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Treasury Identifies Cuban Dot Com |
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By
AM Henry, 25-OCT-04
The U.S. Department of the Treasury identified SERCUBA, an electronic money transfer business, as a national of Cuba.
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Treasury Designates Drug Cartel Traffickers |
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By
AM Henry, 14-OCT-04
The U.S. Department of the Treasury designated the financial network of the North Valle drug cartel by adding two of its leaders to its list of Specially Designated Narcotics Traffickers (SDNTs).
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FFIEC Announces InfoBase for Check 21 Available |
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By
AM Henry, 13-OCT-04
FFIEC announced that InfoBase, a source of training and basic information for Check 21, was available.
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OTS Signs Information Sharing Agreement with EU |
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By
AM Henry, 4-OCT-04
OTS announced that it signed an agreement with the European Commission (EC) regarding information sharing.
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Treasury Designates Two Foreign Banks |
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By
AM Henry, 24-AUG-04
The U.S. Department of the Treasury designated two foreign banks—First Merchant Bank of the “TurkishRepublic of Northern Cyprus (TRNC) and Infobank of Belarus.
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FinCEN Releases 314(a) Fact Sheet |
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By
AM Henry, 17-AUG-04
FinCEN released a fact sheet on Section 314(a) of the USA PATRIOT Act.
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FinCEN Releases SAR Activity Review |
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By
AM Henry, 16-AUG-04
FinCEN announced that has issued the 7th edition of The SAR Activity Review – Trends, Tips & Issues, which provides a list of “red flags”.
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Interagency Notice on USAPA Exam Procedures |
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By
AM Henry, 28-JUL-04
The federal financial regulatory agencies have issued Bank Secrecy Act (BSA) procedures for the examination of customer identification programs (CIP).
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FinCEN Issues Warning on Fraudulent E-Mails |
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By
AM Henry, 19-JUL-04
FinCEN released a warning on anti-terrorist stop order letters allegedly sent by them.
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FinCEN Releases MSB Registration List |
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By
AM Henry, 1-JUL-04
FinCEN) released its MSB Registration List containing 19,943 Money Services Businesses (MSBs).
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Treasury on Possible “Systemic Changes” in Regulatory Structure |
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By
AM Henry, 16-JUN-04
Treasury testified on the current developments within the department regarding its role in fighting terrorist financing and financial crimes as well as issues related to compliance and enforcement of the BSA.
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Interagency Notice on Account Policy for Foreign Governments |
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By
AM Henry, 15-JUN-04
On 15-June-2004, federal regulatory agencies released guidance to clarify the policy on accepting accounts from foreign governments, embassies and political figures.
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Another Loss for Patriot Act Provision |
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By
AM Henry, 10-JUN-04
Samir-Omar Al-Hussayen, a 34 year-old doctorate candidate from Saudi Arabia, has been acquitted of charges under a (USAPA stipulation.
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Treasury Designates Member of Terrorist Organization and Two Companies |
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By
AM Henry, 10-JUN-04
Treasury announced the designation of Assad Ahmad Barakat, a member of the Hizballah terrorist organization and two of his businesses, Casa Apollo and Barakat Import Export Ltda.
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CSO Magazine Survey Results on Security |
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By
AM Henry, 9-JUN-04
A CSO Magazine online survey of 476 chief security officers revealed beliefs, attitudes, budgets and plans for security in their organizations.
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National Day of Mourning Declared; Banks Close |
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By
JC Pucciarelli, 7-JUN-04
OCC has advised national banks they have the option of closing their offices on Friday in recognition of the National Day of Mourning for President Reagan.
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FinCEN Reaffirms its Role in Administering the BSA |
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By
AM Henry, 3-JUN-04
Director of FinCEN testified on FinCEN’s role in administering the Bank Secrecy Act including its current strengths and areas for improvement.
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OTS Reaffirms Patriot Act Compliance Mission and Plan |
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By
AM Henry, 3-JUN-04
The Director of OTS testified on the agency's role in administering the BSA as well as areas for improvement.
