On November 29, 2023, FinCEN issued a final rule that extends the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports with FinCEN. Through the final rule, reporting companies created or registered in 2024 will now have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports.

On November 27, 2023, FinCEN and twelve other financial intelligence units (FIUs) issued a public statement recognizing the formation of a task force of like-minded FIUs who aim to strengthen efforts to disrupt international financial flows to Hamas and other terrorist organizations. Counter Terrorist Financing Taskforce – Israel (CTFTI) was established immediately following the brutal terror attacks by Hamas against Israel on October 7, 2023.

On November 22, 2023, FinCEN, in close coordination with the Internal Revenue Service Criminal Investigation (CI), issued an alert to financial institutions on fraud schemes related to the COVID-19 Employee Retention Credit (ERC). The alert provides an overview of typologies associated with ERC fraud and scams, highlights select red flags to assist financial institutions in identifying and reporting suspicious activity and reminds financial institutions of their reporting requirements under the BSA.

On November 21, 2023, FinCEN took unprecedented action to hold Binance Holdings Ltd. and several affiliates accountable for willful violations of the Bank Secrecy Act and its implementing regulations.

On November 16, 2023, FinCEN and OFAC, along with the BIS, co-hosted a virtual FinCEN Exchange to discuss attempts by Russia to evade export controls. 

On November 7, 2023, FinCEN issued a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an individual beneficial owner. A FinCEN identifier is a unique number that FinCEN will issue upon request after receiving required information, which will can simplify the reporting process.

On November 6, 2023, FinCEN and the BIS issued a new SAR key term to support financial institutions in reporting potential efforts to evade U.S. export controls beyond the Russia-related circumstances that were the focus of those prior two alerts. The new joint notice builds on the success of the two prior alerts issued jointly by the two agencies in generating suspicious activity reporting related to Russia-related export control evasion.

On November 3, 2023, FinCEN issued a press release to inform U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting last month.  U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures, and practices.

On October 20, 2023, FinCEN issued an alert to assist financial institutions in identifying funding streams for the terrorist organization Hamas. FinCEN’s action is, according to their press release, a response to Hamas’ horrific terrorist attack on the people of Israel, wherein 1,000 innocent civilians, including citizens of the United States, were wounded, killed, or taken hostage.

On October 20, 2023, FinCEN announced the renewal and expansion of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The terms of the GTOs are effective beginning October 22, 2023, and ending on April 18, 2024.