The U.S. Treasury Department’s Financial Crimes Enforcement Network and its counterpart in China signed a memorandum of understanding Friday for expanded U.S.- China collaboration to fight money laundering and terrorism financing. FinCEN director Jennifer Shasky Calvery and the chief of the China Anti-Money Laundering Monitoring and Analysis Center, Luo Yang, signed the agreement. Calvery said. […]

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) fined Silicon Valley star Ripple Labs $700,000 Tuesday for selling its virtual currency without registering with FinCEN and for not having an anti-money laundering program. Ripple’s virtual currency is called XRP. FinCEN said Ripple “willfully violated several requirements of the Bank Secrecy Act (BSA).” “Virtual currency exchangers […]

On March 16, the Financial Crimes Enforcement Network (FinCEN) issued an advisory announcing that the Financial Action Task Force (FATF) has updated its list of jurisdictions that have strategic deficiencies in their anti-money laundering (AML) and counter-terrorist financing (CFT) regimes. Specifically, FATF has noted that: (1) Indonesia has been removed from FAFT’s list that calls […]

FinCEN and the OCC’s recent settlement with First National Community Bank of Dunmore, Pennsylvania (FNCB) illustrates US regulators’ ever-increasing focus on compliance with the Bank Secrecy Act (BSA) and on the systems that financial institutions have in place to detect and report suspicious activity. FinCEN and the OCC’s recent settlement with First National Community Bank […]

It has been reported that Oppenheimer & Co. (a subsidiary of Oppenheimer Holdings Inc.) is paying $20 million in civil settlements with U.S. regulators who accused the investment firm of improper sales of penny stocks and inadequate controls against money laundering. The facts reported are as follows: The investment firm agreed to pay $10 million […]