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Treasury Announces Islamic Finance Scholar-in-Residence |
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By
AM Henry, 2-JUN-04
Treasury announced that it has appointed Dr. Mahmoud El-Gamal as the first Islamic Finance Scholar-in-Residence.
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Treasury & Saudi Arabia Target & Designate Islamic Five Charities |
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By
AM Henry, 2-JUN-04
The Department of the Treasury announced that the United States and Saudi Arabia governments have jointly designated five more branches of the Al-Haramain Islamic Foundation (AHF).
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Treasury Speaks on Monetary Policy in Nigeria |
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By
AM Henry, 27-MAY-04
Treasury’s Under Secretary for International Affairs addressed the Money Market Association of Nigeria on the relation of monetary policy to a pro-growth economic policy.
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Safe Harbor Ruling on SARs |
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By
AM Henry, 24-MAY-04
On 24-May-2004, an interagency advisory was released on the scope of the safe harbor law in regards to disclosing suspicious activity reports (SARs).
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Outsourcing and Compliance—No Mistakes Allowed |
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By
AM Henry, 24-MAY-04
Some of the biggest obstacles facing outsourcing firms today is maintaining clients’ confidential data and compliance with stringent legislation.
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Privacy Czar for Federal Government |
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By
AM Henry, 21-MAY-04
Members of the House Select Committee on Homeland Security proposed a bill to establish a federal chief privacy officer at every agency and department of the federal government.
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OFAC Speaks on Extended Custodial Inventory Program |
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By
AM Henry, 20-MAY-04
The Director of the Office of Foreign Assets Control (OFAC) recently testified before the Committee on Banking, Housing and Urban Affairs on the Extended Custodial Inventory (ECI) Program and its relationship with the Federal Reserve Bank.
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FBI Speaks on Anti-Terror Efforts and USAPA |
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By
AM Henry, 20-MAY-04
FBI Director testified on the progress the FBI has made in its anti-terrorist efforts and the importance of the USA PATRIOT Act in this effort.
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Address by Nominee Levey for Under Secretary for Enforcement |
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By
AM Henry, 19-MAY-04
Principal Associate Deputy Attorney General, Stuart A. Levey spoke on behalf of his nomination for Under Secretary for Enforcement and as the new head of the office of Terrorism and Financial Intelligence at the Department of Treasury.
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Address by Nominee for Assistant Secretary of Terrorist Financing |
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By
AM Henry, 19-MAY-04
Deputy Assistant Secretary of for the Executive Office of Terrorist Financing and Financial Crimes, Juan C. Zarate, spoke on behalf of his nomination for Assistant Secretary of Terrorist Financing.
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Treasury Designates Individuals Associated with Uday Saddam Hussein |
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By
AM Henry, 18-MAY-04
Treasury announced that it has designated a group of group of six individuals and two associated companies that acted on or behalf of Uday Saddam Hussein to be submitted to the United Nations.
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ABA Testifies on Regulatory Burden |
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By
AM Henry, 17-MAY-04
A representative from the American Bankers Association (ABA), Brad Rock, Chairman and CEO of Bank of Smithtown testified on the regulatory burden on community banks.
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Treasury Speaks on Remittances and Highlights Study Results |
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By
AM Henry, 17-MAY-04
Deputy Secretary of the Treasury, Samuel W. Bodman, spoke at the Inter-American Development Bank (IDB) Conference on remittances and highlighted a study conducted by the Multilateral Investment Fund.
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Passports and the World of Biometrics |
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By
AM Henry, 15-MAY-04
The State Department is continuing efforts to implement upgrade passports by adding a biometric identification feature.
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Treasury Announces International Cooperation for Financial Crimes |
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By
AM Henry, 14-MAY-04
The U.S. Department of the Treasury announced that the cooperative law-enforcement efforts of the governments of Australia, Canada and Switzerland resulted in the sharing of almost $2 million in assets forfeited.
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Interagency Notice Seeking Comment on Complex Financial Transactions |
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By
AM Henry, 14-MAY-04
An interagency statement requests comment within 30 days on proposed internal controls and risk management procedures to assist financial institutions engaging in complex structured financial activities.
