Tag: FinCEN

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...

Money Service Businesses (MSBs) have emerged as a crucial part of the financial ecosystem, bridging a gap that once only traditional banks would fill.

There's a revolution happening in the world of technology, and it's making waves in our society. AI Large Language Models (LLM), such as ChatGPT, have dramatically changed our interaction with technology, sparking both intense excitement and lingering fears of an AI uprising.

In a recent post by Alessa, the firm outlined the role of AML audits in enhancing regulatory compliance at companies. 

Geographic Targeting Orders (GTOs) were recently reissued by FinCEN and could pose regulatory requirements to banks. But what do they need to know?

Documents from the US Financial Crimes Enforcement Network (FinCEN) were leaked to the press and published globally in September 2020. It exposed over 2,100 documents and around $2trn in transactions and showed how some of the world’s largest banks enabled criminals to move dirty money around the globe. A year on, has the industry been able to clean up its act?

The US Congress passed the Anti-Money Laundering Act 2020 and could be one of the most impactful changes to AML for two decades. This new...