The Financial Crimes Enforcement Network is issuing this guidance to clarify the due diligence obligations of broker-dealers, futures commission merchants, and introducing brokers in commodities (collectively, “securities and futures firms”) under the final rules implementing section 312 of the…
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The Financial Crimes Enforcement Network (FinCEN) today announced it is extending the comment period of its Advance Notice of Proposed Rulemaking that seeks input from both the money services business industry and the banking industry on the issue of money services businesses obtaining access to…
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…
Robert W. Werner, Director of the Financial Crimes Enforcement Network (FinCEN), announced today the selection of Patrick Conlon as Associate Director for Analysis and Liaison. Mr. Conlon will oversee FinCEN's analysis of BSA data in support of its law enforcement, intelligence, regulatory and…
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…