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My money services business understands that Bank Secrecy Act regulations (31 C.F.R. Part 103) require, among other things, implementing a written anti-money laundering program and maintaining records of certain transactions. Because of the nature of my business, I would prefer to…
FinCEN has extended for another two years a conditional exception to the strict operation of the "Travel Rule" (31 CFR 103.33(g)). The Travel Rule requires a financial institution to include certain information in transmittal orders relating to transmittals of funds of 3,000 or more. This…
The Financial Crimes Enforcement Network (FinCEN) receives numerous questions concerning compliance with the Bank Secrecy Act (BSA) recordkeeping requirement found in 31 C.F.R. §103.29. This section requires financial institutions to verify a customer’s identity and retain…
This serves notice that the Director of the Financial Crimes Enforcement Network (FinCEN) has granted a waiver from civil money penalties for violations of the Bank Secrecy Act, 31 U.S.C. 5314, and its implementing regulation, 31 C.F.R. Part 103.24, to persons who enter into settlement and…
A suspect used “convenience checks” issued by credit card companies to steal nearly $1 million, travel internationally, and purchase expensive items and real estate. The suspect engaged in a scheme for five years in which he created 20 fake identities and more than nine bogus business entities…
A Pennsylvania man was sentenced to 15 months in prison followed by 3 years probation for structuring bank transactions to prevent the IRS from learning about profits earned from his role in sports card theft. The man owned a company involved in the sale of sports cards and was found to be…
Three family members pled guilty to charges including bankruptcy fraud, structuring, providing false statements, and mail fraud for their involvement in a bankruptcy fraud scheme that included structuring transactions and concealing funds from credit card companies and financial institutions,…