FinCEN Warns on Healthcare Fraud, Proposes Whistleblower Pay
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.
How a Tiny Zurich Bank Became a Nexus for Risky Transactions
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.
U.S. Judge Strikes Down FinCEN Rule on Cash Real-Estate Purchases
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.
Treasury Staff and Lobbyists Oppose Plan to Make Banks Verify Citizenship
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.
Prominent UK Polo Patrons Tied to Alleged Illicit Funds at Shuttered Swiss Bank
U.S. officials have linked two prominent figures in English polo to an alleged scheme to launder proceeds from the illicit sale of Venezuelan oil, according to a Financial Times report that cited a recent Treasury Department notice about the now-defunct Swiss lender MBaer Merchant Bank.
FinCEN Expands Southwest-Border Geographic Targeting Order
FinCEN said Tuesday it has expanded a geographic targeting order (GTO) along the Southwest border, extending the measure into New Mexico for the first time and adding Maricopa and Pima counties in Arizona.
FinCEN Hits Canaccord Genuity with $80-Million Penalty
FinCEN said on Friday it had assessed an $80-million civil penalty against Canaccord Genuity LLC over AML failures tied to suspicious trading in OTC securities.
FinCEN Levies Sec. 311 Against Switzerland’s MBaer Bank
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on Thursday proposed a Section 311 “special measure” that, if finalized, would cut MBaer Merchant Bank AG off from the American financial system.
TFI’s Hurley to Exit After Objecting to Minneapolis Crackdown
A senior Treasury Department official is preparing to resign after privately raising objections to a White House-backed initiative aimed at alleged fraud tied to the Somali immigrant community in Minnesota.
White House May Task Banks with Reporting Client Citizenship Data
The White House may soon call on U.S. banks to collect and report citizenship data on their customers as part of the Trump administration’s crackdown on undocumented immigrants, according to new reporting by The Wall Street Journal.