Tag Archives: FinCEN

FinCEN Penalizes California Bank for AML Violations

On February 27, 2017, the Financial Crimes Enforcement Network (FinCEN) announced the assessment of a $7 million civil money penalty (CMP) against Merchants Bank of California (“Merchants”) in Carson, CA, for willful AML violations related to violations of several provisions of the Bank Secrecy Act (BSA).  The Office of the Comptroller of the Currency (OCC), … Continue reading FinCEN Penalizes California Bank for AML Violations

FinCen Releases Annual Review of SAR’s Data

FinCEN has issued the second edition of SAR Stats, FinCEN’s annual review of aggregated Suspicious Activity Report (SAR) filing activity and announced the introduction of Interactive SAR Stats.  FinCEN developed Interactive SAR Stats to address the large number of requests for more current aggregated SAR data than an annual publication could provide.  Interactive SAR Stats … Continue reading FinCen Releases Annual Review of SAR’s Data

AML Programs to be Required for Federal Investment Advisers

The Financial Crimes Enforcement Network (FinCEN) has finally reproposed a rule requiring investment advisers that are required to be registered with the U.S. Securities and Exchange Commission (SEC) to establish an anti-money laundering (AML) program and report suspicious activity to FinCEN pursuant to the Bank Secrecy Act (BSA).  As a part of the proposed rule, … Continue reading AML Programs to be Required for Federal Investment Advisers

FinCEN Re-Proposes AML Rule for Investment Advisers

The U.S. Department of the Treasury (“Treasury Department”) submitted its Semiannual Regulatory Agenda for review by The Office of Management and Budget (“OMB”) in April 2015. The semiannual regulatory agenda of the Treasury Department includes regulations that the Financial Crimes Enforcement Network (“FinCEN”) has issued or expects to issue and rules currently in effect that … Continue reading FinCEN Re-Proposes AML Rule for Investment Advisers