News
Spending Bill Excludes $2.5M for FinCEN Cross-Border Funds Transfer Database
By Matt Squire
printA federal spending bill approved by the House Appropriations Committee excludes a requested $2.5 million to build a cross-border funds transfer data collection system for the Treasury Department's Financial Crime Enforcement Network (FinCEN). The committee, which approved the bill on June 11, noted in a report to the full House that the funds were excluded because the Treasury Department hasn't decided whether to build the database and hasn't completed a planned cost-benefit analysis of the project. The full House is tentatively scheduled to vote on the measure by Wednesday, an Appropriations Committee spokesman said. "The decision on implementation [of the...
TO READ THE FULL STORY
Related News
The U.S. government's landmark case against HSBC Holdings Plc for knowingly turning a blind eye to financial crime is seemingly fated to end much as it began: complex and messy.
A U.S. Treasury Department proposal to sharply increase bank reporting of cross-border transactions would diminish the number of structuring cases prosecuted by the United States.
A U.S. Treasury Department plan to increase reporting on cross-border transactions would allow federal regulators and investigators to more easily detect unregistered money remitters - if they can sift through the data.
Banks will be required to report all cross-border fund transmittal orders to the U.S. Treasury Department within five days, under the terms of proposed regulation released Monday. Under the proposal, money service business must report transactions of $1,000 or more.
An interim agreement allowing U.S. investigators continued access to European financial data in terrorism cases will likely be ratified in February by a skeptical EU Parliament, according to EU officials.
Canada's financial intelligence unit issued its largest monetary penalty to date in a week when U.S. bank regulators called on financial institutions to be more transparent in their cross-border transactions.
The United States and Canada will soon begin sharing more data on seized currency in an effort to crackdown on terrorist financing and other crimes, the Department of Homeland Security said Tuesday.
The United Nations Tuesday released its finalized recommendations on how member states should draft legislation to combat money laundering and terrorist financing, including provisions to seize criminal assets.
For all of the concern over the money laundering risks associated with cover payments and cross-border transactions, there is a simple solution: more transparency, according to an anti-money laundering compliance director.
Money services business advocates have been lobbying for state and federal regulators to give guidance on how to deal with unlicensed currency transmitters in Brazil, an effort they say is now paying off.
The proposed $91.3 million budget, a fraction of the total Treasury Department budget released Monday, includes $82.2 million for BSA administration and analysis and $9.2 million for regulatory support programs, including coordinating with the Internal Revenue Services to ensure BSA compliance.
Mexican authorities took Mario Villanueva Madrid into custody June 21 as he left prison after completing a six-year sentence on a money laundering conviction. Villanueva, the former mayor of Mexicos Quintana Roo state, is wanted in New York on drug trafficking and money laundering charges.
A study of cross-border transactions in the Middle East issued by a regional task force disappointed anti-money laundering professionals who say it offers few strategies for combating the criminal schemes it identifies.