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Treasury Announces New Private Sector Coordinator |
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By
AM Henry, 13-MAY-04
Secretary John W. Snow announced the designation of a new private sector coordinator for critical financial infrastructure protection, Donald F. Donahue.
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Could Authority of Patriot Act Diminish?—President Bush Hopes Not |
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By
AM Henry, 12-MAY-04
President Bush recently embarked on a nationwide campaign to emphasize the renewal of the USA PATRIOT Act, but reports from The Hill indicate that many in Congress, Republicans included, would like to diminish the law’s scope.
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GAO: Agencies Face Coordination Challenges |
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By
AM Henry, 11-MAY-04
General Accounting Office (GAO) testified on money laundering and terrorist financing investigations and the coordination challenges faced by federal law enforcement agencies.
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Hudson United Expects FDIC to Charge Money Laundering |
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| |
By
AM Henry, 11-MAY-04
Hudson United Bancorp announced in its quarterly report that it anticipates the FDIC will bring an enforcement action against the bank for failure to comply with the Bank Secrecy Act and USA PATRIOT Act.
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Treasury Designates Syrian Bank Under USAPA Sec. 311 |
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| |
By
AM Henry, 11-MAY-04
Treasury announced that is has designated Commercial Bank of Syria and the Syrian Lebanese Commercial Bank, its subsidiary, to be of primary money laundering concern under the USA PATRIOT Act, Section 311.
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Treasury Speaks on Terrorist Financing |
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By
AM Henry, 11-MAY-04
The Director of the Executive Office for Terrorist Financing and Financial Crime spoke on Treasury’s role and efforts in combating terrorist financing.
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Secretary Snow Hails Community Bankers for USAPA Efforts |
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By
AM Henry, 10-MAY-04
Secretary John Snow hailed community bankers’ efforts in combating identity theft and their compliance with the USA PATRIOT Act.
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Treasury Highlights Role of Switzerland in Anti-Terrorist Financing |
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By
AM Henry, 27-APR-04
Treasury Deputy Assistant Secretary emphasized the importance of Switzerland’s cooperation against terrorist financing.
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Treasury Issues Statement on Breach of Financial Information Sharing |
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By
AM Henry, 24-APR-04
Treasury Secretary Snow and Minister Gil Diaz issued a statement on a breach of the bilateral agreement on financial information exchange.
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Secretary of Treasury Speaks on Role of IMF |
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| |
By
AM Henry, 24-APR-04
Secretary of Treasury, John W. Snow, spoke at an IMF Committee meeting on their critical role within the global economy including the implementation of anti-money laundering and terrorist financing standards.
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IMF Meeting Highlights Anti-Terror Financing Initiatives |
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By
AM Henry, 24-APR-04
On 24-April-2004, the IMF Financial Committee Meeting representatives discussed the current themes and issues addressed at the recent communiqué.
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Controversy: How Far Does the USA PATRIOT Act Extend? |
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| |
By
AM Henry, 23-APR-04
Samir-Omar Al-Hussayen, a 34 year-old graduate student from Saudi Arabia, has been charged under a USA PATRIOT Act (USAPA) stipulation that prohibits assistance to terrorist groups.
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U.S. to Ease Sanctions Against Libya |
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By
AM Henry, 23-APR-04
Announced by the Office of Public Affairs, the United States to rescind most of the sanctions against Libya.
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OTS Announces Proposed Ruling on Use of Medical Information for Credit |
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| |
By
AM Henry, 23-APR-04
On 23-April-2004, OTS along with other regulatory agencies issued a proposed rule under the Fair Credit Reporting Act (FCRA) on the use of medical information.
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Attorney General Announces Internet Piracy Enforcement |
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| |
By
AM Henry, 22-APR-04
Attorney General John Ashcroft today announced “Operation Fastlink”, the largest and most aggressive enforcement action to date against organizations involved in Internet-based intellectual property piracy.
