Tuesday, January 27, 2015

FinCEN Fines Oppenheimer & Co. Inc. $20 Million for Continued Anti-Money Laundering Shortfalls

January 27, 2015

Today, the Financial Crimes Enforcement Network (FinCEN), working closely with the U.S. Securities and Exchange Commission (SEC), assessed a $20 million civil money penalty against Oppenheimer & Co., Inc., for willfully violating the Bank Secrecy Act (BSA). Oppenheimer admitted that it failed to establish and implement an adequate anti-money laundering program, failed to conduct adequate due diligence on a foreign correspondent account, and failed to comply with requirements under Section 311 of the USA PATRIOT Act.

News Release Click Here
Enforcement Action Click Here

Friday, January 23, 2015

FinCEN Issues Quarterly Update of SAR Stats

The Financial Crimes Enforcement Network (FinCEN) has issued the SAR Stats quarterly update, which provides information on Suspicious Activity Reports (SARs) filed through Dec. 31, 2014.

SAR Stats (formerly By the Numbers) is a compilation of numerical data gathered from the FinCEN Suspicious Activity Reports (Form 111) filed by financial institutions. SAR Stats is published as a full report once a year. SAR data is updated quarterly (Quarterly Update) while full editions (SAR Stats) are released mid-year and reflect an overview of the prior 12-month calendar year, contain updated trends and new SAR Narrative Spotlight and Sector Highlight and Data Insider sections.

The updated statistics can be viewed at http://www.fincen.gov/news_room/rp/sar_by_number.html

Monday, January 19, 2015

FinCEN Correspondence with the American Gaming Association Regarding Sports Betting Conducted on Behalf of Third Parties

FinCEN has posted to its website a letter to the American Gaming Association dated December 24, 2014, regarding sports betting conducted on behalf of third parties. FinCEN warns casinos on illegal sports betting.
"Increases in sports betting conducted on behalf of third parties are facilitating criminal activity and posing a money laundering risk to the U.S financial system/ In connection with this, it has also come to our attention that casinos may be under the impression that unless specifically directed to do so, a casino never has to ask a patron whether he or she is betting on his or her own behalf or on behalf of another party. We are communicating directly with your organization to correct any such misperception and to remind your industry about the importance of applying a risk-based approach with respect to this issue as well as the need to implement reasonably designed AML programs to address among other risks, the risks associated with third-party betting."
FinCEN's Letter - pdf

Monday, December 22, 2014

Financial Crimes Enforcement Network; Bank Secrecy Act Advisory Group; Solicitation of Application for Membership

Dated:  12/15/14

Agency: Financial Crimes Enforcement Network ("FinCEN"), Treasury. 
Action:  Notice and request for nominations.
SUMMARY: FinCEN is inviting the public to nominate financial institutions and trade groups for membership on the Bank Secrecy Act Advisory Group. New members will be selected for three-year membership terms.


ADDRESSES: Applications must be emailed to BSAAG@fincen.gov.

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