FinCEN

The Ninth Circuit upheld a block on the Treasury Department’s FinCEN rule requiring cash transaction reports for border businesses, ruling the agency likely bypassed federal rulemaking requirements and failed to consider compliance costs. The decision supports a preliminary injunction against the rule, which targeted money laundering by Mexican cartels.

Regulators issue guidance to remind banks of their obligations to assess credit risk for borrowers unauthorized to work in the U.S., part of broader Trump administration efforts to limit access to the financial system by individuals living illegally in the country. The guidance highlights risks such as deportation affecting loan repayment and aligns with an executive order requiring banks to scrutinize customer citizenship.

The Trump administration is implementing measures to restrict access to the U.S. financial system by individuals living illegally in the country, with regulators issuing guidance to banks about assessing credit risks from unauthorized borrowers. Financial institutions are urged to consider deportation risks when evaluating loan repayments, following an executive order in May requiring closer scrutiny of customer citizenship.

The Trump administration, through three major bank regulators, is issuing new guidance to address credit risk from borrowers in the U.S. illegally. The guidance emphasizes banks' obligations to assess repayment capacity and monitor risks tied to unauthorized borrowers, aligning with an executive order from May 2017 requiring stricter scrutiny of customer citizenship.

The DOJ seized a cloud computing account belonging to Huione Group, which was used to launder billions in fraud proceeds. FinCEN designated Huione Group as a primary money laundering concern under the USA Patriot Act last year.

El gobierno de Trump exige a los bancos identificar esquemas financieros vinculados a trabajadores indocumentados. FinCEN emitió un aviso pidiendo alerta sobre robo de identidad y lavado de dinero, como parte de una orden ejecutiva que busca reforzar el control migratorio sin imponer requisitos obligatorios de recopilación de información de ciudadanía.

U.S. Senator Richard Blumenthal has requested updates from the Justice Department and FinCEN on Binance's compliance oversight, citing concerns over Iranian-linked crypto transactions and weak anti-money laundering controls. Senate Democrats, including Mark Warner and Elizabeth Warren, have also demanded a review of Binance's sanctions compliance following allegations of dismissals of internal investigators and $1.7 billion in Iranian-linked transactions.