All banks, casinos, brokerage firms, or financial institutions that transfer money must notify FinCEN of any cash transaction over $10,000 in value, as well as any other "suspicious" activity. An interesting side effect of this is that the FinCEN paperwork - in which a legal name must be given - is being used by casinos to catch some of the higher-volume blackjack card counters.
FinCEN officials said that the proposed MSB regulations were given priority because FinCEN concluded that Treasury needed to pay more attention to updating the way the BSA applies to MSBs and to equalize the money laundering controls to which various types of financial institutions are subject.
FinCEN also indicated that the federal banking regulatory agencies may be less inclined to assess BSA penalties and will instead use their present non-BSA authorities under the general examination powers granted to them (i.e., Title 12 of the U.S. Code).
FinCEN's Office of Compliance and Regulatory Enforcement determines whether civil penalties should be assessed against individuals or financial institutions and their officers, employees, and individuals, and if so, the amount of the penalty.
Feeds |
Contact