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FinCEN releases report on large bank BSA practices; seeks smaller bank input

Winston & Strawn LLP
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USA
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October 19 2009

On October 13th, the Financial Crimes Enforcement Network released "Financial Institutions Outreach Initiative," a report on the Bank Secrecy Act practices and procedures of large depository institutions

Treasury Department designations

Winston & Strawn LLP
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USA
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October 19 2009

On October 14th the Treasury Department's Office of Foreign Assets Control designated the senior leadership of the Kongra-Gel as significant foreign narcotics traffickers

FinCEN issues advisory on certain AMLCFT risks

Winston & Strawn LLP
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USA
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November 2 2009

On October 29th, the Financial Crimes Enforcement Network issued an "Advisory: Guidance to Financial Institutions Based on the FATF Statement on AMLCFT Risks Posed by Iran, Uzbekistan, Turkmenistan, Pakistan, and Sao Tome and Principe."

FinCEN releases Spanish-language pamphlet on currency transaction reporting

Winston & Strawn LLP
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USA
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December 7 2009

On November 24th, the Financial Crimes Enforcement Network announced the release of a Spanish-language version of its educational pamphlet on the currency transaction reporting requirement

FinCEN proposes BSA amendments

Winston & Strawn LLP
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USA
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March 1 2010

On February 26th, the Financial Crimes Enforcement Network proposed amendments to the Bank Secrecy Act, implementing regulations regarding the Report of Foreign Bank and Financial Accounts

Treasury designates seven for drug trafficking

Winston & Strawn LLP
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USA
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March 1 2010

On February 25th, the Treasury Department's Office of Foreign Assets Control designated seven key leaders of the international drug trafficking organization La Familia Michoacana as Specially Designated Narcotics Traffickers

Treasury designations target drug lords associated with FARC

Winston & Strawn LLP
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USA
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March 8 2010

On March 2nd, the Treasury Department's Office of Foreign Assets Control designated Daniel Barrera Barrera and Pedro Oliveiro Guerrero Castillo, two of Colombia's most wanted drug traffickers, as Specially Designated Narcotics Traffickers

Three indicted in reverse mortgage fraud conspiracy

Winston & Strawn LLP
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USA
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March 8 2010

On March 4th, the Justice Department announced the indictment of three individuals for their roles in a conspiracy to commit financial institution fraud involving reverse mortgages

Treasury proposes amendments to BSA information sharing rules

Winston & Strawn LLP
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USA
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November 23 2009

On November 16th, the Treasury Department requested comment on proposed amendments to the Bank Secrecy Act information sharing rules to allow certain foreign law enforcement agencies, and State and local law enforcement agencies, to submit requests for information to financial institutions

FinCEN amends procedure for public issuance of administrative rulings

Winston & Strawn LLP
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USA
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November 23 2009

On November 17th, the Financial Crimes Enforcement Network issued a final rule amending the procedures for publicly issuing an administrative ruling relating to the Bank Secrecy Act