The Financial Crimes Enforcement Network (FinCEN) issued an administrative ruling Friday clarifying when financial institutions must file currency transaction reports for transactions with armored car companies, noting that the focus should be on the customer receiving money, rather than on the drivers transporting the currency. In the ruling, if an armored car company transacts more than $10,000 on behalf of a customer in a day, the bank will file a CTR on the customer, while the requirement to identify the party conducting the transaction would be satisfied by collecting the armored car operator's corporate information. Employees' names aren't needed. The...
At the same time that the nation's financial intelligence unit is readying unprecedented fines against compliance officers, the agency is facing stark questions about its enforcement efforts, including its hiring practices.
When FinCEN restructured its reporting hierarchy, the bureau signaled a subtle but important shift for banks: some of the energy it had once spent toward improving compliance would now serve to penalize regulatory violators, says former Assistant Director for the Office of Compliance Tom Fleming.
Failing to find conventional financial services, some money services businesses have asked armored car companies to bank on their behalf without the knowledge of the institutions maintaining the accounts, say consultants.
Financial institutions have quickly adopted a U.S. Treasury Department ruling last month that relieved them from having to report personal data on the drivers of armored cars, say industry representatives.
U.S. lawmakers Thursday criticized federal officials for delays in finalizing anti-money laundering rules and failing to prosecute banks and bankers that facilitate billions of dollars in illicit transactions.