Posted by William Byrnes on January 10, 2015
post from the International Financial Law Prof Blog.
See FinCEN Announcement at http://lawprofessors.typepad.com/intfinlaw/2015/01/passports-obtained-through-st-kitts-and-nevis-citizenship-by-investment-program-used-to-facilitate-financial-crime.html
Posted in Financial Crimes | Tagged: Financial Crimes, Financial Crimes Enforcement Network | Leave a Comment »
Posted by William Byrnes on November 26, 2010
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This week’s blogticles discussed compliance reporting generally regarding foreign transactions and activities. Today, we will continue to explore some of the common reporting requirements that are filed based on domestic and international activity.
Congress has enacted legislation to the affect that the Secretary of the Treasury requires financial institutions to report any suspicious transaction relevant to “a possible violation of law or regulation.” [1] The Financial Crimes Enforcement Network (FinCEN) maintains theses “reports in a central database and makes the information available electronically to state and federal law enforcement and regulatory agencies to assist in combating financial crime.” [2]
Under Federal Statute the Department of the Treasury requires “banks, securities broker-dealers, money services businesses, casinos, and other financial institutions”, to file a “report for each transaction involving the payment, receipt, or transfer of U.S. coins or currency (or other monetary instruments as Treasury may prescribe)” in excess of $10,000. [3]
Report of International Transportation of Currency or Monetary Instruments
Read the entire article at AdvisorFYI.
Posted in Compliance, Reporting | Tagged: Financial Crimes Enforcement Network, Financial institution, Financial services, Money Laundering, Suspicious activity report, United States, United States Department of the Treasury, United States Secretary of the Treasury | Leave a Comment »
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