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📣 Treasury Sanctions CJNG Leaders Linked to Fentanyl On July 23, 2024, the U.S. Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on two Mexican CJNG cell leaders and two Mexican companies involved in fentanyl trafficking. 🔧 Juan Carlos Banuelos Ramirez and Gerardo Rivera Ibarra, leaders of CJNG cells, are sanctioned for their roles in producing and trafficking methamphetamine and fentanyl. They are also linked to precursor chemical procurement and weapon purchases. 🔒 The sanctioned companies, Fornely Lab S.A. de C.V. and Inmobiliaria Universal Deja Vu S.A. de C.V., are tied to these leaders and are now blocked under U.S. regulations. All U.S. assets are blocked, and transactions involving these entities are prohibited. 🚨 This action is part of a broader effort to combat drug trafficking and fentanyl-related crimes impacting the U.S. Original source 👉: https://lnkd.in/gfJ8VvXi #USsanctions #sanctionsupdate #sanctionscompliance #Sanctions #CJNG #Fentanyl #DrugTrafficking #OFAC #MoneyLaundering #IllicitDrugs 

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Sarah Beth Felix asks the same question I have ... On July 16, 2024 FinCEN, OFAC, and the FBI issued a joint notice titled “Timeshare Fraud Associated with Mexican-based Transnational Criminal Organizations” - https://lnkd.in/ePaZK3Ga The Notice included this: “Given the transnational nature of illicit activity related to timeshare fraud in Mexico, FinCEN also encourages U.S. financial institutions to continue to use, and potentially expand, their existing processes to collect and share information with foreign financial institutions in furtherance of investigations that involve cross-border activity.” That excerpt included a citation, Footnote 40: See, e.g., FinCEN, “Prepared Remarks of FinCEN Director Andrea Gacki During the SIFMA AML Conference” (May 6, 2024) at https://lnkd.in/gYAk7EYk I am not aware of any authority – law or regulation – that allows US-based and regulated financial institutions to share information with foreign financial institutions in furtherance of investigations that involve cross-border activity. And I’ve read Director Gacki’s May 6, 2024 speech: there is nothing in it that refers to US-based and regulated financial institutions being allowed to share information with foreign financial institutions in furtherance of investigations that involve cross-border activity.

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In 2024, regulatory bodies have significantly increased their enforcement actions, especially focusing on BSA/AML compliance. Out of 16 enforcement actions this year, 10 have targeted deficiencies in Bank Secrecy Act and Anti-Money Laundering (BSA/AML) programs. Key Insights: - Surge in Enforcement Actions: The recent rise in enforcement actions underscores the critical importance of maintaining robust BSA/AML programs. Regulatory bodies like the FDIC, Federal Reserve, and OCC are emphasizing that compliance is not optional. - Challenges in Bank-Fintech Partnerships: A significant number of enforcement actions involve banks partnered with fintech companies. These partnerships complicate AML and KYC compliance, necessitating clear roles and responsibilities to prevent regulatory breaches. - Impact Across All Bank Sizes: Both large and small banks are under regulatory scrutiny. From City National Bank with $92.43 billion in assets to smaller banks like First Citizens Bank of Butte with just $77.4 million, all institutions must ensure robust compliance measures. - Operational Complexity: Ensuring AML compliance in fintech partnerships is particularly challenging. Effective models for managing shared BSA/AML responsibilities are crucial to avoid regulatory pitfalls. - Regulatory Focus: The consistent enforcement actions serve as a stern reminder: financial institutions must continuously update and strengthen their BSA/AML programs to keep pace with growth and evolving business activities. At RADD LLC, we specialize in guiding financial institutions through the complexities of regulatory compliance. Our comprehensive services ensure that your institution can meet and exceed BSA/AML regulatory requirements. Our offerings include: - Internal Audit Services: SOX Compliance, FDICIA Compliance, and comprehensive internal audits. - Regulatory Advisory Services: BSA/AML, IT Compliance, Fintech Compliance, Mortgage Compliance, and more. Don't let regulatory challenges overwhelm your institution. Partner with RADD LLC to streamline your compliance processes and safeguard your operations. Book your free strategy call now: https://lnkd.in/gthnrri #RADDLLC #BankCompliance #BSAAML #FinancialInstitutions #RiskManagement #RegulatoryCompliance #InternalAudit

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On August 28, the Financial Crimes Enforcement Network (“FinCEN”), within the U.S. Treasury Department, issued a final rule, Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers (“Final Rule”), which extends certain anti-money laundering (“AML”) compliance obligations to: • Investment advisers registered with the Securities and Exchange Commission (“SEC”; such advisers, “RIAs”); and • Investment advisers that report to the SEC as exempt reporting advisers (“ERAs”). The Final Rule, which has a compliance date of January 1, 2026, requires RIAs and ERAs to, inter alia, (1) adopt AML compliance programs; and (2) monitor for and report suspicious activity to FinCEN. FinCEN is delegating its examination authority to the SEC consistent with FinCEN’s existing delegation to the SEC of the authority to examine broker-dealers and mutual funds for compliance with AML requirements. For more detail: https://lnkd.in/dpyPvhcB. 📩Please contact us at [email protected]., if you wish to learn more about the latest AML news.

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‼️ Beneficial Ownership Information Reporting REQUIREMENT: Starting in 2024, corporations, limited liability companies (LLCs), limited partnerships, and other entities that filed corporate formation papers with a state’s Secretary of State’s office or similar government agency must now also file a mandatory report with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Learn more about these requirements and how Gift CPAs can assist by reading our blog.

