Recently, the House and Senate passed the Corporate Transparency Act as part of the larger National Defense Authorization Act, sending it to the President’s desk by a veto-proof majority. They did so, appropriately, the same week as International Anti-Corruption Day.… Continue Reading
The Treasury Department’s Financial Crimes Enforcement Network or FinCEN released new guidance this month that sets out its approach to enforcement practices and reassures financial institutions about the agency’s “clarity and transparency.”… Continue Reading
The Wall Street Journal’s Kristin Broughton recently reported on the ongoing U.S. legislative saga that seeks to impose the compulsory disclosure of Ultimate Beneficial Ownership (UBO) information, relating to the use of privately-held companies and most LLCs, to a “controlled-access” registry to be maintained by the Financial Crimes Enforcement Network (FINCEN).… Continue Reading
The U.S. Treasury Department’s Financial Crimes Enforcement Network said senior managers at Banca Privada d’Andorra took bribes for several years to help launder money for organized crime groups.
FinCEN designated the bank, known as BPA, as a foreign financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act.… Continue Reading
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) defined the concept of a “culture of compliance” in a six-page advisory Monday that was aimed at senior management, leadership and owners of financial institutions subject to FinCEN’s regulations.… Continue Reading
The chief of U.S. Treasury’s anti-money laundering unit said casinos must use all information at their disposal to uncover suspicious customer transactions, including information about their source of funds.
In her keynote address at a conference Thursday in Las Vegas, Jennifer Shasky Calvery, director of Treasury’s Financial Crimes Enforcement Network (FinCEN), said regulations require casinos to use “all of the information available to them in investigating suspicious transactions.”… Continue Reading
The people at the DOJ in charge of FCPA enforcement get help from the Egmont Group, they say.… Continue Reading