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| News
FinCEN Issues Guidance to Financial Institutions on Marijuana Businesses
WASHINGTON, DC – The Financial Crimes Enforcement Network (FinCEN), in coordination with the U.S. Department of Justice (DOJ), today issued guidance that clarifies customer due diligence expectations and reporting requirements for financial institutions seeking to provide services to marijuana…
| Enforcement Action
In the Matter of Saleh H. Adam dba Adam Service
| News
Michigan MSB Shuts Down Following FinCEN Penalty For Sending Thousands of Wire Transmissions to Yemen Without Anti-Money Laundering Controls
VIENNA, Va. – The Financial Crimes Enforcement Network (FinCEN) today announced the assessment of a civil money penalty against Saleh H. Adam, doing business as Adam Service, a money services business (MSB). A FinCEN investigation determined that, since November 2007, Adam Service committed serious…
| News
FinCEN Publishes Two Rulings on Virtual Currency Miners and Investors
WASHINGTON, D.C. – The Financial Crimes Enforcement Network (FinCEN) today published two administrative rulings, providing additional information on whether a person’s conduct related to convertible virtual currency brings them within the Bank Secrecy Act’s (BSA) definition of a money transmitter.…
| Administrative Ruling
Application of FinCEN’s Regulations to Virtual Currency Software Development and Certain Investment Activity
Dear [ ]: This responds to your letters of May 21, 2013 and July 10, 2013, seeking an administrative ruling from the Financial Crimes Enforcement Network (“FinCEN”) regarding the status of [ ] (the “Company”) as a money services business (“MSB”) under the Bank Secrecy Act (“BSA”). Specifically,…
| Speech
REMARKS OF JENNIFER SHASKY CALVERY, DIRECTOR, FINANCIAL CRIMES ENFORCEMENT NETWORK
Good morning. I am honored to be joining you again this year. I recently had the opportunity to meet in Washington with SIFMA’s AML and Financial Crimes Committee and we had a very productive discussion. I know that some of the threats that are on your industry’s radar screen – threats such as…
| Administrative Ruling
Application of FinCEN’s Regulations to Virtual Currency Mining Operations
Dear [ ]: This responds to your letter of June 1, 2013, seeking an administrative ruling from the Financial Crimes Enforcement Network (“FinCEN”) on behalf of [the Company], about [the Company]’s possible status as a money services business (“MSB”) under the Bank Secrecy Act (“BSA”). Specifically…
| Enforcement Action
In the Matter of JPMorgan Chase Bank, N.A.
| News
JPMorgan Admits Violation of the Bank Secrecy Act for Failed Madoff Oversight; Fined $461 Million by FinCEN
WASHINGTON, D.C. – The Financial Crimes Enforcement Network (FinCEN) today fined J.P. Morgan Chase Bank, N.A. $461 million for willfully violating the Bank Secrecy Act (BSA) by failing to report suspicious transactions arising out of Bernard L. Madoff’s decades-long, multi-billion dollar fraudulent…
| Speech
Jennifer Shasky CALVERY, DIRECTOR, FINANCIAL Crimes Enforcement Network U.S. Department of the Treasury
Good afternoon. I am Jennifer Shasky Calvery, Director of the Financial Crimes Enforcement Network at the U.S. Department of the Treasury. I would first like to thank Preet Bharara and the U.S. Attorney’s Office for the Southern District of New York, as well as our colleagues in the Office of the…