Credit union fined over anti-money laundering controls of its money services business clients

Tweet The question every credit union has been asking for the past five years – namely, do we have anti-money laundering law obligations over the financial transactions of business clients that are money services businesses (“MSB“) – was just answered by FinCEN with a $300,000 fine. Last week, FinCEN assessed the fine against the North […]

Thoughts on FinCEN Director’s speech on bank de-risking and the refusal of banking services to MSBs (and by implication, Bitcoin)

Tweet De-risking that results in unbankable businesses  By Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime In a speech delivered to the anti-money laundering legal and law enforcement community, the Director of FinCEN, Jennifer Shasky Calvery, made some interesting and compelling comments that touch on the economic costs of anti-money laundering (“AML“) […]

Bitcoin and other digital currency transactions subject to Bank Secrecy Act in U.S.

Tweet The US Financial Crimes Enforcement Network (“FinCEN“) has issued its interpretive guidance on the applicability of digital (or virtual) currencies, the most popular of which is Bitcoin, to the Bank Secrecy Act (“BSA“). Pursuant to the Guidance, a person or entity that: (1) exchanges; or (2) administers digital currency or Bitcoin, is a money […]

FinCEN releases final rule on SAR confidentiality

Tweet FinCEN released its final rule regarding the confidentiality of suspicious activity reports and has determined that financial institutions must keep quiet about investigations of suspicious account activity, even when transactional reports are not required to be filed, the U.S. Treasury Department said Tuesday. The final rule, which takes effect in December, requires compliance departments […]

U.S. introduces new anti-terrorism reporting regulations for cross-border transactions

Tweet The U.S. Financial Crimes Enforcement Network (FinCEN), has published proposed regulations that would require banks and money services businesses to report cross-border electronic transfers of funds (called CBETFs). Banks would have to report all CBETFs of any amount to FinCEN within five days. Money services businesses would be required to report amounts of US$1,000 […]