GIFTS Software: Compliance

Regulatory &
Compliance Updates

Compliance Updates

Financial Action Task Force (FATF), the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT), identified eight countries that have strategic AML/CFT deficiencies.
(February 18, 2010)

Advisory to Financial Institutions on Filing Suspicious Activity Reports regarding Trade-Based Money Laundering
(February 18, 2010)

Financial Crimes Enforcement Network; Expansion of Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity
(February, 2010)

PREPARED REMARKS OF JAMES H. FREIS, JR. DIRECTOR, FINANCIAL CRIMES ENFORCEMENT NETWORK U.S. DEPARTMENT OF THE TREASURY
(October 13, 2009)

Report on Outreach to Large Depository Institutions
(October 2009)

Guidance on Determining Eligibility for Exemption from Currency Transaction Reporting Requirements
The Financial Crimes Enforcement Network (“FinCEN”) is issuing this guidance to help banks1 determine whether a customer is eligible for exemption from currency transaction reporting requirements.2 This guidance provides examples and answers to commonly asked questions regarding the final rule3 that FinCEN issued in December, 2008, which amended the currency transaction report (“CTR”) exemption requirements (“the final rule”).(August 31, 2009)

Advisory FIN-2008-A003 (issued March 20, 2008), regarding the area of Cyprus administered by Turkish Cypriots (northern part of Cyprus), is hereby withdrawn.
Since the issuance of FinCEN’s Advisory FIN-2008-A003, the Financial Action Task Force (FATF), as reflected in its October 2008 decision1 , has welcomed the significant progress made in the northern part of Cyprus and noted that it had substantially addressed the anti-money laundering/counter financing of terrorism (AML/CFT) deficiencies that FATF had identified. (July 23, 2009)

Guidance to Financial Institutions Based on the Financial Action Task Force Statement on Anti-Money Laundering and Counter-Terrorist Financing Risks Posed by Iran, Uzbekistan, Turkmenistan, Pakistan, and São Tomé and Príncipe
The Financial Crimes Enforcement Network (FinCEN) is issuing this advisory to inform banks and other financial institutions operating in the United States of the risks associated with deficiencies in the anti-money laundering (AML) and counter-terrorist financing (CFT) regimes of the following jurisdictions: Iran, Uzbekistan, Turkmenistan, Pakistan, and São Tomé and Príncipe. (July 10, 2009)

Structuring by Casino Patrons and Personnel:
The Financial Crimes Enforcement Network (FinCEN) today issued an advisory on apparent structuring by casino patrons and personnel. Structuring is described as breaking up transactions for the purpose of evading Bank Secrecy Act (BSA) reporting or recordkeeping requirements. (July 1, 2009)

North Korea government agencies' and front companies' involvement in illicit financial activities:
The Financial Crimes Enforcement Network is issuing this advisory to supplement information previously provided regarding the involvment by the Democratic People's Republic of Korea government agencies and front companies' in illicit activities'. (June 18, 2009)

Special Due Diligence Programs for Certain Foreign Accounts:
An Assessment of the Final Rule Implementing Enhanced Due Diligence Provisions for Accounts of Certain Foreign Banks (March 2009)

Office of Thrift Supervision
Federal Education Pamphlet - Currency Transaction Reporting Requirement (March 31, 2009)

Office of Thrift Supervision
Federal Emergancy and USA Patriot Act Section 314(a) Contact Information (March 31, 2009)

The Federal Reserve Board
Federal Financial Regulatory Agencies Issue Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements (July 19 , 2007)

FinCEN Advisory
Transactions Involving Nigeria (May, 2007)

2007 National Money Laundering Strategy Released
Department of the Treasury (May 3, 2007)

FinCEN News
FinCEN Delays Implementation of Revised Suspicious Activity Report (SAR) Forms - Financial Institutions Should File Using Current Forms Until Further Notice (April 26, 2007)

FINCEN ADVISORY
Guidance to Financial Institutions on the Provisions of Financial Services to Belarusian Senior Regime Elements Engaged in Illicit Activities.

Best Practices on Spyware Prevention and Detection
FDIC

FinCEN's 314(a) Fact Sheet
Financial Crimes Enforcement Network (FinCEN)

The SAR Activity Review - May 2005
Financial Crimes Enforcement Network (FinCEN)

Financial Crimes Enforcement Network Signs Information Sharing Agreements with State Banking Agencies
Financial Crimes Enforcement Network (FinCEN)

Customer Identification Programs
Office of Thrift Supervision, Department of the Treasury

Financial Institutions Hotline relating to terrorist activity
Financial Crimes Enforcement Network (FinCEN)

Specially Designated Nationals (SDN) and Blocked Persons List
The Office of Foreign Assets Control (OFAC)

40 Recommendations to Combat Money Laundering
The Financial Actions Task Force (FATF)

Money Laundering: A Banker's Guide to Avoiding Problems
The Office of the Comptroller of the Currency (OCC) overviews current money laundering legislation and compliance issues.

BankersOnline Anti-Money Laundering Center - A comprehensive set of articles, links, and tools relating to anti-money laundering, anti-terrorism, the Bank Secrecy Act, enhanced due diligence, OFAC, and the USA PATRIOT Act.

FATF - The Financial Action Task Force on Money Laundering is an inter-governmental body whose purpose is the development and promotion of policies, both at national and international levels, to combat money laundering.

FINCEN - The Financial Crimes Enforcement Network works to maximize information sharing among law enforcement agencies and its other partners in the regulatory and financial communities in order to fight the complex problem of money laundering.

OCC - The Office of the Comptroller of the Currency charters, regulates, and supervises national banks to ensure a safe, sound and competitive banking system that supports the citizens, communities, and economy of the United States.

OFAC - The Office of Foreign Assets Control of the U.S. Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction.