A Record Enforcement Action With a Clear Compliance Message On October 13, 2026, the U.S. Department of the Treasury announced more than $1.21 billion in penalties against Bank of America for violations involving anti-money laundering and sanctions requirements. The enforcement actions included a $1.2 billion penalty assessed by the Financial Crimes Enforcement Network (FinCEN), a […]
Issued September 2, 2026, the Joint Statement on Suspicious Activity Report Confidentiality Considerations Regarding Communications with Customers confirms that suspicious activity report (SAR) confidentiality and customer communication are not mutually exclusive. The statement was issued by the Financial Crimes Enforcement Network (FinCEN), the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union […]
On August 7, 2026, the Financial Crimes Enforcement Network (FinCEN) renewed the Minnesota Geographical Targeting Order (GTO) for another 180 days, extending one of the most closely watched GTOs affecting money services businesses (MSBs) operating in Hennepin and Ramsey Counties. The Minnesota GTO renewal continues to reinforce a broader shift in federal AML/CFT enforcement: regulators […]
On August 11, 2026, the Financial Crimes Enforcement Network (FinCEN) finalized a rule that exempts U.S. companies and U.S. persons from the federal Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). For Money Services Businesses (MSBs), there is an important distinction to understand; this new rule does not change any AML […]
On June 12, 2026, the Financial Crimes Enforcement Network (FinCEN) issued updated guidance clarifying how financial institutions, including money services businesses (MSBs), may use Section 314(b) of the USA PATRIOT Act to share information about suspected fraud. While many institutions have historically associated 314(b) information sharing with money laundering and terrorist financing investigations, FinCEN’s latest […]
