On March 26, 2024, the FATF announced that the United States has been upgraded to “largely compliant” with FATF Recommendation 24, which relates to beneficial ownership transparency for legal persons. FATF is the global standard-setting body for anti-money laundering, countering the financing of terrorism, and countering proliferation financing (AML/CFT/CPF).

On February 29, 2024, 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 February 23, 2024, FinCEN issued a notice and request for comments on the proposed renewal, without change, of an existing information collection relating to records of certain domestic transactions, commonly referred to as geographic targeting orders (GTOs). The information required to be recorded and reported pursuant to a GTO is basic information that a domestic financial institution or domestic nonfinancial trade or business would have access to in the normal course of doing business, such as payment, receipt, or transfer of funds information.

On February 22, 2024, FinCEN announced that Director Andrea Gacki traveled to Puerto Rico from February 20-22 to attend the 20th Annual Puerto Rico Bankers Association Symposium of Anti-Money Laundering and to meet with Puerto Rican officials to discuss illicit finance threats. Gacki’s engagement with Puerto Rican financial institutions and officials highlights FinCEN’s collaborative efforts to combat public corruption, fraud, and drug trafficking.

In February 2024, the OCC announced it had issued a consent order against Blue Ridge Bank, N.A. for, among other things, violations related to their BSA program. Specifically, the consent order states that the bank has failed to establish and maintain a reasonably designed BSA /ML program that adequately covers required BSA/AML program components. 

In February 2024, FinCEN published the Small Entity Compliance Guide for Beneficial Ownership Information Access and Safeguards Requirements intended to help small entities comply with the Beneficial Ownership Information Access and Safeguards Rule. The Compliance Guide provides an overview of the Beneficial Ownership Information Access and Safeguards Rule requirements for small entities that obtain BOI from FinCEN.

On February 13, 2024, FinCEN issued a proposed rule to keep criminals and foreign adversaries from exploiting the U.S. financial system and assets through investment advisers.  The proposed rule aims to include certain investment advisers in the definition of “financial institution” under the BSA, prescribe minimum standards for anti-money laundering/countering the financing of terrorism (AML/CFT) programs to be established by covered investment advisers, require covered investment advisers to report suspicious activity to FinCEN pursuant to the BSA, and make several other related changes to FinCEN regulations. 

On February 13, 2024, FinCEN issued a Financial Trend Analysis (FTA)  reflecting an increase in BSA reporting associated with the use of convertible virtual currency (CVC) and online child sexual exploitation (OCSE) and human trafficking, covering the period from January 2020 to December 2021. According to FinCEN, they received a total of 2,311 BSA reports referencing CVC in connection with OCSE and human trafficking, totaling over $412 million in reported suspicious activity.

On February 7, 2024, FinCEN issued a proposed rule to require certain persons involved in real estate closings and settlements to submit reports and keep records on identified non-financed transfers of residential real property to specified legal entities and trusts on a nationwide basis. Transfers made directly to an individual would not be covered by this proposed rule.

On February 5, 2024, FinCEN issued a notice and request for comments regarding the renewal, without change, of existing information collection requirements relating to reports of transactions in currency. Under Bank Secrecy Act, financial institutions are required to report transactions in currency of more than $10,000 using FinCEN Form 112 or the Currency Transaction Report (CTR)