Tag: fincen
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Treasury Flags $270 Million in Suspicious Activity Tied to Federal Student Aid Fraud
FinCEN referred its findings to federal investigators after nearly 100 suspicious activity reports and more than 20,000 flagged transactions since February.
Politics and GovernmentLaw EnforcementBusinessFederal GovernmentWhite HouseEconomyEducationLegalSocial Issues FinCENstudent aid fraudU.S. Department of the TreasuryScott BessentLinda McMahonsuspicious activity reportsBank Secrecy ActFinancial Crimes Enforcement Networkfederal student aid fraudWhite House Task Force to Eliminate FraudUS Treasury
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Treasury Sanctions Iraqi Bank and Iranian Offshore Lenders, FinCEN Warns Banks on Charity Abuse
FinCEN's alert under Operation Economic Outcast asks financial institutions to report diversion of khums religious tithes through charity networks, while Treasury blocks an Iraqi bank, Iranian offshore banks, oil intermediaries and exchange houses.
Politics and GovernmentBusinessLaw EnforcementIranUSAFederal GovernmentBankingLegalMiddle EastMilitaryWorldIraqFinancial Markets FinCENOperation Economic Outcastreligious charity networkskhumsU.S. Department of the Treasuryfinancial institutionsFinancial Crimes Enforcement NetworkIran sanctionsInternational Development BankScott BessentOffice of Foreign Assets Controlshadow bankingUS TreasuryIranian regimereligious charitiesterrorism financing
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Bank of America Hit With Over $1.96 Billion in AML and Sanctions Penalties
FinCEN assessed $1.2 billion, the OCC $750 million and OFAC $11.6 million, with the bank admitting it willfully violated the Bank Secrecy Act.
BusinessLaw EnforcementUSABankingLegalFederal GovernmentFinancial MarketsPolitics and GovernmentEconomy Office of the Comptroller of the CurrencyBank of AmericaBank Secrecy Actcivil money penaltyanti-money launderingFinancial Crimes Enforcement NetworkJonathan V. GouldOffice of the Comptroller of the Currency (OCC)FinCENmoney launderingOffice of Foreign Assets ControlsanctionsU.S. Department of the TreasuryOFACUS Treasury
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FinCEN Withdraws Digital Asset Rulemakings Under Trump Deregulatory Agenda
FinCEN is withdrawing two proposed rules on convertible virtual currencies, including recordkeeping and reporting requirements for unhosted wallets and a special measure on currency mixers.
Politics and GovernmentBusinessScience & TechnologyLaw EnforcementFederal GovernmentGeneral PoliticsFinancial MarketsComputers and InternetLegal FinCENConvertible Virtual CurrencyDigital AssetsUnhosted WalletsCryptocurrency MixersTrump AdministrationDeregulationFinancial Crimes Enforcement Network
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Treasury Targets A7 Network Shadow Banking Ring Used by Iran to Evade Sanctions
FinCEN proposes rule barring fund transmittals tied to the A7 Network's Sub-Agents and issues an alert to help banks spot suspicious activity, as OFAC sanctions the Russia-linked network.
Politics and GovernmentBusinessLaw EnforcementUSAIranRussiaFederal GovernmentBankingFinancial MarketsLegalMilitary A7 NetworkFinCENIran sanctions evasionOffice of Foreign Assets ControlOperation Economic Outcastshadow bankingFinancial Crimes Enforcement Network
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Treasury Sanctions A7 Network, a Russian-Tied Shadow Banking Web Used by Iran to Evade Sanctions
FinCEN proposes rule barring fund transmittals tied to A7 Network Sub-Agents and issues an alert, while OFAC designates the network a significant transnational criminal organization.
