Tag: fincen
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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
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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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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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FinCEN Issues New Guidance to Boost Fraud Information Sharing Among Financial Institutions
FinCEN has issued new guidance clarifying how financial institutions can share information on suspected fraud under the USA PATRIOT Act's section 314(b). This aims to enhance collaboration and help eliminate fraudulent activities.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentLegalBankingEconomy Financial Crimes Enforcement NetworkFinCENFinancial InstitutionsFraudInformation SharingUSA PATRIOT ActSection 314(b)
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FinCEN Boosts Fraud Fight with New Information Sharing Guidance
FinCEN has updated guidance for financial institutions to share fraud information under the USA PATRIOT Act's 314(b) program. This aims to combat billions in annual fraud losses, empowering institutions to quickly identify and stop illicit financial activity.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyLegalWhite HouseFinancial Markets FinCENFraudFinancial InstitutionsInformation SharingUSA PATRIOT ActUS TreasuryScott Bessent
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Treasury Secretary Bessent Urges Community Banks to Bolster Financial Security Against Illicit Activity
Treasury Secretary Scott Bessent called on community banks to be the first line of defense against financial crime, highlighting new guidance and an Executive Order to combat fraud and illicit activity, particularly in areas like Houston.
BusinessPolitics and GovernmentLaw EnforcementEconomyFederal GovernmentEmployment and LaborWhite House US TreasuryCommunity BanksFinancial SecurityFraudExecutive OrderFinCENTexas
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FinCEN Urges Financial Institutions to Combat Illicit Finance from Unlawful Employment
FinCEN issued an advisory today, calling on financial institutions to increase vigilance against financial risks associated with the unlawful employment of illegal aliens, aiming to protect the integrity of the U.S. financial system.
BusinessPolitics and GovernmentLaw EnforcementBankingEmployment and LaborFederal GovernmentSocial IssuesLegal FinCENFinancial Crimes Enforcement NetworkFinancial institutionsUnlawful employmentIllegal aliensIllicit activityU.S. financial system
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FinCEN Urges Financial Institutions to Combat Illicit Activity by Illegal Aliens
FinCEN issued an advisory urging financial institutions to detect and report illicit activity related to the unlawful employment of illegal aliens, aiming to secure the U.S. financial system and prevent financial exploitation.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentBankingEmployment and LaborLegal FinCENFinancial InstitutionsIllegal AliensIllicit ActivityPayroll FraudIdentity TheftTreasury DepartmentUS Treasury
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FinCEN Warns Financial Institutions of Human Trafficking Threat During 2026 FIFA World Cup
FinCEN warns financial institutions to be vigilant against human trafficking during the 2026 FIFA World Cup. The major event is expected to draw millions, increasing vulnerability to exploitation, and institutions must detect and report suspicious activity.
FinCENHuman Trafficking2026 FIFA World CupFinancial InstitutionsCrimeSports
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US and Canada Tackle Money Laundering at FINTRAC-FinCEN Symposium
The US and Canada convened the Second Annual FINTRAC–FinCEN Anti-Money Laundering and Anti-Terrorist Financing Symposium in Washington, D.C., addressing international security threats.
Politics and GovernmentBusinessWorldCanadaFederal GovernmentLaw EnforcementFinancial MarketsTrade FINTRACFinCENAnti-Money LaunderingAnti-Terrorist FinancingWashington D.C.ChinaFentanyl
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FinCEN Alert: Cartels Smuggling Oil Across U.S.-Mexico Border
FinCEN issues alert to financial institutions about cartels smuggling stolen crude oil from Mexico into the U.S., impacting legitimate businesses and fueling violence.
Politics and GovernmentBusinessWorldLaw EnforcementMexicoFederal GovernmentTradeEnergyLegal FinCENOFACJalisco New Generation CartelSinaloa CartelGulf Carteloil smuggling
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FinCEN Targets Southwest Border Money Laundering
FinCEN issues a Geographic Targeting Order for money services businesses in California and Texas to combat money laundering by Mexico-based cartels.
Politics and GovernmentBusinessWorldMexicoFederal GovernmentLaw EnforcementFinancial MarketsLegal FinCENGeographic Targeting Ordermoney launderingMexico-based cartelssouthwest borderCurrency Transaction ReportsScott Bessent