Tag: FinCEN

In recent years, United States financial regulators have established themselves as global leaders in enforcement. In 2022, they imposed $3bn in fines, nearly three...

The US Department of the Treasury’s FinCEN has initiated a step in enhancing corporate transparency and combating illicit finance.

With the industry's focus on rapid growth and market domination, the critical role of risk assessment in preventing money laundering, terrorist financing, and other illegal activities is frequently sidelined. This negligence can lead to severe consequences, including regulatory fines and reputational damage, ultimately impeding a company's ability to compete.

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.

MSB have emerged as a crucial part of the financial ecosystem, bridging a gap that once only traditional banks would fill.

There's a revolution happening in the world of technology, and it's making waves in our society. AI Large Language Models (LLM), such as ChatGPT, have dramatically changed our interaction with technology, sparking both intense excitement and lingering fears of an AI uprising.

In a recent post by Alessa, the firm outlined the role of AML audits in enhancing regulatory compliance at companies. 

Geographic Targeting Orders (GTOs) were recently reissued by FinCEN and could pose regulatory requirements to banks. But what do they need to know?

The Financial Crimes Enforcement Network (FinCEN) has issued a consultation that is seeking comments on ways to modernise, streamline and update the US AML/CFT regulatory regime.

The US Congress passed the Anti-Money Laundering Act 2020 and could be one of the most impactful changes to AML for two decades.