FinCEN proposed new recordkeeping and reporting requirements for financial institutions that facilitate convertible virtual currency "mixing" transactions.
News & Insights
A New York-chartered "state nonmember insured bank" settled FinCEN charges for willful violations of the Bank Secrecy Act.
A Puerto Rico-based International Banking Entity settled charges with FinCEN for failing to (i) file suspicious activity reports, (ii) conduct adequate due diligence for foreign correspondent accounts and (iii) implement an anti-money laundering compliance program.
FinCEN warned financial institutions of a recent surge in check fraud schemes targeting the U.S. mail system and urged financial institutions to report any suspected mail theft-related check fraud.
House Financial Services Committee Chair Patrick McHenry and a Republican colleague submitted a comment letter criticizing FinCEN's recently proposed beneficial ownership rule.