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FinCEN Issues Final Rule Requiring Certain US and Non-US Legal Entities to Report Beneficial Ownership Information

USA - October 7 2022 On September 30, 2022, the US Financial Crimes Enforcement Network (“FinCEN”) published its final beneficial ownership information rule (the “BOI…

Matthew Bisanz, Eliel Flores, Jared B. Goldberger, Gina M. Parlovecchio, Brad A. Resnikoff

Consumer Financial Services UDAAP Round-Up: September 2021 - March 2022

USA - May 16 2022 Welcome to the latest edition of the UDAAP Round-Up. This newsletter is designed to provide you with a periodic resource to stay abreast of federal…

Christa L. Bieker, Julyana C. Dawson, Ori Lev, Jedd P. Mellin, Stephanie C. Robinson, Brian J. Stief, Joy Tsai, Kerri Elizabeth Webb

US FinCEN Warns Financial Institutions About Activities of Kleptocracies and Foreign Corruption

USA - May 2 2022 On April 14, 2022, the US Financial Crimes Enforcement Network (“FinCEN”) urged financial institutions to focus on detecting, reporting, and blocking…

Matthew Bisanz, Juliet Gunev, Gina M. Parlovecchio, Brad A. Resnikoff

US FinCEN’s First Enforcement Action for Violation of a Geographic Targeting Order

USA - April 8 2022 On March 31, 2022, FinCEN imposed a $275,000 civil penalty against a perfume store for willful violations of the Bank Secrecy Act (“BSA”) and its…

Matthew Bisanz, Eliel Flores, Gina M. Parlovecchio, Brad A. Resnikoff

FinCEN Identifies Red Flags Following Russia Sanctions

Russia, Ukraine, USA - March 24 2022 On March 7, 2022, the US Financial Crimes Enforcement Network (“FinCEN”) issued an alert advising all financial institutions to be vigilant against…

Matthew Bisanz, Eliel Flores, Brad A. Resnikoff