Politics and GovernmentBusinessLaw EnforcementUSAIranRussiaFederal GovernmentBankingFinancial MarketsLegalMilitaryMiddle East A7 NetworkU.S. Department of the TreasuryFinCENOFACIran sanctions evasionOperation Economic OutcastScott BessentUS Treasury
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FinCEN Issues Whistleblower Bulletin on Iran-Related Illicit Finance
FinCEN seeks tips on Bank Secrecy Act and sanctions violations tied to Iranian proxies and facilitators, offering possible awards as Treasury backs Operation Economic Outcast.
Politics and GovernmentBusinessLaw EnforcementWorldFederal GovernmentBankingFinancial MarketsLegalMiddle East FinCENOperation Economic OutcastBank Secrecy ActOffice of Foreign Assets ControlIranian proxieswhistleblower programU.S. sanctionsFinancial Crimes Enforcement Network
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FinCEN Identifies $17.5 Billion in Suspicious Health Care Fraud Activity
FinCEN's new analysis reveals $17.5 billion in suspicious financial activity linked to health care fraud, highlighting efforts to protect taxpayers and federal programs under the Trump Administration.
Politics and GovernmentBusinessHealthFederal GovernmentEconomyLegalGeneral Politics FinCENHealth Care FraudFinancial Trend AnalysisTrump AdministrationFinancial CrimesTaxpayersFederal ProgramsFinancial Crimes Enforcement Network
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FinCEN Issues Guidance on Using Digital Credentials for Customer Identity Verification
FinCEN and other agencies clarify that banks and credit unions can use verifiable digital credentials, like mobile driver's licenses, for customer identity verification under the CIP Rule, provided certain conditions are met.
BusinessPolitics and GovernmentScience & TechnologyFederal GovernmentBankingComputers and InternetLegal FinCENVerifiable Digital CredentialsCustomer Identification ProgramMobile Driver's LicensesIdentity VerificationFinancial InstitutionsRegulatory GuidanceFinancial Crimes Enforcement Network
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Financial Regulators Issue Guidance on Digital Credentials for Customer ID
Federal financial regulators, including the OCC and FinCEN, issued FAQs on using mobile driver's licenses and other verifiable digital credentials. This guidance clarifies their treatment under the Customer Identification Program Rule for BSA/AML compliance.
BusinessPolitics and GovernmentLaw EnforcementFederal GovernmentBankingLegalEconomy OCCFinCENVerifiable Digital CredentialsMobile Driver's LicensesBank Secrecy ActAnti-Money LaunderingCustomer Identification ProgramOffice of the Comptroller of the Currency (OCC)
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FinCEN Issues Alert on Iranian Aviation Procurement Networks
FinCEN has issued an alert to financial institutions to identify and report networks supporting Iran's aviation industry, which aids the IRGC and its proxies. This action, part of Operation Economic Outcast, coincides with OFAC sanctions on 36 entities.
Politics and GovernmentBusinessConflictFederal GovernmentEconomyMiddle EastLegalMilitary FinCENIranAviation IndustrySanctionsIRGCFinancial CrimesOperation Economic OutcastFinancial Crimes Enforcement Network
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FinCEN Renews Order Targeting Illicit Cash Flows at Southwest Border MSBs
FinCEN renewed a GTO for southwest border MSBs, requiring reports on cash transactions of $1,000 or more. This targets drug cartels and illicit financial flows in New Mexico and Texas, effective September 3, 2026.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyLegalSocial IssuesFinancial Markets FinCENGeographic Targeting OrderMoney Services BusinessesSouthwest BorderDrug CartelsCurrency Transaction ReportsFinancial CrimeFinancial Crimes Enforcement Network
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FinCEN Uncovers Nearly $13 Billion in Digital Asset Scams, Urges Vigilance
FinCEN warns financial institutions about nearly $13 billion linked to sophisticated digital asset investment scams, often called 'pig butchering,' operated by overseas criminal organizations, urging vigilance and reporting.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentBankingFinancial MarketsAsia FinCENDigital AssetsScamsFraudFinancial CrimesPig ButcheringSoutheast AsiaFinancial Crimes Enforcement Network
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Federal Agencies Clarify SAR Confidentiality for Banks on Customer Fraud Communications
Federal agencies clarified Suspicious Activity Report confidentiality for banks communicating with customers about fraud. The joint statement aims to guide financial institutions on balancing disclosure with regulatory requirements.
