Tag: bank_secrecy_act
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FinCEN Seeks Public Input on Renewing Service Feedback Collection
FinCEN seeks public comments on renewing its generic clearance for collecting qualitative feedback on agency service delivery, aiming to improve services. Comments are due by September 28, 2026, under the Paperwork Reduction Act.
Politics and GovernmentBusinessLaw EnforcementGeneral PoliticsFederal GovernmentEconomyLegal Financial Crimes Enforcement NetworkPaperwork Reduction ActPublic CommentAgency Service DeliveryBank Secrecy ActRegulatory AffairsInformation Collection
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FinCEN Issues Policy to Support Venezuela's Economic Recovery and Earthquake Relief
FinCEN announced a temporary enforcement policy for U.S. financial institutions providing services in Venezuela. This aims to facilitate economic recovery and earthquake relief without penalizing good-faith compliance efforts.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyBankingLegalLatin AmericaVenezuela FinCENEconomic RecoveryEarthquake ReliefFinancial InstitutionsBank Secrecy ActOFACFinancial Crimes Enforcement Network
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FinCEN Details Extensive Efforts to Combat Fraud and Modernize Financial Regulations
FinCEN Director Andrea Gacki outlined significant progress in fighting fraud, recovering nearly $2 billion, and modernizing the Bank Secrecy Act regime, including new rules for stablecoins and a whistleblower program, before a House Subcommittee.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyBankingFinancial MarketsLegal FinCENFraudBank Secrecy ActAML/CFTWhistleblower ProgramStablecoinsFinancial RegulationFinancial Crimes Enforcement Network
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EagleBank to Pay Over $9.7 Million for Bank Secrecy Act Violations
EagleBank will pay over $9.7 million to resolve a Bank Secrecy Act investigation. The bank admitted to failing its anti-money laundering program and allowing a decade-long check kiting scheme, overriding compliance efforts.
BusinessLaw EnforcementPolitics and GovernmentBankingLegalFederal GovernmentEconomy EagleBankBank Secrecy ActCheck KitingFinancial FraudFBIJustice DepartmentAnti-Money Laundering
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FinCEN Honors Law Enforcement for Combating Financial Crime with BSA Data
FinCEN honored seven law enforcement cases for using Bank Secrecy Act data, leading to 96 convictions, $1.1 billion seized, and $347 million in restitution. Cases included major fraud, human trafficking, and money laundering, highlighting public-private collaboration.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyBankingLegalSocial Issues FinCENFinancial CrimeBank Secrecy ActMoney LaunderingHuman TraffickingTD BankFinancial Crimes Enforcement Network
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OCC Proposes New AML/Sanctions Rules for Stablecoin Issuers
The OCC has proposed new rules for stablecoin issuers, mandating compliance with anti-money laundering and sanctions standards under the GENIUS Act. This creates a supervision framework and requires adherence to BSA, FinCEN, and OFAC regulations.
BusinessPolitics and GovernmentScience & TechnologyFederal GovernmentEconomyBankingFinancial MarketsComputers and InternetLegal OCCStablecoinsAML/CFTSanctions ComplianceGENIUS ActBank Secrecy ActFinancial Crimes Enforcement NetworkOffice of the Comptroller of the Currency (OCC)
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FinCEN Proposes Rule for Stablecoin Customer Identification Programs
FinCEN and other agencies have proposed a new rule under the GENIUS Act. It mandates customer identification programs for stablecoin issuers, treating them as financial institutions to combat illicit finance and protect U.S. financial security.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyBankingLegalFinancial Markets FinCENGENIUS ActStablecoinsCustomer Identification ProgramFinancial RegulationBank Secrecy ActU.S. Department of the TreasuryFinancial Crimes Enforcement Network
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OCC Releases May 2026 Enforcement Actions, Citing BSA/AML Failures and Fraud
The OCC announced May 2026 enforcement actions, including a consent order for Community Federal Savings Bank over BSA/AML deficiencies and a prohibition order against a former JP Morgan Chase associate for unauthorized withdrawals. Several previous actions were also terminated.
BusinessPolitics and GovernmentLaw EnforcementFederal GovernmentBankingLegal Office of the Comptroller of the CurrencyEnforcement ActionsFinancial RegulationBank Secrecy ActAnti-Money LaunderingFraudOffice of the Comptroller of the Currency (OCC)