Tag Archive: FinCEN

GAO Makes Recommendations to Improve Compliance in Southwest Border Region Banks

Recently, a study was conducted by the US Government Accountability Office (GAO) regarding residents and businesses along the Southwest border of the United States that were experiencing difficulties accessing banking services in the area.  The GAO was asked to investigate… Read more >

Artichoke Joe’s Fined $8 Million by FinCEN

One of California’s oldest card clubs, Artichoke Joe’s, has been fined $8 million by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).  According to FinCEN, Artichoke Joe’s “willfully violated” anti-money laundering (AML) laws from 2009 to 2017 by failing to… Read more >

Texas Bank Fined $2 Million by FinCEN

Lone Star National Bank based in Texas has been fined $2 million by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) for “willfully violating” Anti-Money Laundering (AML) requirements of the Bank Secrecy Act including failing to obtain proper customer due… Read more >

FinCEN’s New Customer Due Diligence Rule

With the upcoming due date for the implementation of FinCEN’s Final Rule, companies should be implementing due diligence programs, if they haven’t already, that are intrinsic and sustainable in order to build long term strategies towards compliance.  Furthermore, as organizations… Read more >

Russian Bitcoin Exchange “Mastermind” Arrested for Alleged Money Laundering

On Tuesday, Alexander Vinnik, a Russian citizen suspected of leading a money laundering operation, was arrested in Greece for accumulating more than $4 billion (£3 billion) of bitcoin without following anti-money laundering (AML) protocols and regulations, and allegedly laundering those… Read more >