Reported by Caroline E. Brown, Nicole Sayegh Succar, Carlton Greene, and Anand Sithian On March 29, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”), issued a “notice and request for information and comment” (“RFI”) seeking comments on the Bank Secrecy Act’s (“BSA”) customer identification program (“CIP”) rule. The CIP rule requires […]
Reported by U.S. Department of the Treasury Today, the Financial Action Task Force (FATF)—the global standard-setting body for anti-money laundering, countering the financing of terrorism, and countering proliferation financing (AML/CFT/CPF)—announced that the United States has been upgraded to “largely compliant” with FATF Recommendation 24, which relates to beneficial ownership transparency for legal persons. The FATF […]
Reported by Kyle Jaeger The Internal Revenue Service (IRS) has issued a new memo clarifying the rules for reporting large cash payments between marijuana businesses, which the agency says should not automatically be considered “suspicious” just because of the federally prohibited nature of the industry. In the memo, IRS says it is responding to a […]
Reported by The Crown Prosecution Service An ex-takeaway worker has been convicted (Wednesday 20 March 2024) of laundering the proceeds which saw her rise from living above a Chinese restaurant to residing in a multi-million pound house in an affluent part of North London. Jian Wen, 42, was found guilty at Southwark Crown Court of […]
Reported by Sam Reynolds Binance is asking its prime brokers to do enhanced Know Your Customer (KYC) work on clients to ensure that they aren’t serving U.S. nationals, according to a report from Bloomberg. Prime Brokers act as intermediaries between institutional investors and the market, offering services such as custody, trade execution, risk management, and lending […]
Reported by the Athennian Team list the ultimate, natural owners of assets. These registries address the problem of understanding who happens to own, control, and influence a large asset, namely a company or a property. Oftentimes, criminals are known to secretly own or control shares in companies where they use these entities to launder stolen […]
Reported by ANDY GREENBERG In his years as a US federal agent, Tigran Gambaryan helped to lead landmark investigations that took down cryptocurrency thieves and money launderers, dark-web drug dealers, and even crypto-funded child exploitation networks. Now, in his post-government role at the cryptocurrency exchange Binance, he has become the target himself of a very […]
Reported by HENRY POPE While synthetic opioids claim tens of thousands of American lives every year, illicit fentanyl and money laundering converge in a shadowy underworld that thrives thanks to enablers exploiting loopholes in U.S. anti-money laundering laws not seen elsewhere in the West. Transnational organized crime figures launder the blood money through professionals exploiting […]
Reported by Matthew Erskine Many families have legacy family real estate – a primary residence, a vacation home or a condominium in Florida. Often, these properties are passed down from one generation to another by gifts in trusts or other entities, either during the owner’s lifetime or at their death. Now, those transfers may trigger […]
Reported by Robert A. Johnston Jr., Melissa L. Wiley, Paula A. Ladd, and Samantha Sigelakis-Minski On Friday, March 1, 2024, U.S. District Court Judge Liles Burke ruled that the Corporate Transparency Act (CTA)1 is unconstitutional because Congress exceeded its powers to regulate interstate commerce, oversee foreign affairs and national security, and impose taxes. See Nat’l Small Business […]
Financial Crime News Briefs 