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test5 |
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By
AM Henry, 22-APR-04
Jules Muis, chief auditor of the European Commission, admitted the need for change within the European Commission in an interview with the BBC.
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President Bush on “Lasting Prosperity” and Patriot Act |
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By
AM Henry, 21-APR-04
President Bush spoke at the Newspaper Association of America’s Annual Convention in which he outlined a “path for lasting prosperity.”
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FinCEN Statement on Unauthorized SAR Disclosures |
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| |
By
AM Henry, 20-APR-04
FinCEN has released a statement from Director, William J. Fox, on the unauthorized disclosure of suspicious activity reports (SARs) deeming the action as a violation of federal criminal law.
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President Bush Endorses USA PATRIOT Act in Buffalo, New York |
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| |
By
AM Henry, 20-APR-04
In the face of the 31-December-2005 deadline for USAPA sunset provisions to expire, President Bush delivered a critical policy statement on the USA PATRIOT Act.
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President Bush Says, “The Patriot Act defends our liberty” |
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| |
By
AM Henry, 19-APR-04
President Bush addressed the Hershey Lodge and Convention Center of Hershey, Pennsylvania on the vital importance of the USA PATRIOT Act.
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President Bush Strongly Supports Patriot Act in Radio Address |
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| |
By
AM Henry, 17-APR-04
In a radio address to the American people, President George Bush focused exclusively on the USA PATRIOT Act and the need to renew key elements.
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Bank Linked To Money Laundering Investigation |
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| |
By
AM Henry, 16-APR-04
Riggs Bank of Washington is under investigation by FinCEN the OCC and a federal grand jury for its connection to money laundering crimes.
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Treasury Designates Front Companies and Individuals of Iraqi Regime |
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By
AM Henry, 15-APR-04
Treasury announced that it has designated a group of front companies and individuals from the former Iraqi regime.
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Treasury Addresses Identity Theft and FACT Act |
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By
AM Henry, 15-APR-04
Treasury spoke on identity theft and the Fair and Accurate Credit Transactions Act (FACT) of 2003 in an address at the National Association of Federal Credit Unions Identity Theft seminar.
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Graduate Student on Trial for USAPA Violations |
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| |
By
AM Henry, 14-APR-04
As reported by the Washington Post, Samir-Omar Al-Hussayen, a 34 year-old graduate student at the University of Idaho, is on trial for USA PATRIOT Act (USAPA) violations.
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President Bush’s Prime Time Address to the Nation |
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| |
By
AM Henry, 13-APR-04
On 13-April-2004, President Bush spoke to the nation in a rare prime time address on the war in Iraq and subsequently the war on terror.
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Treasury Addresses Protection of Charitable Giving |
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| |
By
AM Henry, 13-APR-04
DAS, Juan C. Zarate, spoke on “protecting the sanctity of charitable giving” in his address to the Islamic Society of North America’s Fifth Annual Education event.
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FinCEN Special Measures Against Myanmar Mayflower & Asia Wealth Bank |
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| |
By
AM Henry, 12-APR-04
FinCEN released the final rule on the “Imposition of Special Measures Against Myanmar Mayflower Bank & Asia Wealth Bank” which designates these two financial institutions located in Burma of primary money laundering concern under the USA PATRIOT Act.
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FinCEN Special Measures Against Burma |
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| |
By
AM Henry, 12-APR-04
FinCEN released the final rule on the “Imposition of Special Measures Against Burma” which designates Burma also known as Myanmar a primary money laundering concern area under the USA PATRIOT Act.
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FinCEN Issues Proposed Transportation of Currency Rule |
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| |
By
AM Henry, 9-APR-04
FinCEN released a notice and request for comments on proposed reporting changes: the “Report of International Transportation of Currency or Monetary Instruments” being separated into two forms, CMIR 105 and CMIR 106.
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Condoleezza Rice Cites Patriot Act Before 9/11 Commission |
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| |
By
AM Henry, 8-APR-04
Dr. Condoleezza Rice, testified before the National Commission on Terrorist Attacks Upon the United States and specifically outlined the Bush Administration’s actions prior to and after 9/11 in deterring terrorist attacks.
