United States: Money Laundering

The U.S. Department of the Treasury's Financial Crimes Enforcement Network has issued a final rule permanently eliminating beneficial ownership information reporting requirements...

The Treasury Department's Financial Crimes Enforcement Network has issued a final rule permanently eliminating beneficial ownership information reporting requirements for domestic companies and US persons under the Corporate Transparency Act.

The US Treasury Department's Office of Foreign Assets Control has sanctioned Shelbit, a Dubai-based cryptocurrency exchange, for allegedly processing millions of dollars...

The Treasury Department's Financial Crimes Enforcement Network has issued an alert urging financial institutions to detect and report suspicious activity connected to fraud schemes targeting federal student aid programs. Fraudsters are using stolen identities and synthetic identities to create "ghost students" and recruit "straw students" to unlawfully acquire billions in federal aid. The alert provides detailed red flags and reporting requirements to help financial institutions identify and prevent these s

The Money Transmitter Regulators Association has released its comprehensive Examination Manual, providing unprecedented insight into state regulatory expectations for money transmitters. Beyond statutory compliance requirements, the manual reveals detailed supervisory benchmarks covering financial health metrics, governance structures, BSA/AML controls, and operational testing procedures that examiners may apply during reviews.

The US Senate has passed sweeping sanctions legislation targeting Russia and Iran with bipartisan support, while global enforcement actions intensify across multiple jurisdictions. New measures include expanded presidential tariff authorities, designations of Iran-linked financial networks and cryptocurrency exchanges, and coordinated UK-EU actions against Russia's military supply chains and shadow fleet operations.

The Federal Reserve has charted an independent course in revising anti-money laundering regulations for banks, notably excluding a key provision that would grant FinCEN oversight authority over enforcement actions. This divergence from the Treasury Department's unified regulatory approach raises critical questions about interagency coordination and the future of AML/CFT supervision. Governor Michael Barr's dissent highlights concerns about the undefined "significant or systemic" standard that will determine

FinCEN's updated Section 314(b) Fact Sheet clarifies that financial institutions may now share fraud-related information with other participating institutions under the USA PATRIOT Act's safe harbor protections. The guidance addresses long-standing concerns about confidentiality and scope, while confirming that information sharing extends to foreign financial institutions in certain circumstances and does not require identification of specific fraud proceeds.

Corporate domain name seizures are typically associated with online piracy, counterfeit luxury goods, or illegal pharmacies. However, a major enforcement action by federal authorities serves as a stark reminder...