The Treasury Department urged financial institutions to be on alert for malicious or fraudulent transactions, and to notify FinCEN of any potential delays in submitting Suspicious Activity Reports.
News & Insights
The House Financial Services Committee considered several challenges associated with implementation of the Financial Crimes Enforcement Network Customer Due Diligence Rule.
The U.S. Treasury Department's Financial Crimes Enforcement Network issued a new set of Frequently Asked Questions in advance of the effective date of the customer due diligence rule.
FinCEN made technical changes to a final rule relating to customer due diligence standards for banks, brokers or dealers in securities, mutual funds, futures commission merchants and introducing brokers in commodities.
The Financial Crimes Enforcement Network adopted final rules under the Bank Secrecy Act in order to clarify and strengthen due diligence requirements concerning the identification of the beneficial owners of certain legal entities.