Wealth & Risk Management Blog

William Byrnes (Texas A&M) tax & compliance articles

Posts Tagged ‘Financial Crimes Enforcement Network’

Are HNWI Passports Obtained Through St. Kitts and Nevis Used to Facilitate Terrorism? FinCEN Adds to EDD Lists!

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: , | Leave a Comment »

Domestic and International Reporting Compliance

Posted by William Byrnes on November 26, 2010


Seal of the United States Financial Crimes Enf...

Image via Wikipedia

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.

Suspicious Activity Reports

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]

Currency Transaction Reports

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.

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