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Welcome to this special podcast series, Integrity Matters: Exploring the NDAA, sponsored by K2 Integrity. This week I visit with Chip Poncy, the global co-head of the K2 Integrity Financial Crimes Risk Management practice and member of K2 Integrity’s board and Gail Fuller a managing director at K2 Integrity. Over the week, we will break down the changes to the Bank Secrecy Act (BSA) and changes in enforcement authority to Financial Crimes Enforcement Network (FinCEN) which are found the recently passed National Defense Authorization See more +
Welcome to this special podcast series, Integrity Matters: Exploring the NDAA, sponsored by K2 Integrity. This week I visit with Chip Poncy, the global co-head of the K2 Integrity Financial Crimes Risk Management practice and member of K2 Integrity’s board and Gail Fuller a managing director at K2 Integrity. Over the week, we will break down the changes to the Bank Secrecy
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2020 was a most significant year in anti-corruption enforcement, from Airbus SE to Goldman Sachs Group, Inc., and numerous matters in between. Further, there were two significant pieces of information from the US government in the form of the 2020 Update to the Evaluation of Corporate Compliance Programs and the FCPA Resource Guide, 2
nd edition. In the anti-money laundering (AML) arena, we had even bigger news the last week of the year with the passage of the National Defense Authorization Act (NDAA) and, as part of that legislation, the enactment the Anti-Money Laundering Act of 2020 (AMLA) into law. The AMLA is the most comprehensive set of reforms to AML laws in the United States since the USA PATRIOT Act was passed in 2001, in response to 9/11.
Jan 8, 2021 19:07 GMTCrypto News
The US Treasury announced that crypto holders might need to require FBAR disclosures.
United States persons are already required to file an FBAR if their foreign financial accounts exceed $10,000.
Despite the US Treasury stating several times that cryptocurrency holders will not be required to report their holdings to the Financial Crimes Enforcement Network (FinCEN), the bureau just announced that they intend to amend the rules and require FBAR disclosure for virtual currencies.
An FBAR is defined as a Foreign Bank Account Report, also known as Form 114. To submit the report, anyone that is required to do so needs to do it with FinCEN. Failing to file this form can come with heavy penalties.
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Both the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury have issued advisories recently regarding regulatory considerations financial institutions should take into account when processing ransom payments. These advisories are especially noteworthy as we enter the new year. We saw a substantial increase in ransomware attacks during the COVID-19 pandemic and anticipate that they will continue in 2021. These attacks are also becoming more layered and sophisticated with cybercriminals gaining access to computer networks for extended periods of time.