Category Archives: FinCEN

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Don’t Roll the Dice: FinCEN Assesses Significant Penalties on Regulated Entity for Failing to Implement a Comprehensive AML Compliance Program

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) imposed a civil money penalty of $12 million against a Nevada based casino, CG Technology, L.P. (CGT) for alleged violations of the Bank Secrecy Act (BSA) on October 3, 2016. This action continues FinCEN’s recent trend of aggressive expansion and enforcement of anti-money laundering (AML) regulations … Continue Reading

Non-Federally Regulated Banks Are Target of Proposed FinCEN Rules

Last month the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed new rules which would require non-federally regulated banks to implement Customer Identification Program (CIP) requirements related to the collection and verification of customer information. Financial institutions have until October 24, 2016, to comment on the proposed rule, which, if adopted, is estimated to … Continue Reading
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