New rulemaking is being developed to apply Bank Secrecy Act standards to stablecoin issuers and digital asset platforms.
AML Act of 2020
FinCEN's joint notice with OFAC and the FBI directs financial firms to identify and report timeshare fraud conducted by Mexico-based criminal entities.
The proposed amendments are based on changes to the Bank Secrecy Act contained in the AML Act of 2020.
The latest probe focuses on how Chinese crime groups used the lender to hide money derived from US fentanyl sales.
The FinCEN director highlighted her agency's work on beneficial ownership reporting requirements, customer due diligence, and countering terrorism.
FinCEN issues a proposal to extend the deadline for filing initial Beneficial Ownership Information Reports for certain entities.