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🚨 FinCEN Hosting Webinar Today: How to Comply with Beneficial Ownership Reporting Requirements 🚨 U.S. Department of the Treasury's #FinCEN is offering a not-to-be-missed webinar in just four hours (at 2PM EST) on how businesses can adhere to the new #BeneficialOwnership reporting requirements under the #CorporateTransparencyAct. 🔍 What You Will Learn: ✔️ The essentials of #BeneficialOwnershipReporting. ✔️ Detailed steps on how to comply with the law. ✔️ Insights directly from #FinCEN representatives. Whether you're a startup founder, a compliance officer, or simply involved in a business operating in the U.S., this session will provide you with the necessary tools to ensure your company meets all new legal requirements. 🔗 Don't miss out on this opportunity to gain valuable insights and stay ahead of compliance issues. Join us at #FinCEN’s YouTube Channel! 👉 Watch Live Here: https://lnkd.in/duxHHWT3 #AML #BSA #ACAMS #CAMS #FinancialCrimes #FinancialCrimesPrevention #CTA #BeneficialOwnershipRule #FinCEN #BeneficialOwnership

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YEM, is here, equipped with the expertise to meet your needs. In an increasingly stringent regulatory environment, it is crucial to implement preventive measures and internal controls that comply with OFAC and AML requirements. The recent situation with Nodus International in Puerto Rico highlights the importance of being prepared and proactive in managing regulatory compliance. The case of Nodus International Bank underscores the importance of robust internal control systems and the need for continuous and rigorous monitoring to prevent and detect fraud. Despite the efforts of auditors, detecting significant fraud remains a considerable challenge in the practice of auditing. At YEM we understand the challenges this entails and urge all organizations to consult their trusted advisor to leverage their expertise and knowledge. At YEM, we offer specialized services to ensure our clients not only comply with regulations but also strengthen their capacity to prevent and detect potential risks. With our experience and dedicated approach, we help our clients successfully navigate this complex regulatory landscape, providing them with the peace of mind that they are always one step ahead. https://lnkd.in/eJJdf58G #yempr #yemprtrustedadvisor #trustedadvisor #amlcompliance #fraud

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**ACTION REQUIRED!** The U.S. Government Financial Crimes Enforcement Network (FinCEN) has a new beneficial ownership information reporting requirement.   If you do business in the U.S. through an entity, then you have until January 1, 2025 (or, if your company was formed after January 1, 2024, then you have just 90 days after formation) to file a beneficial ownership report (BOI) with FinCEN. It is simply a form that tells them who owns or controls the business—and therefore who receives the income from the business. It’s designed to catch money-laundering and other financial crimes.   Who is required to file? All for-profit entities (e.g., an LLC, S-corporation, LLP, etc.) must file a BOI with FinCEN. If you are a 501(c)(3) non-profit, or if you do business as a sole proprietor, you are not required to file a BOI.   You can file the report for free directly through the FINCEN government portal, which you can find (along with information about the filing requirement) here: https://fincen.gov/boi. It only takes a few minutes. You will need the SSN and a copy of a government ID (e.g., a passport or a driver’s license) for all beneficial owners.   Who is a beneficial owner? A beneficial owner is any individual who, directly or indirectly either: (1) exercises substantial control over the company (the CEO, for example); or (2) owns or controls at least 25% of the company.   There are no annual reporting requirements after your initial BOI filing—but you do need to report any changes (e.g., if you change your office or residential address, or if your company changes hands) within 30 days after the change.   Please don’t hesitate to reach out if you have questions, or if there’s anything we can do to assist!

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Just the FAQs: Answers to Questions regarding FinCEN's Beneficial Ownership Information ("BOI") Reporting https://lnkd.in/eKwRRwKB

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Recent money laundering-related enforcement actions targeting casinos by both the U.S. Department of Justice (DOJ) and state regulators suggest increasing scrutiny of anti-money laundering (AML) compliance efforts within the gaming industry. Indeed, at an annual casino AML conference held in Las Vegas recently, presentations by several senior government officials all included the same message: strict compliance with the requirements of the federal Bank Secrecy Act (BSA) is expected, failures to comply may lead to enforcement actions, and the penalties for noncompliance can be severe. But what exactly does the BSA require and how can gaming companies ensure that their BSA compliance programs can withstand scrutiny? 

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🔍 Important Update: Beneficial Ownership Information Requirements 🔍 Starting January 1, 2024, the Corporate Transparency Act (CTA) introduces new reporting obligations for many entities, including small businesses. Here’s what you need to know as per fincen.gov Reporting to #FinCEN: Entities must report information about their beneficial owners—individuals who ultimately own or control them—to the Financial Crimes Enforcement Network (FinCEN). This step is crucial for combating money laundering and illicit activities involving shell companies. Dual Reporting: You might need to provide beneficial ownership information both to FinCEN and financial institutions. However, they collect this information for different purposes and may require different details. For instance, financial institutions might collect Social Security numbers, which FinCEN does not require. *Key Deadlines:* Pre-January 1, 2024 Entities: Report by January 1, 2025. 2024 Entities: Report within 90 days of registration. Post-January 1, 2025 Entities: Report within 30 days of registration. Updates and Corrections: Any changes to previously submitted information must be reported to FinCEN within 30 days. For more details, visit FinCEN’s Beneficial Ownership Information page. Stay ahead of the curve and ensure your compliance with these new requirements! #Compliance #CorporateTransparencyAct #BeneficialOwnership #FinCEN #RegulatoryUpdate

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TREND ANALYSIS REPORT: Trend analysis report via Financial Crimes Enforcement Network, US Treasury: “FinCEN issued an analysis on elder financial exploitation, or the illegal or improper use of an older adult’s funds, property, or assets. The analysis examined more than 155,000 Bank Secrecy Act filings that indicated roughly $27 billion in related suspicious activity in a single year.” #FinancialCrime #TargetedVictims #FinancialCrime #OrganisedCrime #Fraud #Scams #SuspiciousActivity

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