On January 12, 2024, FinCEN updated its Frequently Asked Questions on Beneficial Ownership Information Reporting. The FAQs aim to provide answers to inquiries received relating to the Beneficial Ownership Information Reporting Rule.

On January 12, 2024, FinCEN re-published the FAQs regarding implementation of the Paycheck Protection Program (PPP) particularly those that involve explaining the requirements under the Bank Secrecy Act (BSA). FinCEN also a added a new Question and Answer.

On January 9, 2024, FinCEN issued a Financial Trend Analysis on information linked to identity-related suspicious activity in Bank Secrecy Act reports filed from January to December 2021. FinCEN’s analysis found that approximately 1.6 million reports (42% of the reports filed that year) related to identity or $212 billion in suspicious activity.

On January 1, 2024, FinCEN began accepting beneficial ownership information reports. The BOI reporting rule requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.

On December 21, 2023, FinCEN issued a final rule that establishes the framework for access to and protection of beneficial ownership information (BOI). The final rule prescribes the circumstances under which BOI reported in compliance with FinCEN’s September 30, 2022 final BOI Reporting Rule may be disclosed to Federal agencies; state, local, tribal, and foreign governments; and financial institutions, and how it must be protected. 

On December 12, 2023, FinCEN updated its Frequently Asked Questions on Beneficial Ownership Information Reporting. The FAQs aim to provide answers to inquiries received relating to the Beneficial Ownership Information Reporting Rule.

On November 29, 2023, FinCEN issued a final rule that extends the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports with FinCEN. Through the final rule, reporting companies created or registered in 2024 will now have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports.

On November 27, 2023, FinCEN and twelve other financial intelligence units (FIUs) issued a public statement recognizing the formation of a task force of like-minded FIUs who aim to strengthen efforts to disrupt international financial flows to Hamas and other terrorist organizations. Counter Terrorist Financing Taskforce – Israel (CTFTI) was established immediately following the brutal terror attacks by Hamas against Israel on October 7, 2023.

On November 22, 2023, FinCEN, in close coordination with the Internal Revenue Service Criminal Investigation (CI), issued an alert to financial institutions on fraud schemes related to the COVID-19 Employee Retention Credit (ERC). The alert provides an overview of typologies associated with ERC fraud and scams, highlights select red flags to assist financial institutions in identifying and reporting suspicious activity and reminds financial institutions of their reporting requirements under the BSA.

On November 21, 2023, FinCEN took unprecedented action to hold Binance Holdings Ltd. and several affiliates accountable for willful violations of the Bank Secrecy Act and its implementing regulations.