FinCEN


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AcronymDefinition
FinCENFinancial Crimes Enforcement Network (US Treasury Department)
FINCENFinancial Center (US Department of Homeland Security)
References in periodicals archive ?
Because the Washington State Liquor and Cannabis Board no longer permits marijuana businesses to pay their taxes in cash, FinCENs guidance has been crucial to the growth of Washingtons marijuana industry, which is projected to contribute $730 million to the states revenues over the next two years.
Heck and Perlmutter asked FinCEN to make no changes to its guidance.
FinCEN also implemented an Analyst Exchange program with the Kenyan FIU.
FinCEN breaks the Beneficial Ownership Requirement down into two prongs for compliance purposes:
FBME's shareholders, who established the bank in 1982 and relocated its jurisdiction first to the Cayman islands and later to Tanzania, suggest that the "fiasco", as described in a series of media announcements, was the result of the incompetence of the Central Bank of Cyprus to properly investigate the FinCEN allegations.
Due to Bitcoin's increased popularity and its potential for money laundering, FinCEN issued a March 2013 guidance on the application of FinCEN's regulations to virtual currencies titled "Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies.
FinCEN now requires FBAR forms to be filed electronically.
The CBA complained that the guidance from FinCEN and the Justice Department "reiterates reasons for prosecution and is simply a modified reporting system for banks to use," a system that "imposes a heavy burden on them to know and control their customers' activities, and those of their [customers'] customers.
To avoid this result, the Board and FinCEN are proposing to amend the definitions of funds transfer and transmittal of funds to limit the exclusion of Electronic Funds Transfer Act--covered transactions from certain rules regarding record keeping.
FinCEN already requires a range of financial institutions to report SARs, which are essentially formal tips about suspicious financial transactions.
But in 2002, FinCEN issued a regulation temporarily exempting nonbank residenlial mortgage lenders and originators (RMLOs) from the requirements.
FinCEN said in a press release that the final rule adopts, with slight modifications, a Notice of Proposed Rulemaking (NPR) issued in February 2010 (available at tinyurl.