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OTS Announces New Interest-Rate Risk Exposure Form |
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By
AM Henry, 5-APR-04
OTS announced that it will utilize a new form, Schedule Risk Exposure Data (RED), to collect interest-rate risk exposure to improve its measurement of net portfolio value and interest rate sensitivity.
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OFAC Rules Information Sharing with Sanctioned Countries Permitted |
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By
AM Henry, 5-APR-04
Treasury announced that OFAC issued a ruling to the Institute of Electrical and Electronic Engineers (IEEE) that it does not regulate the exchange of scholarly papers from sanctioned countries with respect to the peer review process or style and copyediting procedures.
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IMF, World Bank Maintain Focus on AML/CFT Efforts |
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| |
By
AM Henry, 2-APR-04
The IMF and World Bank Executive Boards reviewed the results of a 12 month anti-money laundering and terror financing pilot program and decided they will jointly continue efforts in these areas.
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FinCEN Announces Removal of Ukraine Non-Cooperative List |
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| |
By
AM Henry, 1-APR-04
FinCEN announced that Advisory Issue 29W, which listed the Ukraine as a non-cooperative country via the Financial Action Task Force (FATF) decision is withdrawn.
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FinCEN Announces Removal of Egypt from Non-Cooperative List |
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By
AM Henry, 1-APR-04
FinCEN announced that Advisory Issue 30W, which listed the Arab Republic of Egypt as a non-cooperative country via the Financial Action Task Force (FATF) decision is withdrawn.
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UK Financial Services Companies Report Inadequate AML Programs |
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By
AM Henry, 1-APR-04
Several UK stockbrokers, banks and insurance companies reported that their current anti-money laundering programs were inadequate and left them exposed to financial penalties assessed by the Financial Service Authority (FSA).
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OTS Releases Guidance on AML/BSA Enforcement Authority |
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| |
By
AM Henry, 31-MAR-04
On 31-March-2004, The Office of Thrift Supervision (OTS) issued a regulatory bulletin, “Supplemental Guidance on the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) Programs."
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OTS Announces Release of Retail Payment Systems Guidance |
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| |
By
AM Henry, 31-MAR-04
OTS announced that the Federal Institutions Examination Council (FFIEC) issued a new booklet, Retail Payment Systems, to provide guidance to examiners, financial institutions and technology service providers on risk management associated with such systems.
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FinCEN Rules on Money Services Business Definition |
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| |
By
AM Henry, 29-MAR-04
FinCEN has released a report on its Ruling 2004-1-Definition of Money Services Business.
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Climate of Risk; OTS Recommends Conservativism |
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| |
By
AM Henry, 26-MAR-04
OTS has issued a memorandum, “Risk Management Practices in the Current Interest Rate Environment,” which outlines their risk management concerns caused by the historically low interest rates.
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Treasury Announces Policy on Misconduct Loss Claims |
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| |
By
AM Henry, 25-MAR-04
Treasury and the IRS announced that taxpayers cannot claim losses as theft sustained by decreases in stock market value that are attributable to corporate misconduct.
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Money Laundering Scheme Uncovered |
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| |
By
AM Henry, 24-MAR-04
The FBI and the Salt Lake City Police Department's Financial Crimes Unit uncovered an international money laundering scheme while investigating local loan fraud.
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Treasury Addresses U.S./Saudi Efforts Against Terrorist Financing |
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| |
By
AM Henry, 24-MAR-04
Deputy Assistant Secretary of for the Executive Office of Terrorist Financing and Financial Crimes spoke on the topic of the U.S. government’s coordination with Saudi Arabia to combat terrorist financing.
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GAO Assesses FBI Transformation Progress |
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| |
By
AM Henry, 23-MAR-04
GAO released its assessment of the “FBI Transformation: FBI Continues to Make Progress in its Efforts to Transform and Address Priorities,” to highlight the areas in which progress was made and to identify which areas are still in need of improvement.
