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Editors

Harry Cassin Publisher and Editor

Andy Spalding Senior Editor

Jessica Tillipman Senior Editor

Richard L. Cassin Editor at Large

Elizabeth K. Spahn Editor Emeritus 

Cody Worthington Contributing Editor

Julie DiMauro Contributing Editor

Thomas Fox Contributing Editor

Marc Alain Bohn Contributing Editor

Bill Waite Contributing Editor

Shruti J. Shah Contributing Editor

Russell A. Stamets Contributing Editor

Richard Bistrong Contributing Editor 

Eric Carlson Contributing Editor

Bill Steinman Contributing Editor

Aarti Maharaj Contributing Editor


FCPA Blog Daily News

Entries in FinCEN (63)

Thursday
Jul182019

Offshore shell companies reveal the hypocrisy of U.S. service providers

It may be perceived that Transparency International (TI), and its now-rebranded former U.S. branch, the Coalition for Integrity (CI), and I do not get along. In fact, we all want the same thing. However, we do not agree on the means to achieve the shared ambition of reducing global corruption.

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Thursday
Apr182019

Due Diligence: Beneficial ownership in real estate transactions

In March 2019, Transparency International Canada released a comprehensive report examining the ways in which Canada’s “lack of beneficial ownership transparency” contributes to money laundering (or “snow-washing”, as it’s known up North) within the Toronto real estate market.

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Friday
Nov162018

FinCEN expands beneficial owner reporting for cash real estate deals

The Treasury Department's Financial Crimes Enforcement Network issued an order Thursday expanding the requirement for title insurance companies to report the beneficial owners of shell companies buying residential real estate for cash or cryptocurrencies.

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Thursday
Jul192018

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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Tuesday
Jun122018

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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Wednesday
May162018

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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Tuesday
May152018

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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Wednesday
May092018

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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Friday
Apr132018

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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Monday
Feb192018

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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Wednesday
Feb142018

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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Friday
Dec292017

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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