Guidance

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…

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…

Money Services Business Guidance on Registration and De-Registration

This guidance concerns Bank Secrecy Act requirements under current regulations for the initial registration, and registration renewal, of money services businesses. It also describes policies regarding de-…

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…

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…

The Financial Crimes Enforcement Network, after consulting with staff of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, is issuing this guidance to confirm that, under the Bank Secrecy Act and its implementing regulations, securities broker-dealers,…

The Financial Crimes Enforcement Network, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision (collectively, the “Federal Banking Agencies”) is issuing this…

This advisory warns U.S. financial institutions that the U.S. Department of the Treasury has concerns that the Democratic People’s Republic of Korea (“North Korea”), acting through government agencies and associated front companies, is engaged in illicit activities and may be seeking banking…

We are providing the following “Frequently Asked Questions” to assist insurance companies in understanding the scope of the final rules.

1. Why is the Financial Crimes Enforcement Network issuing a regulation requiring insurance companies to establish anti-money laundering…