On October 30, 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.

Nov 4
Nov 4 FinCEN Extends Filing of BOI Reports to Victims of Recent Natural Disasters

Adam Witmer

Regulatory Update, BSA

On October 29, 2024, FinCEN announced that certain victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine will receive an additional six months to submit beneficial ownership information reports. The extension includes reporting updates and corrections to prior reports.

Oct 24
Oct 24 FinCEN Issues Alert to Counter Financing of Hizballah and Its Terrorist Activities

Adam Witmer

BSA, Regulatory Update

On October 23, 2024, FinCEN issued an alert to assist financial institutions in identifying and reporting suspicious activity supporting Lebanese Hizballah (Hizballah), a U.S.-designated Foreign Terrorist Organization. The alert builds upon the agency’s May 2024 advisory on Iran-backed terrorist organizations and offers a comprehensive overview of Hizballah’s global criminal financial networks.

Oct 16
Oct 16 FinCEN Renews Real Estate Geographic Targeting Orders

Adam Witmer

BSA, Regulatory Update

On October 15, 2024, the Financial Crimes Enforcement Network (FinCEN) renewed its Geographic Targeting Orders (GTOs) that require US title insurance companies to identify natural persons behind shell companies used in non-financed purchases of residential real estate. The terms of the GTOs are effective beginning October 16, 2024, and ending on April 14, 2025.

Oct 16
Oct 16 OCC Issues Cease and Desist Order Against TD Bank for BSA/AML Deficiencies

Adam Witmer

BSA, Regulatory Update

On October 10, 2024, the OCC announced a cease and desist order and a $450 million civil money penalty against TD Bank, N.A. and TD Bank USA, N.A., for deficiencies in the bank’s BSA and AML compliance program. The OCC determined that the bank failed to develop and maintain a BSA/AML program reasonably designed to assure and monitor compliance with the BSA and its implementing regulations.

Oct 1
Oct 1 FinCEN Withdraws AML Findings Against ABLV Bank

Adam Witmer

BSA, Regulatory Update

On September 26, 2024, FinCEN submitted a notice to the Federal Register withdrawing its finding that ABLV Bank, AS (ABLV) is a financial institution of primary money laundering concern. FinCEN also rescinded the related notice of proposed rulemaking (NPRM) seeking to impose special measure five pursuant to section 311 of the USA PATRIOT Act (section 311).

Oct 1
Oct 1 Treasury Cracks Down on Illicit Russian Virtual Currency Exchanges and Cybercrime Facilitator

Adam Witmer

Regulatory Update, BSA

On September 26, 2024, the U.S. Department of the Treasury announced that it is undertaking actions as part of a coordinated international effort to disrupt Russian cybercrime services. In line with this, FinCEN has issued an order that identifies PM2BTC as being of “primary money laundering concern” in connection with Russian illicit finance.

Sep 23
Sep 23 FinCEN Issued Beneficial Ownership Reporting Outreach and Education Toolkit

Adam Witmer

BSA, Regulatory Update

On September 19, 2024, FinCEN issued another resource to familiarize small business owners with beneficial ownership reporting requirements. The toolkit includes general background on the reporting requirements, as well as templates for newsletters, websites, and emails; sample social media posts and images; and information on how to contact FinCEN.

Sep 17
Sep 17 FinCEN Proposes Renewal of Monetary Instruments Recordkeeping Rule

Adam Witmer

BSA, Regulatory Update

On September 17, 2024, FinCEN issued a notice and request for comments on the proposed renewal, without change, of existing information collection requirements found in BSA regulations that require financial institutions to maintain records related to the issuance or sale of bank checks and drafts, cashier's checks, money orders, and traveler's checks when the issuance or sale involves the use of currency in an amount between $3,000 and $10,000, inclusive.

Sep 16
Sep 16 OCC Takes Action Against Wells Fargo Bank

Adam Witmer

Regulatory Update, BSA

On September 12, 2024, the OCC entered into a Formal Agreement with Wells Fargo Bank, N.A. The agreement requires the bank to take comprehensive corrective actions to enhance its Bank Secrecy Act/anti-money laundering and U.S. sanctions compliance programs.

Nov 4
Nov 4 FATF Updates List of Deficient Countries

Nov 4
Nov 4 FinCEN Extends Filing of BOI Reports to Victims of Recent Natural Disasters

Oct 24
Oct 24 FinCEN Issues Alert to Counter Financing of Hizballah and Its Terrorist Activities

Oct 16
Oct 16 FinCEN Renews Real Estate Geographic Targeting Orders

Oct 16
Oct 16 OCC Issues Cease and Desist Order Against TD Bank for BSA/AML Deficiencies

Oct 1
Oct 1 FinCEN Withdraws AML Findings Against ABLV Bank

Oct 1
Oct 1 Treasury Cracks Down on Illicit Russian Virtual Currency Exchanges and Cybercrime Facilitator

Sep 23
Sep 23 FinCEN Issued Beneficial Ownership Reporting Outreach and Education Toolkit

Sep 17
Sep 17 FinCEN Proposes Renewal of Monetary Instruments Recordkeeping Rule

Sep 16
Sep 16 OCC Takes Action Against Wells Fargo Bank

View all membership plans.