Guidance

Guidance is intended to clarify obligations or respond to questions of general applicability that arise under the Bank Secrecy Act and implementing regulations at 31 CFR Chapter X. FinCEN alerts, advisories, notices, bulletins, and fact sheets are located here. Guidance regarding beneficial ownership reporting requirements under the Corporate Transparency Act can be found here. Other information pertaining to the Anti-Money Laundering Act of 2020 is available here.
| Securities and Futures
Application of the Customer Identification Program Rule to Future Commission Merchants Operating as Executing and Clearing Brokers in Give-Up Arrangements

Q. It is an established practice in the futures industry that futures commission merchants engage in transactions through give-up arrangements, whereby a futures commission merchant, acting as an executing broker1, executes an order on an exchange for a commodity customer,2…

| Depository Institutions, Insurance Industry
Frequently Asked Question Customer Identification Programs and Banks Serving as Insurance Agents

The Financial Crimes Enforcement Network and the staff of the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, and Office of Thrift Supervision are issuing this frequently…

Potential Money Laundering Risks Related to Shell Companies

This advisory is being issued to alert financial institutions to some of the potential money laundering risks associated with providing financial services to shell companies. Most shell companies are formed by individuals and businesses for legitimate reasons. However, these entities also have…

| Securities and Futures
Frequently Asked Questions Suspicious Activity Reporting Requirements for Mutual Funds

The Financial Crimes Enforcement Network is issuing these frequently asked questions to clarify the suspicious activity reporting obligations of investment companies pursuant to the applicable Bank Secrecy Act regulation located at 31 C.F.R. § 103.15 (“Reports by mutual funds of suspicious…

| Money Services Businesses
Frequently Asked Questions Conducting Independent Reviews of Money Services Business Anti-Money Laundering Programs

We are issuing this guidance to assist money services businesses in understanding the regulatory requirements regarding conducting independent reviews of their anti-money laundering programs.

The Bank Secrecy Act requires money services businesses to establish anti-money laundering…

| Securities and Futures
SEC No-Action Letter Permitting Securities Broker-Dealers to Rely on Investment Advisers for Purposes of the Joint FinCEN/SEC Customer Identification Rule
| Securities and Futures
Application of the Regulations Requiring Special Due Diligence Programs for Certain Foreign Accounts to Certain Introduced Accounts and Give-Up Arrangements in the Futures Industries

The Financial Crimes Enforcement Network is issuing this guidance to clarify the obligations of futures commission merchants subject to the final due diligence rules implementing section 312 of the USA PATRIOT Act (the “section 312 rules”).1 Specifically, this guidance addresses (1)…

| Insurance Industry
Frequently Asked Questions Anti-Money Laundering Program and Suspicious Activity Reporting Requirements for Insurance Companies

Please note: This guidance supplements the Frequently Asked Questions that were issued on October 31, 2005.

1. What does FinCEN mean by "any other insurance product with features of cash value or investment," under the definition of "covered products"?…

| Securities and Futures
Application of the Regulations Requiring Special Due Diligence Programs for Certain Foreign Accounts to the Securities and Futures Industries

The Financial Crimes Enforcement Network is issuing this guidance to clarify the due diligence obligations of broker-dealers, futures commission merchants, and introducing brokers in commodities (collectively, “securities and futures firms”) under the final rules implementing section 312 of the…

| Securities and Futures
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…