On Tuesday November 21, 2023, FinCEN announced the largest settlement in U.S. Treasury Department History with virtual currency exchanger Binance Holdings Ltd. Binance, the largest virtual currency exchanger in the world, must pay approximately $4.3 billion in total to resolve violations of the Bank Secrecy Act (BSA), failing to register as a money transmitter, and sanctions violations. The settlement with FinCEN is part of a coordinated effort with OFAC, the U.S. Commodity Futures Trading Commission […]
Category: FinCEN
FinCEN Ruling on Identifiers in Beneficial Ownership Reporting
Earlier this week on November 7, 2023, FinCEN issued a Final Rule on the use of FinCEN identifiers in Beneficial Ownership information reporting after commenters raised concerns that the previously proposed language could actually obscure the identities of beneficial owners. The Final Rule provides clear criteria on the use and reporting of an entity’s FinCEN identifier. What is a FinCEN identifier? A “FinCEN identifier” is a unique identifying number that FinCEN will issue to an […]
FinCEN Issues a Proposal for Beneficial Ownership Information Access and Updated Inflation Adjustment of Civil Monetary Penalties
The Financial Crimes Enforcement Network (FinCEN) was busy last week issuing two Notices of Proposed Rule Making (NPMR) and an adjustment to Civil Money Penalties (CMP). The purpose of the first NPRM is for interested parties to comment on the application that will be used to collect information from individuals who seek to obtain a FinCEN identifier, consistent with the Beneficial Ownership Information. The second NPRM is requesting comments for the report that will be […]
FINCEN REQUESTS INFORMATION ON AML/CFT
On December 15, the Financial Crimes Enforcement Network (FinCEN) issued a request for information (RFI) to solicit comment on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. FinCEN seeks comment on ways to modernize risk-based AML/CFT regulations and guidance, issued pursuant to the Bank Secrecy Act (BSA), so that they, on a continuing basis, protect U.S. national security in a cost-effective and […]
FINCEN PROPOSES BENEFICIAL OWNERSHIP INFORMATION
On December 8, 2021, the Financial Crimes Enforcement Network (FinCEN) proposed regulations to require certain entities to file reports with FinCEN that identify two categories of individuals: The beneficial owners of the entity; and Individuals who have filed an application with specified governmental authorities to form the entity or register it to do business. The proposed regulations would implement Section 6403 of the Corporate Transparency Act (CTA), enacted into law as part of the National […]