During 2014, depository institutions used 53,872 unique combinations of words to call out suspicious activity they felt could not be adequately categorized on the FinCEN
issued its NPRM and NOF knowing full well the damage it would inflict, the destruction of a valuable bank that was fully compliant with its regulatory regime.
FBME's shareholders, who established the bank in 1982 and relocated its jurisdiction first to the Cayman islands and later to Tanzania, suggest that the "fiasco", as described in a series of media announcements, was the result of the incompetence of the Central Bank of Cyprus to properly investigate the FinCEN
The CBA complained that the guidance from FinCEN
and the Justice Department "reiterates reasons for prosecution and is simply a modified reporting system for banks to use," a system that "imposes a heavy burden on them to know and control their customers' activities, and those of their [customers'] customers.
is responsible for issuing regulations requiring financial institutions to keep records and file reports that "have a high degree of usefulness in criminal, tax or regulatory investigations or proceedings" under the Bank Secrecy Act.
is closing a regulatory gap," said FinCEN
director James H.
For example, travelers must report transporting more than $10,000 in monetary instruments or currency at one time when leaving the country, but FinCEN
does not have a similar requirement for travelers transporting stored value.
There are clearly serious concerns behind the FinCEN
The Proposed Rules would require certain banks to furnish FinCEN
with (1) copies of transmittal orders or advices (or equivalent information in a format to be developed by FinCEN
) for CBETFs sent to or received from foreign financial institutions and (2) an annual report that provides the account numbers for accounts that transmitted or received a CBETF and the U.
Radio Adv to boost sales, FinCEN
State License, E-2 Visa, Make Offer
The US Treasury Department's Financial Crimes Enforcement Network, or FinCEN
, said it sent an advisory warning banks of what it called weaknesses in Iran's first anti-money laundering law, which was passed last month.
, though part of the chain of command, is better known to bankers and lawyers than to students of US foreign policy.