Suspicious Activity Reporting and Business Email Compromise

FinCEN, the Financial Crimes Enforcement Network, doesn't publish too many alerts. In fact, for the first half of 2019, it had published only nine news items. So when it published three on a single day in July 2019 on one subject alone, it's clear that one subject had gotten its attention. The focus of this [...]

By |2019-08-23T15:15:16+00:00August 23rd, 2019|Bank Secrecy Act/Anti-Money Laundering|Comments Off on Suspicious Activity Reporting and Business Email Compromise

True Beneficiaries and BSA

FinCEN recently highlighted the work of a financial institution that involved Suspicious Activity Reporting and Currency Transaction Reporting as it pertains to true beneficiaries. In this case, the bad actors recruited heroin addicts to steal certain types of goods from stores in the Chicago area. They exchanged their stolen goods for cash from small stores [...]

By |2019-08-14T19:48:14+00:00August 14th, 2019|Bank Secrecy Act/Anti-Money Laundering|Comments Off on True Beneficiaries and BSA
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