FinCEN

U.S. banks have heard little from the Trump administration about the scope of an expected executive order that would require them to collect citizenship or immigration-status data on their customers, leaving the industry warning of multibillion-dollar costs and the prospect of millions of Americans being shut out of the banking system.

The Trump administration’s decision to reclassify marijuana as a less dangerous drug marks a milestone for the cannabis industry, but experts and executives say it falls well short of ending the sector’s longstanding exile from the mainstream financial system.

A Republican-led U.S. House committee voted on Tuesday to advance legislation that would exempt American limited liability companies and other businesses from reporting on their beneficial owners under the Corporate Transparency Act.

U.S. House Republicans are threatening to block all funding for the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) until the agency finalizes a rule requiring companies to report beneficial ownership information.

The U.S. Treasury Department on Wednesday proposed new anti-money-laundering and sanctions-compliance rules for permitted payment stablecoin issuers, marking a major step in implementing the 2025 GENIUS Act and expanding federal oversight of the sector.

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Tuesday proposed a broad rewrite of anti-money-laundering and counterterrorism-financing rules that would shift the focus of compliance from technical box-checking to whether a financial institution’s controls are actually effective. 

The U.S. Financial Crimes Enforcement Network (FinCEN) on Monday issued an advisory urging banks and other financial institutions to step up detection and reporting of healthcare fraud tied to Medicare, Medicaid and other public health benefit programs.

It was a tiny Swiss bank, headquartered in an open-plan office close to Lake Zurich and little known abroad. But MBaer Merchant Bank AG would sometimes charge clients 10 times the normal rate to process payments.

A U.S. judge has struck down a Treasury Department rule that required disclosure of the beneficial owners of companies making all-cash real estate purchases, dealing a setback to a Biden-era effort to curb money laundering through the property market.

Career officials at the U.S. Treasury Department are pushing back against a Trump administration effort that could require banks to verify customers’ citizenship information, as lenders warn the idea would be costly, difficult to implement, and potentially harmful to the economy.