Financial Crimes Enforcement Network (FinCEN). The seminar wasattended by over 50 representatives from the law enforcement community.Hawala is a method of monetary value…
The Financial Crimes Enforcement Network (FinCEN) announced today that it has begun itspilot testing of the Patriot Act Communications System (PACS). PACS is designed to allowparticipating financial institutions to quickly and securely file Bank Secrecy Act (BSA) reportsover the Internet. Phase…
The Treasury Department today issued and sent to the Federal Register for publication a proposed rule implementing Section 312 of the USA PATRIOT Act.
Section 312 requires certain U.S. financial institutions to take prescribed anti-money laundering measures with respect to correspondent…
Re: Effective Date for the Suspicious Activity Reporting Requirement for Money Services BusinessesRemains January 1, 2002
The U.S. Department of the Treasury is announcing that the January 1, 2002 date on which certain money services businesses (MSBs) becomesubject to the suspicious…
Money Services Businesses, including money transmitters, are filing voluntary suspicious activity reports that describe attempts by customers to disperse transactions and circumvent record keeping requirement thresholds. This finding is reported in the third issue of the…
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has established a FINANCIAL INSTITUTIONSHOTLINE, 1-866-556-3974, for financial institutions to voluntarily reportto law enforcement suspicious transactions that may relate to recent terroristactivity against the…
A mechanism for providing feedback to financialinstitutions about a key anti-money laundering reporting requirement onsuspicious activity was put in place with the release today of TheSAR Activity Review – Trends, Tips and Issues.
The…