Guidance

Guidance is intended to clarify obligations or respond to questions of general applicability that arise under the Bank Secrecy Act and implementing regulations at 31 CFR Chapter X. FinCEN alerts, advisories, notices, bulletins, and fact sheets are located here. Guidance regarding beneficial ownership reporting requirements under the Corporate Transparency Act can be found here. Other information pertaining to the Anti-Money Laundering Act of 2020 is available here.
| Insurance Industry
Frequently Asked Questions Anti-Money Laundering Program and Suspicious Activity Reporting Requirements for Insurance Companies

Please note: This guidance supplements the Frequently Asked Questions that were issued on October 31, 2005.

1. What does FinCEN mean by "any other insurance product with features of cash value or investment," under the definition of "covered products"?…

| Securities and Futures
Application of the Regulations Requiring Special Due Diligence Programs for Certain Foreign Accounts to the Securities and Futures Industries

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…

| Securities and Futures
Application of the Regulations regarding Special Due Diligence Programs for Certain Foreign Accounts to NSCC Fund/SERV Accounts

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…

| Depository Institutions, Securities and Futures
Guidance to Financial Institutions on the Repatriation of Currency Smuggled into Mexico from the United States

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…

| Depository Institutions, Securities and Futures
Frequently Asked Question Customer Identification Program Responsibilities under the Agency Lending Disclosure Initiative

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.

…

Guidance to Financial Institutions on the Provision of Financial Services to Belarusian Senior Regime Elements Engaged in Illicit Activities

The Financial Crimes Enforcement Network is issuing this advisory to U.S. financial institutions so that they may guard against a potential money laundering threat involving Belarusian government senior regime elements (including senior executives in state-owned enterprises), acting individually…

| Depository Institutions, Money Services Businesses
Frequently Asked Questions Businesses Cashing Their Own Checks

1. If a business only cashes its own employees’ payroll checks, is it a money services business?

As a service to its employees, Business A cashes employee payroll checks issued to the employees by Business A. It does not cash any other checks. These checks may be cashed…

| Securities and Futures
Frequently Asked Question regarding Customer Identification Programs for Futures Commission Merchants and Introducing Brokers (31 CFR 103.123)

Q. Futures commission merchants engage in transactions through omnibus accounts and sub-accounts established by financial intermediaries. In these situations, (1) the omnibus account or relationship is established by or on behalf of a financial intermediary for the purpose of…

Guidance To Financial Institutions Regarding Hurricane-Related Benefit Fraud

This Advisory warns financial institutions about the potential for fraudulent transactions involving hurricane relief monies. To assist law enforcement, we request that financial institutions include key terms in the narrative portions of all Suspicious Activity Reports filed relating to…

| Depository Institutions, Securities and Futures
Frequently Asked Questions Foreign Bank Recertifications under 31 C.F.R. § 103.177

We are issuing this guidance to clarify the date on which certain U. S. financial institutions must complete recertifications to comply with regulations relating to correspondent accounts established, maintained, administered, or managed in the United States for or on behalf of foreign financial…