BusinessPolitics and GovernmentFederal GovernmentBankingLegalEconomy Suspicious Activity ReportsFinancial RegulationFraudFinCENOCCConfidentialityOffice of the Comptroller of the Currency (OCC)
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FinCEN Proposes Revoking Banque Misr UAE's U.S. Banking Access Over Money Laundering Concerns
FinCEN proposes revoking Banque Misr UAE's U.S. correspondent banking access due to money laundering concerns. The rule, under the USA PATRIOT Act, would prohibit U.S. financial institutions from dealing with the UAE entity.
BusinessPolitics and GovernmentLaw EnforcementBankingFederal GovernmentLegalEconomy FinCENBanque Misr UAEMoney LaunderingCorrespondent BankingUSA PATRIOT ActFinancial ServicesUnited Arab EmiratesFinancial Crimes Enforcement Network
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FinCEN Targets Hospice Fraud in California Engagement
FinCEN convened law enforcement and financial institutions in Los Angeles to combat escalating health care fraud, particularly hospice exploitation. The engagement focused on new schemes and financial red flags, urging vigilance against criminal organizations.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyLegalSocial Issues FinCENHospice FraudHealth Care FraudFinancial InstitutionsCaliforniaMoney LaunderingFinancial Crimes Enforcement Network
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FinCEN Convenes Public-Private Engagement to Combat Cartels
FinCEN hosted an information-sharing event on August 10, bringing together law enforcement and financial institutions to combat cartels. The COMMAND FinCEN Exchange series supports Executive Order 14157, aiming to disrupt money movements by drug trafficking organizations.
Politics and GovernmentLaw EnforcementUSA FinCENCartelsMoney LaunderingFinancial Crimes Enforcement NetworkCOMMAND FinCEN ExchangeExecutive Order 14157Public-Private Partnership
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FinCEN Report Flags Nearly $5 Billion in Suspected Human Smuggling Funds
A new FinCEN analysis reveals financial institutions identified nearly $5 billion linked to suspected human smuggling between 2023 and 2025, citing unverifiable relationships, migration route transactions, and excessive cash activity along the U.S. southwest border.
Politics and GovernmentLaw EnforcementBusinessFederal GovernmentLegalSocial IssuesEconomy FinCENHuman SmugglingFinancial CrimeBank Secrecy ActSouthwest BorderFinancial InstitutionsMoney LaunderingFinancial Crimes Enforcement Network
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FinCEN Ends Beneficial Ownership Reporting for U.S. Businesses, Deletes Past Data
FinCEN has permanently ended beneficial ownership reporting for U.S. companies and persons under the Corporate Transparency Act. The agency will delete previously submitted data, while foreign entities must still report for foreign individuals.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentLegalEconomy FinCENBeneficial OwnershipCorporate Transparency ActSmall BusinessU.S. Department of the TreasuryFinancial RegulationReporting RequirementsFinancial Crimes Enforcement Network
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FinCEN Permanently Ends Beneficial Ownership Reporting for U.S. Businesses
FinCEN permanently ends beneficial ownership reporting for U.S. companies and persons, deleting past data. Treasury Secretary Scott Bessent hails it as a victory for small businesses, fulfilling President Trump's promise to cut red tape.
