Global Fintech & Digital Assets

NOVEMBER 2, 2023

A proposed rule would increase Treasury’s insight into non-US crypto mixing transactions to combat illicit activities by malicious actors. According to FinCEN, mixers are generally required to register with FinCEN if they do business as money transmitters wholly or in substantial part in the US. By Parag Patel , Eric S.

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FEBRUARY 11, 2020

The Department of the Treasury Financial Crimes Enforcement Network (FinCEN) has issued a new ruling on the reporting of currency transactions for sole proprietorships and legal entities operating under a “Doing Business As” (DBA) name, according to a Monday (Feb. Those rules were based on FinCEN Form 104, which is now obsolete.

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OCTOBER 14, 2020

The head of the country’s only licensed and publicly traded cryptocurrency broker says tighter regulation and exponentially higher yields are causing corporate treasury and cash management accounts to seriously consider this alternative asset class. With the treasury market for S&P 500 companies valued at $2.3

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OCTOBER 27, 2016

The details that have to be included in these confidential reports are determined by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Banks in the U.S. are accustomed to submitting suspicious activity reports (SARs) to the government when fraud cases involving at least $5,000 take place.

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The Paypers

NOVEMBER 15, 2024

The US Department of the Treasury’s Financial Crimes Enforcement Network ( FinCEN ) has proceeded with issuing a warning to support financial institutions in identifying fraud schemes involving deepfake media.

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MARCH 30, 2020

Treasury Department’s Financial Crimes Enforcement Network ( FinCEN ) before intentions for a roll out in the United States, CoinDesk reported. Indeed, any decision to create a CBDC is a matter for the Eurosystem.” The company’s stateside office is in Denver, Colorado, as cited by the outlet.

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The Paypers

MARCH 13, 2025

The US Treasury's FinCEN has issued a Geographic Targeting Order (GTO) aimed at reinforcing efforts to combat illegal activities along the US southwest border.

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The Paypers

SEPTEMBER 4, 2024

The US Department of the Treasury's FinCEN has introduced two rules to safeguard real estate and investment advisers from illicit finance.

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The Paypers

MARCH 13, 2025

The US Treasury's FinCEN has issued a Geographic Targeting Order (GTO) aimed at reinforcing efforts to combat illegal activities along the US Southwest border.

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AUGUST 5, 2019

To that end, the Financial Crimes Enforcement Network (FinCEN), part of the US Department of the Treasury, has estimated that fraudsters have tried to scam as much as $9 billion through business e-mail compromise attempts since 2016. Taken on a daily basis, the BEC scams have tried to siphon off $8.7 Targeting County Governments.

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APRIL 27, 2016

Jennifer Shasky Calvery — the Treasury Department’s top anti-money laundering official — has announced her intentions to leave the U.S. “I hope that we have enhanced the agency’s solid foundation so that FinCEN can best perform its mission for years into the future,” Calvery said in a press release. .

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DECEMBER 17, 2018

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, has assessed a $14.5 million fine against UBS Financial Services (UBSFS) for willful violation of the Bank Secrecy Act, according to a treasury report. FinCEN said UBSFS kept up the lack of regulation for AML from 2004 to 2014.

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Payments Source

OCTOBER 21, 2019

Kenneth Blanco's tough comments appeared to target payments providers that offer their users anonymity.

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JUNE 16, 2020

But Kellerman and other security experts advocated at the hearing for legislative measures, such as modernizing anti-money laundering (AML) and forfeiture rules and moving the Secret Service to the Treasury Department, to help combat the threat. ” A memo included with the subcommittee’s documents also pointed to the U.S.

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DECEMBER 10, 2020

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, announced in November 2019 that it would begin strictly enforcing the “travel rule” for cryptocurrency exchanges.

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NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. Treasury-led Financial Action Task Force (FATF) recently released new guidelines concerning crypto as well. FinCEN … has been conducting examinations that include compliance with the funds’ travel rule since 2014,” Blanco said.

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The Paypers

MARCH 29, 2020

Bitget , a Singapore-based crypto derivatives platform, had registered with the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) as a money services business.

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JULY 7, 2020

Treasury Department’s financial crime unit has alerted financial institutions (FIs) about imposter scams arising during the COVID-19 pandemic. . On Tuesday (July 7), the Financial Crimes Enforcement Network (FinCEN) issued an advisory to enhance efforts by FIs to stop suspected illegal activity.

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FEBRUARY 19, 2020

Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said in a press release. . FinCEN Director Kenneth A. Financial Intelligence Units (FIUs) from the 39-country Financial Action Task Force (FATF) and the Egmont Group Secretariat gathered in Paris to talk about the global repercussions of virtual assets, the U.S.

