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FCPA Blog Daily News

Entries in FinCEN (60)


Lindsay Columbo: How did due diligence become so complicated?

Over the past several years, concepts that once served as basic elements to an appropriate customer due diligence program and that had simple definitions have morphed into requirements that are completely decentralized and that vary, based on factors such as geographical location, risk level, industry and business activity.

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Selva Ozelli: How should cyptocurrency bribes be valued?

At the federal level in the United States, cryptocurrencies have a lot of regulators -- FinCEN, OFAC,  the IRS, the Commodity Futures Trading Commission (CFTC), and the SEC among them. 

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Lindsay Columbo: How do we reconcile UBO due diligence and GDPR obligations?

In less than two weeks the new General Data Protection Regulations (GDPR) will be in full force. Most companies subject to the GDPR have prioritized efforts to implement necessary internal safeguard measures, procedures and required contractual provisions.

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FinCEN’s CDD Rule is on: Are you complying?

With implementation of FinCEN's Customer Due Diligence Rule on May 11, beneficial ownership and customer due diligence are top of mind for many covered financial institutions. What is your organization doing to comply?

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Lindsay Columbo: How do we comply with the new UBO rules?

The pressure on companies to identify and verify ultimate beneficial ownership or UBO information is growing, with more legal requirements being imposed, first by FinCEN, and most recently by the UK, which particularly targeted the British Overseas Territories.

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John Arvanitis: Complying with FinCEN's new customer due diligence rules

Kroll's John ArvanitisOn May 11, FinCEN's Final Rule regarding customer due diligence will be in force. That means covered financial institutions will have to make sure their due diligence programs are in line with FinCEN’s guidance on core elements of a customer due diligence program.

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Top ECB banker detained in corruption investigation

Latvia’s independent anti-corruption agency detained the governor of the central bank Saturday after a raid on his home and office.

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FinCEN proposes ban on Latvia bank for money laundering risks

The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) on Tuesday proposed designating a leading Latvian bank as a primary money laundering concern because of alleged connections with North Korea and with criminals in Russia and other countries.

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FinCEN launches voluntary information exchange

The Treasury Department's Financial Crimes Enforcement Network launched an information exchange program to help banks deal with financial threats.

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FinCEN fines California card club $8 million for AML offenses

The Treasury Department's Financial Crimes Enforcement Network fined one of California's biggest and oldest card clubs $8 million for willfully violating U.S. anti-money laundering laws.

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Top DOJ prosecutor named new FinCEN chief

The former head of the DOJ's Criminal Division has been named director of the federal government's main anti-money laundering agency.

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FinCEN: Texas bank failed to ask ‘obvious due diligence questions’

The Treasury Department's Financial Crimes Enforcement Network fined an independent community bank in Texas $2 million for "willfully violating" anti-money laundering requirements of the Bank Secrecy Act.

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