Tag Archives: FinCEN

Kenneth Blanco Named FinCEN Director

According to a press release issued by the U.S. Department of the Treasury earlier today, Kenneth A. Blanco has been named Director of the Financial Crimes Enforcement Network (FinCEN).  Mr. Blanco will join FinCEN after serving as the Acting Assistant Attorney General of the DOJ Criminal Division.  He has significant expertise in money laundering and terrorist … Continue Reading

TCH Report on Redesign of the AML/CFT Regulatory Framework

The Clearing House published this week a report that highlights potential anachronisms and inefficiencies in current U.S. anti-money laundering / counter-financing of terrorism regulation.  The report makes 8 core recommendations for reform, including the following: Centralizing Regulatory Responsibility:  “The Department of Treasury, through its Office of Terrorism and Financial Intelligence (TFI), should take a more … Continue Reading

Post-Election Outlook for Financial Regulatory Agencies: Financial Crimes Enforcement Network

President-Elect Donald J. Trump has said little about his plans for money laundering and terrorist financing enforcement, or his plans for the agency responsible for many of the Federal government’s anti-money laundering (“AML”) initiatives, the Financial Crimes Enforcement Network (“FinCEN”). FinCEN is a bureau within the Treasury Department and not a fully independent agency.  Its … Continue Reading

FinCEN Issues Advisory on Suspicious Activity Reporting Requirements for Cyber-attacks Under the Bank Secrecy Act

On October 25, 2016, the Financial Crimes Enforcement Network (FinCEN) issued an Advisory to financial institutions to (i) clarify reporting requirements under the Bank Secrecy Act (BSA) for filing Suspicious Activity Reports (SARs) on cyber-attacks and cyber-enabled crimes, (ii) note what information financial institutions should include in such reports, and (iii) encourage financial institutions to share … Continue Reading
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