All in Regulatory Update

Treasury Disrupts North Korean Money Laundering Network

Adam Witmer
Regulatory Update, BSA

On December 17, 2024, the OFAC sanctioned two individuals and one entity involved in a network that launders millions of dollars of illicit funds generated by the Democratic People’s Republic of Korea (DPRK) information technology (IT) workers and cybercrime to support the DPRK Government. The sanctions are part of OFAC’s ongoing efforts to disrupt the DPRK’s money laundering operations, which finance the regime’s unlawful weapons of mass destruction (WMD) and ballistic missile programs. 

FinCEN Warns of Fraud Schemes Exploiting Its Name and Authority

Adam Witmer
Regulatory Update, BSA

On December 18, 2024, FinCEN issued an alert to raise awareness of fraud schemes abusing FinCEN’s name, insignia, and authorities for financial gain. These FinCEN-specific fraud schemes include scams that exploit beneficial ownership information reporting; misuse FinCEN’s Money Services Business Registration tool; or involve the impersonation of, or misrepresent affiliation with, FinCEN and its employees.

CFPB Finds Mortgage Companies Create Barriers for Homeowners After Death or Divorce

Adam Witmer
Regulatory Update

On December 17, 2024, the CFPB issued a report on the experiences of homeowners dealing with their mortgage company after divorce or the death of an original borrower. Federal rules require servicers to assist successor homeowners with managing or assuming existing mortgages, but complaints reveal significant delays and pressure to refinance at higher rates instead of supporting loan retention.

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