The U.S. Supreme Court has ruled that the $10,000 penalty for a nonwillful violation of the foreign bank account reporting rules in the Bank Secrecy act applies on a “per-form” basis, not a “per-account” basis, handing individuals an important victory.
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Bank Secrecy Act (BSA)
FinCEN Unveils New Global Investigations Division to Target Foreign Money Laundering Threats
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced today that it has launched a new Global Investigations Division (GID), which will be responsible for implementing targeted investigation strategies to…
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FinCEN Announces First-Ever Enforcement Action Against Bitcoin Trader for Violations of BSA
Last week, the Financial Crimes Enforcement Network (FinCEN) announced its first-ever civil penalty against a cryptocurrency exchanger for willful violations of the Bank Secrecy Act (BSA). According to the FinCEN…
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California Card Club Plagued by Allegations of Criminal Activity Fined $8 Million for AML Violations
Today the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced that it had fined a California card club, Artichoke Joe’s Casino, $8 million for numerous willful violations of the Bank…
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Complying with FinCEN’s Revised GTOs: What Real Estate Professionals Need to Know About Anti-Money Laundering
This article is Part II of a series in which we address the U.S. government’s attempts to combat money laundering in real estate transactions. Part I is available here.…
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FinCEN and OCC Impose $7 Million Penalty on California Bank for “Egregious” Anti-Money Laundering Violations
The Financial Crimes Enforcement Network (FinCEN) and Office of the Comptroller of the Currency (OCC) yesterday announced the assessment of a $7 million civil money penalty against Merchants Bank…
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