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Secretary of State Announces New Foreign Terrorist Organization |
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| |
By
AM Henry, 22-MAR-04
The group, Ansar al-Islam, has been designated a foreign terrorist organization (FTO).
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Treasury Designates Al Qaeda Members in Italy |
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| |
By
AM Henry, 18-MAR-04
Treasury announced that it has designated ten more individuals as members of the al Qaeda terrorist organization.
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Treasury Designates Former Iraqi Regime Family Members |
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| |
By
AM Henry, 18-MAR-04
Treasury announced that it has designated 16 immediate family members of senior officials of the former Iraqi regime under Executive Order 13315.
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FBI Director Testifies on FY05 Budget Before House Appropriations |
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| |
By
AM Henry, 17-MAR-04
FBI Director Robert S. Mueller III testified before the House Appropriations Subcommittee on behalf of the fiscal year 2005 budget.
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Enforcement Action Against FleetBoston and Bank of America |
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| |
By
AM Henry, 15-MAR-04
The SEC and AG Eliot Spitzer today jointly announced a $675 million settlement agreement with Fleet and BOA for illegal market timing and late trading practices.
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Former Congressional Aide Charged with Spying & Financial Crimes |
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| |
By
AM Henry, 11-MAR-04
A former congressional aide has been charged with acting as a spy for the Iraqi Intelligence Service (IIS) and engaging in prohibited financial transactions with the government of Iraq under Saddam Hussein.
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Treasury Reorganizes - New Anti-Terrorist Financing Office Announced |
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| |
By
AM Henry, 8-MAR-04
The Administration announced a new office, the Office of Terrorism and Financial Intelligence (TFI) under the Department of Treasury.
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Counterterrorism Agent Speaks on Terrorist Financing Efforts |
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| |
By
AM Henry, 4-MAR-04
The Acting Assistant Director of the FBI's Counterterrorism Division addressed a Senate Caucus on International Narcotics Control on terrorist financing.
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Treasury Staff Member Testifies on Money Laundering at Senate Caucus |
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| |
By
AM Henry, 4-MAR-04
Treasury Deputy Assistant Secretary , Juan C. Zarate, testified before a Senate Caucus on International Narcotics Control on combating money laundering and terrorist financing.
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“Financial Innovation Outpaces Regulator’s Capacity” |
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| |
By
AM Henry, 1-MAR-04
Acting Undersecretary for Domestic Finance, Brian Roseboro, recently addressed the Institute of International Bankers on Treasury’s policies and initiatives in the financial services sector.
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FATF Actions to Deter Money Laundering and Terrorist Financing |
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| |
By
AM Henry, 27-FEB-04
FATF announced several important developments in the fight against terrorist financing and money laundering.
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SEC Announces Delay in Implementing Section 404 of SOX |
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| |
By
AM Henry, 26-FEB-04
The Securities and Exchange Commission announced the second postponement of Section 404 - Management Assessment of Internal Controls of The Sarbanes-Oxley Act of 2002.
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Secretary Snow Thanks Credit Unions For Compliance Efforts |
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By
E. Herrera, 23-FEB-04
Secretary Snow's spoke at a recent credit union conference making several points: 1) thanked participantsfor their resolve to curtail terrorist financing, 2) cited them for exemplary compliance with Section 314 and 3) he discussed the risk-based procedures to verify customer identity.
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Treasury Announces Search Warrant Against Al Haramain Foundation |
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By
AM Henry, 19-FEB-04
Treasury announced a federal search warrant led by the Internal Revenue Service against the Al Haramain Foundation.
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Treasury Releases Details on FY2005 Budget Proposal |
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By
AM Henry, 2-FEB-04
Treasury announced a proposed fiscal year 2005 budget of $11.68 billion, a 4.5 percent increase from the Fiscal Year 2004 budget.
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E-mail Phishing Scam Attempts Identity Theft |
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By
AM Henry, 30-JAN-04
Assistant Secretary of the Treasury for Financial Institutions, Wayne A. Aberthany, warned of an identity theft e-mail scam that requests victims to provide personal information over the Internet.
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