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FinCEN Customer Due Diligence Rule

On May 5th, 2016, the Financial Crimes Enforcement Network (FinCEN) released the final rule on Customer Due Diligence Requirements and Beneficial Ownership aimed at strengthening the Anti-Money Laundering requirements. This final rule will take effect on July 11, 2016. To … Continue reading

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Basel Committee on Banking Supervision expands its guidelines on AML and CFT

On February 4th, 2016, the Basel Committee on Banking Supervision expanded its guidelines on Anti-Money Laundering and Countering Terrorist Financing with a “General Guide to Account Opening”. To Access the Guidelines: Click here

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FinCEN Targets High-Value Real Estate Transactions in Miami and New York

The Financial Crimes Enforcement Network (FinCEN) issued on January 13, 2016, a  Geographic Targeting Orders (GTO) that will temporarily require certain U.S. title insurance companies to identify the natural persons behind companies used to pay all cash for high-end residential … Continue reading

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FinCEN fines Caesars Palace

On September 8, 2015, the Financial Crimes Enforcement Center (FinCEN) fined Caesars Palace for its willful and repeated violations of Anti-Money Laundering laws. Caesars Palace has agreed to pay a $8 million civil money penalty. To Access full article: Click … Continue reading

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United States Treasury Issues National Terrorist Financing Risk Assessment

The U.S. Department of the Treasury issued the National Terrorist Financing Risk Assessment 2015. Access full assessment: Click here

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Cuba removed from U.S. list of state sponsors of terrorism

The United States formally removed Cuba from a list of state sponsors of terrorism on Friday May 29th, 2015. Access full article: Click here

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Ripple Labs Inc. fined in First Civil Enforcement Action Against a Virtual Currency Exchanger

The Financial Crimes Enforcement Network (FinCEN), working in coordination with the U.S. Attorney’s Office for the Northern District of California, assessed a $700,000 civil money penalty against Ripple Labs Inc. and its wholly-owned subsidiary, XRP II, LLC (formerly known as … Continue reading

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FinCEN Targets Money Laundering Infrastructure in Miami with Geographic Targeting Order

The Financial Crimes Enforcement Network (FinCEN) issued a Geographic Targeting Order (GTO)  to about 700 Miami businesses to shed light on cash transactions that may be tied to trade-based money laundering schemes. Access full article: Click here

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7 Caribbean Countries on US Money Laundering List

Last Wednesday, the United States published it’s 2015 International Narcotics Control Strategy Report which includes a list of Major Money Laundering Jurisdictions.  Antigua & Barbuda, The Bahamas, Belize, the British Virgin Islands, the Cayman Islands, the Dominican Republic and Haiti … Continue reading

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Banca Privada d’Andorra named a Foreign Financial Institution of Primary Money Laundering Concern

The Financial Crimes Enforcement Network (FinCEN) recently named Banca Privada d’Andorra (BPA) as a foreign financial institution of primary money laundering concern. “This finding and notice of proposed rulemaking are based on information indicating that, for several years, high-level managers … Continue reading

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