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 combat illicit finance threats and related crimes, both domestically and internationally. Matthew Stiglitz, a former Principal Deputy Chief in the Department of Justice’s Criminal Division,
FinCEN Unveils New Efforts to Combat Widespread Business Email Compromise Fraud Scams As Losses Reach $300 Million Per Month
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has announced new efforts to crack down on Business Email Compromise (BEC) schemes and those who profit from such scams. BEC fraud schemes generally involve attempts to compromise the email accounts of victims to send fraudulent payment instructions to financial institutions or business associates in order to
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 Assessment of Civil Money Penalty (Assessment), California-based Eric Powers failed to register with FinCEN as a money services business (MSB); develop, implement, and maintain an
FinCEN Grants Further Extension of FBAR Deadline for Certain Financial Professionals
On December 4, 2018, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced a further extension of time for Report of Foreign Bank and Financial Accounts (FBAR) filings for certain individuals with signature authority over, but no financial interest in, one or more foreign financial accounts. The extension was granted in light of the notice
FinCEN Remains Mum on Details Regarding New Geographic Targeting Orders
We previously reported that the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) had quietly extended its Geographic Targeting Orders directed at the luxury residential real estate market for another six months. In a break from its recent practice of making public announcements about GTOs, FinCEN evidently opted not to publicize this latest extension. A Miami
FinCEN Quietly Extends Real Estate Geographic Targeting Orders for Another Six Months
Breaking from its recent practice of making public announcements about Geographic Targeting Orders, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) last month quietly extended its real estate GTOs for another six months. The new expiration date is September 16, 2018. FinCEN’s move to continue the GTOs a fourth time suggests that the orders are
Treasury Official Warns of Risks to Financial System Posed by Illicit Use of Virtual Currencies
In a recent speech, the Under Secretary of Treasury’s Office of Terrorism and Financial Intelligence (TFI) warned of the growing threats to the U.S. financial system posed by virtual currencies. Addressing the Securities Industry and Financial Markets Association’s Anti-Money Laundering & Financial Crimes Conference, Sigal Mandelker spoke broadly of the U.S. government’s efforts to
FinCEN Clarifies Upcoming FBAR Due Date for Calendar Year 2017
Today the Treasury Department’s Financial Crimes Enforcement Network posted a “FBAR Due Date Clarification” on its website, which confirms that the annual filing deadline for FinCEN Form 114 (commonly referred to as the FBAR form) is April 15. in 2015, Congress passed a law changing the FBAR due date from June 30 to
Treasury Inspector General Warns Taxpayers of IRS Impersonators As Tax Filing Season Approaches
The Treasury Inspector General for Tax Administration (TIGTA) has reminded taxpayers to remain on “High Alert” during the coming tax filing season to avoid being scammed by criminals who impersonate Internal Revenue Service and Treasury employees in an effort to steal their money.
In its announcement, TIGTA noted significant progress in the investigation and prosecution
FinCEN Announces Yet Another FBAR Filing Extension for Certain Financial Professionals
Last week the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) again extended the deadline for certain financial professionals to file foreign bank accounting reporting forms known as FBARs. In FinCEN Notice 2017-1, FinCEN announced a further extension of time for certain FBAR filings in light of proposed rules issued on March 10, 2016. Specifically,