On June 26, 2024, FinCEN issued a final rule under the USA PATRIOT Act Section 311 that severs Al-Huda Bank from the United States financial system by prohibiting domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of Al-Huda Bank, an Iraqi bank that serves as a conduit for terrorist financing. Al-Huda Bank is a foreign financial institution based in Iraq found to be of primary money laundering concern.

On June 14, 2024, the Federal Reserve Board issued an enforcement action against Evolve Bancorp, Inc. and Evolve Bank & Trust for deficiencies in the bank's anti-money laundering, risk management, and consumer compliance programs. The Board is requiring the bank to improve its policies and programs in those areas, in addition to requiring other remedial improvements.

On June 10, 2024, FinCEN updated its Beneficial Ownership Information Frequently Asked Questions. The FAQs is the agency’s response to to inquiries received relating to the Beneficial Ownership Information Reporting Rule and Beneficial Ownership Information Access and Safeguards Rule.

On June 7 2024, FinCEN published its FinCEN Year in Review for FY 2023. The Year in Review is intended to help stakeholders gain insight into both FinCEN’s efforts to support law enforcement and national security agencies, and how financial information is used.

On May 29, 2024, the Treasury published a 2024 Non-fungible Token (NFT) Illicit Finance Risk Assessment. The risk assessment explores how vulnerabilities associated with NFTs and NFT platforms may be exploited by illicit actors for money laundering, terrorist financing, and proliferation financing. 

On May 20, 2024, FinCEN announced a new initiative to combat the illicit trafficking of fentanyl into the United States as part of the Treasury Department’s Counter-Fentanyl Strike Force and in partnership with IRS Criminal Investigation (CI). The new FinCEN Exchange series, titled “Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl” (or PROTECT), will be held through the remainder of 2024 in U.S. cities that are highly impacted by the opioid epidemic. 

On May 8, 2024, FinCEN issued an Advisory to assist financial institutions in detecting potentially illicit transactions related to Islamic Republic of Iran-backed terrorist organizations. The advisory was issued in light of the intensified terrorist activity in the Middle East where FinCEN  is urging vigilance in identifying potential suspicious activity related to the financing of Iran-backed militias and terrorist organizations, including Hamas, the Houthis, Hizballah, Palestinian Islamic Jihad (PIJ), and Iran-aligned militia groups in Iraq and Syria.

On April 22, 2023, coinciding with the Earth Day celebration, FinCEN issued a press release to remind financial institutions to remain vigilant in identifying and reporting suspicious activity related to environmental crimes. According to FinCEN, environmental crimes frequently involve transnational criminal activity related to several of FinCEN’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Priorities, including corruption, fraud, human trafficking, and drug trafficking.

On April 15, 2024, FinCEN, in close coordination with the Department of State’s Diplomatic Security Service (DSS), issued a Notice to financial institutions on fraud schemes related to the use of counterfeit U.S. passport cards. The Notice provides an overview of typologies associated with U.S. passport card fraud, 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 March 29, 2024, FinCEN issued a notice and request for information and comment regarding the Customer Identification Program (CIP) Rule requirement for banks to collect a taxpayer identification number (TIN), among other information, from a customer who is a U.S. person, prior to opening an account. Specifically, FinCEN seeks information to understand the potential risks and benefits, as well as safeguards that could be established, if banks were permitted to collect partial SSN information directly from the customer for U.S. individuals and subsequently use reputable third-party sources to obtain the full SSN prior to account opening.