Money Service Business
The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions pertaining to potential regulatory amendments under the Bank Secrecy Act. The proposals under consideration are intended to provide financial institutions greater flexibility in the allocation of […]
Contact Office of Strategic Communications 703-905-3770 Immediate Release August 18, 2020 WASHINGTON—As the primary regulator and administrator of the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) today issued a statement that sets forth its approach to enforcing the rules and regulations within the BSA. Through this statement, […]
FinCEN has issued an advisory to alert all financial institutions to rising medical scams related to the COVID-19 pandemic. This advisory contains red flags, descriptions of COVID-19 related medical scams, and information on reporting suspicious activity. This is the first of several advisories FinCEN intends to issue concerning financial crimes related to […]
Citing Lack of business-ownership information creates a ‘dangerous and widening gap’ in the national security apparatus By Dylan Tokar Dec. 10, 2019 7:53 pm ET print Text WASHINGTON—A lack of information about who owns and controls businesses incorporated in the U.S. is creating a “dangerous and widening gap” in the […]
By Leonid Bershidsky and Mark Whitehouse | Bloomberg Oct. 27, 2019 3 AM Modern finance requires a lot of trust, and its digital future will demand still more. If, for example, electronic payments are to replace cash, people must be willing to believe that the bits of data traveling among phones, […]
Treasury’s FinCEN and Federal Banking Agencies Issue Joint Statement Encouraging Innovative Industry Approaches to AML Compliance As a result of a working group established by the U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence and the Federal depository institutions regulators, the Financial Crimes Enforcement Network (FinCEN) and […]
WASHINGTON – A group of state regulators Thursday agreed to 14 recommendations, developed by the fintech industry, that are geared at streamlining state-by-state licensing and supervision process. The effort through the Conference of State Bank Supervisors marks one of the most significant partnerships between state regulators and fintechs to date, […]