Tekapult
FEDERAL LAW DESK REFERENCE FOR CORPORATE COMPLIANCE
Federal Regulations and Agency Guidance Organized by Risk-Specific tPrimers
FinCEN Financial Crime Regulations
FINCEN – Currency Reporting and Transportation Regulations
The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Treasury, enforces regulations on cross-border currency transactions exceeding $10,000 in cash by people entering or leaving the United States. FinCEN monitors financial transactions conducted by individuals and organizations worldwide. For travelers within the United States, there is no federal law that limits how much cash may be transported on domestic flights or by other means within the country. FinCEN requires financial institutions to file Suspicious Activity Reports and prohibits the division of transactions to bypass reporting requirements.
FINCEN – Compliance with Beneficial Ownership
Information Reporting Regulations
The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Treasury, enforces regulations on beneficial ownership information reporting by entities formed under foreign law that has registered to do business in the United States. FinCEN may bring enforcement actions for violations of Beneficial Ownership Information reporting requirements. The BOI report must disclose those who ultimately own or control the company. The report is required to be updated if the information changes. Entities may also be exempt from reporting if they qualify.
FINCEN – Enforcement of Anti-Money Laundering
and Countering the Financing of Terrorism Regulations
The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Treasury, enforces regulations governing anti-money laundering and counter-terrorism programs. Regulations impose compliance duties on banks, securities brokers and advisors, insurance companies, and people involved in the trade of antiquities, such as dealers. FinCEN monitors financial transactions worldwide and may bring enforcement actions for violations of requirements of the federal anti-money laundering and counter-terrorism financing statutes. FinCEN regulations require financial institutions to implement Customer Due Diligence systems to monitor their clients. FinCEN may also send targeted requests to financial institutions, directing them to search for records regarding individuals or entities suspected of involvement in money laundering or terrorism financing. Companies must maintain structured risk-assessment programs, including regular reviews and audits.