In February 2024, the OCC announced it had issued a consent order against Blue Ridge Bank, N.A. for, among other things, violations related to their BSA program. Specifically, the consent order states that the bank has failed to establish and maintain a reasonably designed BSA /ML program that adequately covers required BSA/AML program components. 

In February 2024, FinCEN published the Small Entity Compliance Guide for Beneficial Ownership Information Access and Safeguards Requirements intended to help small entities comply with the Beneficial Ownership Information Access and Safeguards Rule. The Compliance Guide provides an overview of the Beneficial Ownership Information Access and Safeguards Rule requirements for small entities that obtain BOI from FinCEN.

On February 13, 2024, FinCEN issued a proposed rule to keep criminals and foreign adversaries from exploiting the U.S. financial system and assets through investment advisers.  The proposed rule aims to include certain investment advisers in the definition of “financial institution” under the BSA, prescribe minimum standards for anti-money laundering/countering the financing of terrorism (AML/CFT) programs to be established by covered investment advisers, require covered investment advisers to report suspicious activity to FinCEN pursuant to the BSA, and make several other related changes to FinCEN regulations. 

On February 13, 2024, FinCEN issued a Financial Trend Analysis (FTA)  reflecting an increase in BSA reporting associated with the use of convertible virtual currency (CVC) and online child sexual exploitation (OCSE) and human trafficking, covering the period from January 2020 to December 2021. According to FinCEN, they received a total of 2,311 BSA reports referencing CVC in connection with OCSE and human trafficking, totaling over $412 million in reported suspicious activity.

On February 7, 2024, FinCEN issued a proposed rule to require certain persons involved in real estate closings and settlements to submit reports and keep records on identified non-financed transfers of residential real property to specified legal entities and trusts on a nationwide basis. Transfers made directly to an individual would not be covered by this proposed rule.

On February 5, 2024, FinCEN issued a notice and request for comments regarding the renewal, without change, of existing information collection requirements relating to reports of transactions in currency. Under Bank Secrecy Act, financial institutions are required to report transactions in currency of more than $10,000 using FinCEN Form 112 or the Currency Transaction Report (CTR)

On February 1, 2024, FinCEN issued an alert related to the financing of Israeli extremist settler violence against Palestinians in the West Bank. The alert provides select red flags to assist U.S. financial institutions in identifying and reporting suspicious activity that finances such violence.

On January 31, 2024, FinCEN assessed a $100,000 civil money penalty on Gyanendra Kumar Asre (Asre) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. In addition, FinCEN imposed a five-year ban on Asre’s participation in the conduct of the affairs of any financial institution subject to the BSA.

On January 30, 2024, FinCEN issued a notice and request for comments on the proposed information collection associated with requests made to FinCEN, by certain persons, for beneficial ownership information, consistent with the requirements of the Beneficial Ownership Information Access and Safeguards final rule. The BOI Access Rule implements CTA's strict data protection rules for sensitive personal information sent to FinCEN.

On January 29, 2024, FinCEN issued a finding and notice of proposed rulemaking that identifies Al-Huda Bank, an Iraqi bank that serves as a conduit for terrorist financing, as a foreign financial institution of primary money laundering concern. Along with its finding, FinCEN proposed imposing a special measure that would sever the bank from the U.S. financial system by prohibiting domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of Al-Huda Bank.