Bank Secrecy Act

Statement by FinCEN : the enforcement of the Bank Secrecy Act

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The Financial Crimes Enforcement Network, the USA's Financial Intelligence Unit and money laundering, etc., regulator, has today issued a statement on the enforcement of the Bank Secrecy Act.

The full statement (slightly edited for form, not edited for content) is below.

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FinCEN, Bank Secrecy Act and planned developments.

Kenneth A. Blanco, Director, FinCEN (The Financial Crimes Enforcement Network, the USA's FIU and a division of the Department of the Treasury) sets out how Bank Secrecy Act data, including "convertible virtual currencies."

FCRO Subsection:

Financial Crime News

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US regulators apply large civil money penalty against bank for being cheap in money laundering controls

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The cost of compliance and risk management in financial institutions is an eternal bone of contention. US regulators The Financial Crimes Enforcement Network (FinCEN) and The Office of the Comptroller of the Currency together with the criminal prosecutors at The U.S. Department of Justice have agreed a USD185 million civil money penalty against US Bank National Association, in essence for failing to apply sufficient resources to its counter-money laundering policies and systems.

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FinCEN applies USD2m civil penalty to US bank for correspondent banking compliance failures under the USA PATRIOT Act

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The Financial Crimes Enforcement Network (FinCEN), which also has a regulatory function, has applied a USD3 million civil money penalty against Lone Star National Bank of Pharr, Texas, for failing to properly comply with the requirements of the Bank Secrecy Act - as found in s312 of the USA PATRIOT Act.

BIScom Subsection:

Enforcement

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