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FinCEN Hopes to Issue New Anti-money Laundering Regulations in 2023
During his keynote address at the ABA/ABA Financial Crimes Enforcement Conference, FinCEN Acting Director Himamauli Das said the agency is considering comments to the Advance Notice of Proposed Rulemaking (ANPR) issued last December and hopes to issue new anti-money laundering rulemakings in in 2023.
Ransomware Incidents Skyrocket in 2021, FinCEN Reports
FinCEN received 1,489 ransomware-related filings worth nearly $1.2 billion in 2021, according to latest analysis of Bank Secrecy Act filings. Read on for detection and mitigation recommendations and how to report suspicious cyber activity.
FinCEN Renews and Expands Real Estate Geographic Targeting Orders
On Oct. 26, the Financial Crimes Enforcement Network (FinCEN) renewed and once again expanded its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate. The terms of the GTOs are effective through April 24, 2023. The expanded geographic coverage of the GTOs now includes counties encompassing the Texas cities of Houston and Laredo. The effective period of the GTOs for purchases in these newly added areas begins on Nov. 25, 2022.
FinCEN Issues Final Rule for Beneficial Ownership Reporting
The Financial Crimes Enforcement Network (FinCEN) on Sept. 29 issued a final rule implementing its new beneficial ownership information (BOI) reporting requirements. This is the first of three rules that FinCEN is putting out to implement the Corporate Transparency Act (CTA). ALTA has been actively engaged with FinCEN as a part of this process and submitted two comment letters as a part of the rulemaking.
titleLOOK Introduces QC Alerts
The new quality control feature that analyzes all title reports for specific phrases, exception types and customized clearance scores. The service can also target sub-sections such as legal descriptions, notes or requirements, according to titleLOOK.
ALTA Secures BEC Language in House Appropriations Bills
This language directs the respective agencies to report on efforts to combat and raise awareness of business email compromise (BEC) schemes and collaborate with industry partners to address threats.
FinCEN Expands, Renews Geographic Targeting Orders; Thanks ALTA, Industry for Continued Help
The Financial Crimes Enforcement Network (FinCEN) expanded and renewed its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The new order ends Oct. 26. In the announcement, FinCEN said it appreciates the continued assistance and cooperation of title insurance companies and ALTA in protecting real estate markets from abuse by illicit actors. Read on to see which jurisdictions are now included.
What to Expect at ALTA Advocacy Summit: An Update from Capitol Hill
Several issues that will affect housing and mortgage finance are being discussed at the federal level. Among the topics are initiatives to increase housing affordability, which has policymakers, regulators and other entities looking at a variety of financial services industries and how they are serving consumers. This includes Fannie Mae and Freddie Mac, the Federal Housing Finance Agency and the Consumer Financial Protection Bureau. Industry-specific legislation, such as the SECURE Notarization Act, also could impact your operation. Register for this free AccuTitle-sponsored ALTA Insights webinar to get a snapshot of what’s coming up on Capitol Hill, while learning more about this year’s ALTA Advocacy Summit and the opportunity to tell our industry’s story. You'll walk away understanding the importance of advocacy and why you need to register for ALTA Advocacy Summit, May 16-18 in Washington, D.C.
ALTA Submits Comments to FinCEN Regarding Proposed Anti-money Laundering Regulations
ALTA submitted a letter to FinCEN in response to the agency’s potential rule that would address the vulnerability of the U.S. real estate market to money laundering and other illicit activity. ALTA recommended FinCEN develop tailored and specific transaction reporting requirements for the all-cash real estate transactions involving corporate entities and should finalize regulations for the development of a beneficial ownership database required under the Corporate Transparency Act (CTA).
Advocacy Update
In this week's Advocacy Update, ALTA CEO Diane Tomb discusses what CFPB Director Rohit Chopra said during a Q&A discussing the bureau's larger plans and recent request for public comment on "junk fees." Tomb also shares that ALTA will submit comments to FinCEN regarding the agency's Advanced Notice of Proposed Rulemaking (ANPRM) on Anti-Money Laundering Regulations for Real Estate Transactions. This week's Advocacy Update also touches on FEMA's plans to move into the final stages of overhauling the National Flood Insurance Program and a hearing before the House Financial Services Committee on stablecoins.
FinCen Proposes SARs Sharing Program to Combat Money Laundering
The proposed pilot program would permit a financial institution with an obligation to file suspicious activity reports to share the SARs and related information with the institution’s foreign branches, subsidiaries and affiliates for the purpose of combating illicit finance risks, subject to approval and conditions set by the Financial Crimes Enforcement Network (FinCEN).