Politics and GovernmentBusinessFederal GovernmentEconomyGeneral Politics FinCENBeneficial Ownership ReportingSmall BusinessU.S. Department of the TreasuryCorporate Transparency ActScott BessentGovernment PolicyUS Treasury
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FinCEN Renews Minnesota Fraud Targeting Order to Combat Billions in Diverted Funds
FinCEN has renewed its Geographic Targeting Order in Minnesota to combat extensive fraud schemes. This measure aims to protect taxpayers by identifying and recovering billions in state and federal funds fraudulently diverted, including money laundered overseas.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentState GovernmentsEconomyLegal FinCENMinnesotaGeographic Targeting OrderFraudMoney LaunderingTaxpayersGovernment BenefitsFinancial Crimes Enforcement Network
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Treasury Renews Order to Combat Minnesota Fraud, Target Overseas Money Laundering
FinCEN renewed its Geographic Targeting Order in Minnesota to combat extensive fraud diverting billions in state and federal aid. The order requires enhanced reporting on international money transfers over $3,000 from Hennepin and Ramsey Counties, aiming to recover taxpayer dollars…
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyBankingLegal FinCENGeographic Targeting OrderMinnesotaFraudMoney LaunderingUS TreasuryGovernment Benefits
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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 Alerts Financial Institutions to Federal Student Aid Fraud Schemes
FinCEN has issued an alert to financial institutions regarding widespread fraud targeting federal student aid. The alert details schemes involving 'ghost students' and 'straw students' and urges vigilance to detect and report suspicious activity.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyEducationLegalArtificial Intelligence FinCENFederal Student AidFraud SchemesFinancial CrimeGovernment Benefits FraudU.S. TreasuryScott BessentUS Treasury
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FinCEN Extends Comment Period for Huione Group Rule Due to Technical Glitch
FinCEN has extended the comment period for its proposed rule on Huione Group, a financial institution of money laundering concern, until August 2, 2026. This follows a six-day technical issue preventing electronic submissions.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentLegalBankingEconomy FinCENHuione GroupH-Pay Service PLCMoney LaunderingComment PeriodRegulatory AmendmentFinancial CrimeFinancial 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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OCC Highlights FinCEN Guidance on Fraud Information Sharing
The OCC highlights FinCEN's updated guidance on Section 314(b), clarifying how financial institutions can share information about suspected fraud, money laundering, and terrorist financing under a safe harbor, encouraging participation to combat illicit activities.
BusinessPolitics and GovernmentLaw EnforcementBankingFederal GovernmentLegalEconomy OCCFinCENSection 314(b)FraudInformation SharingFinancial InstitutionsUSA PATRIOT ActOffice of the Comptroller of the Currency (OCC)
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Treasury Sanctions Facilitators of CJNG Fuel Smuggling and Tax Evasion Schemes
The U.S. Treasury has sanctioned two Mexican nationals and nine entities linked to CJNG's cross-border fuel smuggling and tax evasion. This action, supported by a FinCEN alert, targets a major revenue stream for the violent cartel.
Politics and GovernmentBusinessLaw EnforcementConflictFederal GovernmentEconomyLegalTradeSocial IssuesLatin America Cartel de Jalisco Nueva GeneracionFuel SmugglingTax EvasionU.S. Department of the TreasuryOFACFinCENMexicoUS Treasury
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FinCEN Alerts Financial Institutions to Cartel Fuel Smuggling and Tax Evasion Schemes
FinCEN issued a supplemental Alert advising financial institutions to detect and report suspicious activity related to Mexico-based cartels, including CJNG, involved in fuel smuggling from the U.S. into Mexico and associated tax evasion schemes, known as fiscal fuel theft.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyLegalLatin America FinCENCartel de Jalisco Nueva GeneracionCJNGfuel smugglingtax evasionMexicofinancial institutionsFinancial Crimes Enforcement Network
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FinCEN Moves to Block H-Pay Service PLC, Successors from U.S. Financial System
FinCEN proposes to sever Cambodia-based H-Pay Service PLC and its successors from the U.S. financial system. This move targets Huione Group's attempts to launder proceeds from cyber heists and virtual currency scams, preventing circumvention of existing rules.
Politics and GovernmentBusinessLaw EnforcementCambodiaFederal GovernmentEconomyLegalFinancial MarketsComputers and Internet FinCENHuione GroupH-Pay Service PLCMoney LaunderingCybercrimeVirtual Currency ScamsFinancial Crimes Enforcement Network