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The Financial Crimes Enforcement Network (FinCEN) of the Treasury Department announced last week a Notice of Proposed Rulemaking (NPRM) to implement the...
On December 6, 2021, the Financial Crimes Enforcement Network (FinCEN) announced an Advance Notice of Proposed Rulemaking (ANPRM) to solicit comments in preparing a proposed rule that...
The Financial Crimes Enforcement Network (FinCEN) of the Treasury Department announced last week a Notice of Proposed Rulemaking (NPRM) to implement the beneficial ownership reporting...
On December 6, FinCEN announced that it was issuing an Advanced Notice of Proposed Rulemaking (“AMPRM”) to solicit public comment on potential requirements under the Bank Secrecy Act...
Highlights The Anti-Money Laundering Act of 2020 (AMLA 2020) is the most consequential anti-money laundering legislation passed by Congress in decades. Among its many provisions, AMLA 2020 provides for 1) expanded whistleblower rewards and protections, 2) the establishment of a beneficial ownership registration database that will be implemented by the Financial Crimes Enforcement Network (FinCEN), 3) new Bank Secrecy Act (BSA) violations and enhanced BSA penalties for repeat and egregious violators and 4) expanded subpoena power. In addition, AMLA 2020 amended the law to mandate that the Secr...