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NOVEMBER 15, 2019

The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said on Friday (Nov. Treasury-led Financial Action Task Force (FATF) recently released new guidelines concerning crypto as well. FinCEN … has been conducting examinations that include compliance with the funds’ travel rule since 2014,” Blanco said.

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FEBRUARY 15, 2018

Bank was slapped with a $185 million civil penalty for what the Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the Comptroller of the Currency (OCC) and the U.S. According to a press release, FinCEN said the obligation will be satisfied by a $70 million payment from U.S. Bank to the U.S.

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SEPTEMBER 30, 2020

The executive will supervise the company’s Clearance and Collateral Management, Treasury Services, Markets and Pershing businesses in the new role. FinCEN Director Tells Banks To Look Out For Crypto Fraud. Financial Crimes Enforcement Network (FinCEN) Director Kenneth A. The news follows Jumio’s Sept.

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FEBRUARY 8, 2019

Treasury Department’s Financial Crimes Enforcement Network (FinCEN) reportedly knows about the emails. FinCEN, NCUA, the Federal Reserve Board, the Federal Deposit Insurance Corp. It was not clear if any BSA officers had decided to follow the link to the site, according to the report.

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DECEMBER 26, 2018

Earlier in December the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, fined UBS $14.5 The FinCEN said UBS failed to create and use an appropriate AML system to address the risks in accounts from both traditional brokerage and banking services.

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FEBRUARY 18, 2019

too has been a target for real estate money laundering and to combat that FinCEN, the U.S. Treasury Department’s investigative unit, reissued a directive late last year to reduce the amount required by title companies to find people at shell companies that are making purchases with more than $300,000 in cash or via digital tokens.

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SEPTEMBER 25, 2020

FinCEN Files Show Banks’ Use Of AI And Machine Learning Effective In KYC/AML . Documents sent by banks to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury indicate that many of the biggest global banks moved money for a number of people and enterprises participating in criminal financial activity.

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Finance Magnates

JANUARY 16, 2023

Some states may also require businesses to obtain a license from the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of Treasury. In the United States, a money transmitter license is typically required at the state level, with each state having its own set of requirements and regulations.

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JANUARY 14, 2021

Treasury Department, through the U.S. Financial Enforcement Crimes Network (FinCEN), proposed a set of new rules that would boost information gathering activities tied to cryptocurrencies. As of this writing, bitcoin is changing hands at more than $38,000. Here in the States, and as noted in this space, late last month , the U.S.

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AUGUST 12, 2019

The news comes as the Financial Crimes Enforcement Network (FinCEN), part of the U.S. Department of the Treasury, has estimated in recent weeks that fraudsters have tried to scam as much as $9 billion through business e-mail compromise attempts since 2016. Taken on a daily basis, the BEC scams have tried to siphon off $8.7

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Payments Source

MARCH 9, 2020

The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided. Regulations should require building better blockchain technology at the banks.

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DECEMBER 12, 2018

Treasury Department’s Financial Crimes Enforcement Network (or FinCEN for short). Separately, Treasury Secretary Steven Mnuchin, said earlier this year in Congressional testimony that “I assure you that we don’t want bags of cash. That’s according to data published at the end of last month, per data from the U.S.

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DECEMBER 3, 2018

Denmark’s largest bank is being investigated over “massive money laundering flows,” with the Securities and Exchange Commission (SEC), the Department of the Treasury and the DOJ all looking into transactions tied to the bank’s Estonian branch. The focus is on $150 million that made its way through accounts of non-Estonian holders.

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FEBRUARY 15, 2019

Department of the Treasury ’s Financial Crimes Enforcement Network (FinCEN) has known about the BEC, and has cautioned against opening such phishing emails. Krebs on Security noted that the emails sent to officials at the United States credit unions looked like they were being sent by other BSA officials. As reported, the U.S.

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JULY 15, 2019

Libra will register with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) as a money services business, Marcus said in the statement. Monetary policy is properly the province of central banks.”. He added that the cryptocurrency will fully comply with all anti-money laundering and Bank Secrecy Act rules.

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MAY 14, 2018

May 11 marked a watershed moment of sorts when, this past Friday, the final customer due diligence rule via the Financial Crimes Enforcement Network (FinCEN) took effect. FinCEN has said that the beneficial owner is someone who owns 25 percent or more of a legal entity, or has a significant role in overseeing day-to-day operations.

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MAY 10, 2018

According to new processes mandated by the Financial Crimes Enforcement Network (FinCEN) and the U.S. Treasury Department, additional efforts must be spent identifying legal entity customers’ beneficial ownership stakes.

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DECEMBER 26, 2018

Treasury’s FinCEN and Federal Banking agencies issued a joint statement encouraging innovative industry approaches to combating money laundering, terrorist financing and other illicit financial threats. Akli Adjaoute, CEO of Brighterion , wrote this AI-focused piece as part of our 2018 year-end eBook. . 3, 2018, the U.S.

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