Money Laundering Watch

Money Laundering Watch is a dedicated blog that brings you the most recent updates and happenings in the field of money laundering. Our team of writers offers valuable analysis to help you understand the bigger picture. We cover trends in compliance and enforcement, actions taken by federal and state agencies, changes in regulations, notable legal cases, and global initiatives.

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Are Four Digits Enough? FinCEN Seeks Comments on the CIP Rule’s SSN Collection Requirement

Apr 1, 2024 | moneylaunderingnews.com | Beth Moskow-Schnoll

On March 28, 2024, the Financial Crimes Enforcement Network (FinCEN), in consultation with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Board of Governors of the Federal Reserve System, issued a request for information (RFI).
Fighting Crypto Crime: A Guest Blog.

Mar 28, 2024 | moneylaunderingnews.com | Peter Hardy

Today we are very pleased to welcome guest blogger Lili Infante, who is the CEO of CAT Labs – a tech company building digital asset recovery and quantum-resistant cryptography tools to fight crypto crime. Lili previously spent a decade as a DEA Special Agent with the U.S. Department of Justice and pioneered an early federal task force focusing exclusively on crypto and dark web crimes.
Tax Audits, Investigations and Global Enforcement: A Podcast

Mar 6, 2024 | moneylaunderingnews.com | Peter Hardy |Christopher Jones |Siana Danch

We are very fortunate to have Special Agent Jonathan Schnatz as our guest speaker in this podcast on international efforts to investigate tax evasion and money laundering, and how they relate to criminal investigations and civil audits of U.S. businesses and individuals.
Former Big Law Lawyer Sentenced to 10 Years in Prison for Allegedly Laundering $400 Million in Crypto Client Funds

Feb 12, 2024 | moneylaunderingnews.com | Peter Hardy |Siana Danch

As we have blogged, the Department of Justice (“DOJ”) has been busy lately in regards to money laundering and Bank Secrecy Act (“BSA”) / Anti-Money Laundering (“AML”) prosecutions. In our first blog post in this three-part series, we discussed a significant prosecution of an individual, and two related corporate non-prosecution agreements involving the gaming industry.
Criminal Case Round-Up: Recent Prosecutions Involving Casinos

Jan 31, 2024 | moneylaunderingnews.com | Peter Hardy

The Department of Justice (“DOJ”) has been very active in the Bank Secrecy Act (“BSA”) / Anti-Money Laundering (“AML”) space, as reflected by a recent series of individual prosecutions and corporate non-prosecution agreements (“NPAs”). In this first blog post, we will discuss a significant prosecution of an individual, and two related corporate NPAs, involving the gaming industry.
Money Laundering Watch: 2023 Year in Review

Jan 3, 2024 | moneylaunderingnews.com | Peter Hardy |Celia Cohen |Terence M. Grugan |Beth Moskow-Schnoll

Farewell to 2023, and welcome 2024. As we do every year, let’s look back.
FinCEN and BIS Issue Joint Notice on SAR Filings for Evasion of U.S. Export Controls

Nov 9, 2023 | moneylaunderingnews.com | Peter Hardy

The Financial Crimes Enforcement Network (“FinCEN”) and the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) recently issued Joint Notice FIN-2023-NTC2, “Announnc[ing] New Reporting Key Term and Highlight[ing] Red Flags Relating to Global Evasion of U.S. Export Controls” (the “Joint Notice”).
FinCEN Analysis Reveals Patterns and Trends in Suspected Evasion of Russia-Related Export Controls

Sep 15, 2023 | moneylaunderingnews.com | Beth Moskow-Schnoll

Following Russia’s invasion of Ukraine, the Financial Crimes Enforcement Network (“FinCEN”) and the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued a joint alert and a supplemental alert (the “Joint Alerts”) urging U.S. financial institutions (“FIs”) to be attentive to attempts by Russia to evade U.S. sanctions and export controls.
“Pig Butchering”: FinCEN Issues Alert on Virtual Currency Scam

Sep 13, 2023 | moneylaunderingnews.com | Peter Hardy |Kaley Schafer

On September 8, 2023, the Financial Crimes Enforcement Network (“FinCEN”) released an alert regarding a notorious virtual currency scam called “pig butchering,” because, unfortunately, it resembles the “fattening a hog before slaughter.” These scams are primarily perpetrated by criminal organizations in Southeast Asia where these scams are also called “Sha Zhu Pan.” The unwitting victims are the so-called “pigs,” who, according to various U.S. law enforcement sources, have lost billions of...
Switzerland Proposes Due Diligence for Attorneys and Broader Beneficial Owner Reporting Laws

Sep 7, 2023 | moneylaunderingnews.com | Siana Danch

On August 30, 2023, the Federal Council of Switzerland announced proposed laws (the “Press Release”) to strengthen its anti-money laundering (“AML”) efforts in important ways. The proposal includes an obligation for attorneys and other advisers to conduct due diligence; the creation of a centralized, non-public register of beneficial owners (“BO”); and new measures concerning sanctions violations, real estate transactions, and precious metal traders.