FBME added that it was "shocked at FinCEN
's Final Rule in both the findings expressed and the terminology employed, especially given the full cooperation FBME Bank has extended to FinCEN
over the past 12 months and the constructive dialogue that has taken place, and is studying all options.
Some things that may seem obvious to FinCEN
or law enforcement may not be immediately obvious to people who aren't in law enforcement," she said.
Recommendation: To strengthen FinCEN
's rulemaking process and to ensure IRS compliance examiners consistently apply the anti-money laundering requirements under the Credit CARD Act, the Director of FinCEN
should revise its guidance manual to include specific examination policies and procedures, including for transaction testing, for IRS examiners to follow at a MSB that issues, sells, and/or redeems stored value.
A final rule on this proposal is likely to be several months away," said Steve Hudak, head of public information at FinCEN
If a bank is not able to submit (or cause to be submitted) copies of transmittal orders for CBETFs in a standardized format, FinCEN
would accept submission of the required information in an alternative format to be prescribed by FinCEN
As of March 20, however, the US, speaking through FinCEN
, is now telling all banks around the world 'to take into account the risk arising from the deficiencies in Iran's AML/CFT [anti-money laundering and combating the financing of terrorism] regime, as well as all applicable US and international sanctions programs, with regard to any possible transactions' with - and this is important - not just the above three banks but every remaining state-owned, private and special government bank in Iran.
No similar statistics were provided on SARs, and when asked if FinCEN
is planning on providing a more detailed numerical breakdown of the value of SARs and CTRs, spokeswoman Candice Pratsch told Security Management that "it is extremely difficult to point to concrete numbers or percentages, since BSA data is used to help law enforcement 'connect the dots' of an investigation.
For instance, although some estimates cited by Fincen
suggest that there are at least a half-billion international wire transfers a year totaling trillions of dollars, officials want clearer data.
In addition, MSBs are required to keep a copy of the FinCEN
registration and supporting documentation for five years.
Treasury called FinCEN
(Financial Crimes Enforcement Network).
Financial crimes: Beefs up FinCEN
, the federal Financial Crimes Enforcement Network, to prosecute money launderers and financiers of terrorism.
It's become so much of an issue that FinCEN
has begun counseling the financial community to use a little more common sense.
statement said Mexico had implemented a series of measures demanded by the United States to ensure shared intelligence was disseminated in a secure manner.
81) Intelligence professionals, along with financial and computer industry experts, comprise FinCEN
, (82) each working together to stay ahead of the money laundering curve.
delegated its enforcement authority for the form to the IRS, to increase enforcement efforts; see 68 Fed.