“The Financial Crimes Enforcement Network (FinCEN) today issued a Notice of Proposed Rulemaking (NPRM) that would implement provisions of the Corporate Transparency Act (CTA) that govern the access to and protection of beneficial ownership information. This NPRM proposes regulations that would govern the circumstances under which such information may be disclosed to Federal agencies; state, local, tribal, and foreign governments; and financial institutions, and how it must be protected. The proposed regulations specify how government officials would access beneficial ownership information in order to support law enforcement, national security, and intelligence activities. They also describe how certain financial institutions and their regulators would access such information in order to fulfill customer due diligence requirements and conduct supervision. The proposed rule also sets forth high standards for protecting this sensitive information consistent with the goals and requirements of the CTA. The NPRM also proposes amendments to the final reporting rule to specify when reporting companies may report FinCEN identifiers associated with entities.”

“The Financial Crimes Enforcement Network (FinCEN) today issued its most recent Financial Trend Analysis of ransomware-related Bank Secrecy Act (BSA) filings for 2021, indicating that ransomware continued to pose a significant threat to U.S. critical infrastructure sectors, businesses, and the public. The report focuses on ransomware trends in BSA filings from July-December 2021, and addresses the extent to which a substantial number of ransomware attacks appear to be connected to actors in Russia… FinCEN issued today’s report pursuant to the Anti-Money Laundering Act of 2020 and in response to an increase in the number and severity of ransomware attacks against U.S. critical infrastructure since late 2020. Analysis covers pertinent ransomware activities for calendar year 2021, focuses on the second half of 2021, and builds on the BSA data underlying FinCEN’s October 2021 report. Among the most notable findings in the report: Reported ransomware-related incidents have substantially increased from 2020; Ransomware-related BSA filings in 2021 approached $1.2 billion; Roughly 75 percent of the ransomware-related incidents reported to FinCEN during the second half of 2021 pertained to Russia-related ransomware variants.”

“Today, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) took a historic step in support of U.S. government efforts to crack down on illicit finance and enhance transparency by issuing a final rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA). The rule will require most corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial owners—the persons who ultimately own or control the company, to FinCEN. Designed to protect U.S. national security and strengthen the integrity and transparency of the U.S. financial system, the rule will help to stop criminal actors, including oligarchs, kleptocrats, drug traffickers, human traffickers, and those who would use anonymous shell companies to hide their illicit proceeds.”

“Banking industry groups welcomed a new Financial Crimes Enforcement Network proposal that would allow some U.S. banks to share suspicious activity reports with their business units in other countries. However, analysts say its hefty compliance requirements ultimately could dampen banks’ interest in the program. The proposal follows the enactment of the Anti Money Laundering Act of 2021, which among other reforms required the Treasury secretary to establish a pilot program that would allow banks to share SARs with their own foreign branches, subsidiaries and affiliates. Under current law, such units are treated the same as foreign banks and are ineligible for sharing.”

“The Financial Crimes Enforcement Network (FinCEN) is informing 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 updated its statements concerning jurisdictions with strategic AML/CFT/CPF deficiencies.  FinCEN previously provided this information through the issuance of advisories, and the purpose of this and future releases regarding updates to the FATF’s statements is the same.  U.S. financial institutions should consider the FATF’s statements when reviewing their obligations and risk-based policies, procedures, and practices with respect to the jurisdictions identified by the FATF.”

“Today, EFF submitted comments to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) opposing the agency’s proposal for new regulations of cryptocurrency transactions. As we explain in our comments , financial records can be deeply personal and revealing, containing a trove of sensitive information about people’s personal lives, beliefs, and affiliations. Regulations regarding such records must be constructed with careful consideration regarding their effect on privacy, speech and innovation.”

“A huge trove of secret government documents reveals for the first time how the giants of Western banking move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the work of terrorists, kleptocrats, and drug kingpins. And the US government, despite its vast powers, fails to stop it.Today, the FinCEN Files — thousands of “suspicious activity reports” and other US government documents — offer an unprecedented view of global financial corruption, the banks enabling it, and the government agencies that watch as it flourishes. BuzzFeed News has shared these reports with the International Consortium of Investigative Journalists and more than 100 news organizations in 88 countries.”

“The Financial Crimes Enforcement Network (FinCEN) is issuing this advisory to alert financial institutions to potential indicators of cybercrime and cyber-enabled crime observed during the COVID-19 pandemic. Many illicit actors are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic.”

“To provide regulatory certainty for businesses and individuals engaged in expanding fields of financial activity, the Financial Crimes Enforcement Network (FinCEN) today issued the following guidance, Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies (CVC) . The guidance is in response to questions raised by financial institutions, law enforcement, and regulators concerning the regulatory treatment of multiple variations of businesses dealing in CVCs. FinCEN today also issued an Advisory on Illicit Activity Involving Convertible Virtual Currency to assist financial institutions in identifying and reporting suspicious activity related to criminal exploitation of CVCs for money laundering, sanctions evasion, and other illicit financing purposes. The advisory highlights prominent typologies, associated “red flags,” and identifies information that would be most valuable to law enforcement if contained in suspicious activity reports.”