Tag: FinCEN

In an era where regulatory oversight of the wealth and asset management sector is intensifying globally, the stakes for compliance have never been higher. This sector, pivotal to national economies, plays a crucial role in helping consumers manage their assets and achieve their financial goals. However, its significance also makes it a potential target for misuse by malicious entities aiming to launder money.

The world of finance is on the brink of a significant transformation, especially for investment advisors in the United States. On February 15th, 2024, a pivotal announcement was made by the Financial Crimes Enforcement Network (FinCEN) that is set to redefine the landscape of anti-money laundering (AML) and counter-financing of terrorism (CFT) compliance.

The Financial Crimes Enforcement Network (FinCEN) took a significant step towards strengthening the financial regulatory framework in the US.

In 2023, the global regulatory landscape unveiled a startling revelation as fines imposed by authorities exceeded a colossal $10.5bn. This figure not only reflects the stringent enforcement actions but also spotlights the emerging areas of regulatory scrutiny.

The Corporate Transparency Act (CTA) ushered in a significant shift in beneficial ownership reporting requirements starting from January 1, 2024. This change is more...

In the ever-changing world of risk management, where the challenges are formidable and constantly evolving, the role of risk executives and their teams is...

In recent years, United States financial regulators have established themselves as global leaders in enforcement. In 2022, they imposed $3bn in fines, nearly three quarters of the world’s $4.2bn total. 2023 continued this trend, with US financial institutions paying 83% ($157.26m) of total penalty dollars, a stark contrast to their 10% share in global regulatory violations.

The U.S. Department of the Treasury’s FinCEN has initiated a significant step in enhancing corporate transparency and combating illicit finance.

In the rapidly evolving financial services industry, the importance of effective risk assessment is often overlooked.

Financial institutions often fall prey to money launderers who exploit these platforms to funnel, mask, transfer, and cleanse ill-gotten gains. This doesn’t just endanger...