Tagged: FinCen guidance

FinCEN Issues Human Trafficking Advisory (Part II of II)

Elizabeth Slim, Senior Consultant at The Volkov Law Group, joins us for part II of her postings on the problem of human trafficking and recent guidance issued by FinCEN.  Elizabeth can be reached at eslim@volkovlaw.com. Human traffickers, like all criminals, rely on the international financial system to facilitate their crimes and to disguise proceeds from their illegal activities.  Traffickers open bank accounts to deposit and...

FinCEN Issues Guidance for Beneficial Ownership Regulations

Financial institutions face an important deadline – May 11, 2018 is the effective date for the new customer due diligence regulations governing beneficial ownership requirements.  FinCEN provided financial institutions nearly two years to prepare for the implementation date. FinCEN issued comprehensive guidance on the new regulations and has sought to clarify as many issues as possible.  (See HERE for Copy).  There is no question that...