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| News
FinCEN Assesses $10,000 in Civil Money Penalty Against Tampa-based MSB
The Financial Crimes Enforcement Network (FinCEN) announced today that Frosty Food Mart consented to the assessment of a civil money penalty in the amount of $10,000. Frosty Food Mart is a money services business located in Tampa, Florida.FinCEN determined that Frosty Food Mart failed to develop…
| News
FinCEN Extends Comment Period of Advanced Notice of Proposed Rulemaking for MSBs
The Financial Crimes Enforcement Network (FinCEN) today announced it is extending the comment period of its Advance Notice of Proposed Rulemaking that seeks input from both the money services business industry and the banking industry on the issue of money services businesses obtaining access to…
| News
FinCEN Names Patrick Conlon Associate Director for Analysis and Liaison
Robert W. Werner, Director of the Financial Crimes Enforcement Network (FinCEN), announced today the selection of Patrick Conlon as Associate Director for Analysis and Liaison. Mr. Conlon will oversee FinCEN's analysis of BSA data in support of its law enforcement, intelligence, regulatory and…
| Federal Register Notice
Amendment to the Bank Secrecy Act Regulations Requirement that Mutual Funds Report Suspicious Transactions 31 CFR Part 103
| Guidance
Application of the Regulations regarding Special Due Diligence Programs for Certain Foreign Accounts to NSCC Fund/SERV Accounts
The Financial Crimes Enforcement Network is issuing this guidance to clarify the due diligence obligations of mutual funds under the regulations implementing section 312 of the USA PATRIOT Act (“section 312”).1 Specifically, this guidance addresses the issue of for whom a mutual fund establishes,…
| News
FinCEN Issues Final Rule Requiring Mutual Funds to Report Suspicious Activity
Under a final rule announced today by the Financial Crimes Enforcement Network (FinCEN), mutual funds are required to file Suspicious Activity Reports (SARs) on suspicious transactions. Mutual funds must start filing SARs 180 days after the date of the publication of the final rule in the Federal…
| SAR Technical Bulletin
SAR Activity Review Issue 10
| SAR Technical Bulletin
By The Numbers Issue 6
| Guidance
Guidance to Financial Institutions on the Repatriation of Currency Smuggled into Mexico from the United States
The Financial Crimes Enforcement Network is issuing this advisory to U.S. financial institutions so that they may better guard against an increasingly prevalent money laundering threat involving the smuggling of bulk U.S. currency into Mexico. This advisory warns U.S. financial institutions of the…
| News
FinCEN and OTS Issue Bank Secrecy Act Enforcement Orders Against BankAtlantic
WASHINGTON - The Financial Crimes Enforcement Network (FinCEN) and the Office of Thrift Supervision (OTS) announced today that each has assessed a $10 million civil money penalty against BankAtlantic of Fort Lauderdale, Florida, for violations of the Bank Secrecy Act. OTS also issued a Cease and…