Tag: Financial Crimes Enforcement Network

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a critical alert to assist financial institutions in identifying and addressing fraud schemes involving deepfake media created with generative AI (GenAI) tools.

TD Bank has been slapped with a staggering $3bn penalty for breaches of the BSA marking a record-setting moment in U.S. financial regulatory history.

Anti-money laundering (AML) strategies in the wealth and asset management (WAM) sector are undergoing significant transformations to combat financial crimes more effectively.

In an era where regulatory oversight of the wealth and asset management sector is intensifying globally, the stakes for compliance have never been higher. This sector, pivotal to national economies, plays a crucial role in helping consumers manage their assets and achieve their financial goals. However, its significance also makes it a potential target for misuse by malicious entities aiming to launder money.

In 2023, the global regulatory landscape unveiled a startling revelation as fines imposed by authorities exceeded a colossal $10.5bn. This figure not only reflects the stringent enforcement actions but also spotlights the emerging areas of regulatory scrutiny.

The Corporate Transparency Act (CTA) ushered in a significant shift in beneficial ownership reporting requirements starting from January 1, 2024. This change is more than a mere procedural update; it's a critical pivot in the financial regulatory landscape that demands attention and action.

Financial institutions often fall prey to money launderers who exploit these platforms to funnel, mask, transfer, and cleanse ill-gotten gains. This doesn’t just endanger the specific institution but imperils the credibility of the entire financial system.

The US’ Financial Crimes Enforcement Network (FinCEN) has issued guidance around regulatory requirements of virtual currencies.

The US’ Financial Crimes Enforcement Network (FinCEN) has fined a Bitcoin trader $30,000 for breaching the Bank Secrecy Act’s (BSA) registration, program, and reporting requirements.