The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury. Their mission is to safeguard the financial system from illicit use, combat money laundering and promote national security through the collection, analysis, and distribution of financial intelligence and strategic use of financial authorities. FinCEN achieves its mission by receiving […]
The Financial Action Task Force (FATF) is an intergovernmental organization that designs and promotes policies and standards to combat financial crimes; specifically targeting money laundering, terrorist financing, and other threats to the global financial system. The FATF makes recommendations for financial institutions in combating financial crimes, reviewing members’ policies and procedures, and increasing acceptance of […]
The Federal Reserve System (Fed) is the central bank for the United States. The Federal Reserve was created by Congress on December 23, 1913 in response to the Federal Reserve Act, to provide the nation with a safer, more flexible, and more stable monetary and financial system. There are five general functions performed by the […]
Established on March 10, 1979, the Federal Financial institutions Examination Council (FFIEC) is a formal interagency body empowered to prescribe uniform policies, standards and report forms for the federal examination of financial institutions. FFIEC also makes recommendations to promote uniformity in the supervision of financial institutions by the Board of Governors of the Federal Reserve […]
Created in 1933, the Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions up to $250,000 per account by identifying, monitoring and addressing risks to the deposit insurance funds, and by limiting the effect on the economy and the financial system […]
Part of the Hiring Incentives to Restore Employment (HIRE) Act to promote transparency in global finance, The Foreign Account Tax Compliance ACT (FATCA) was endorsed as a tax law that compels U.S. citizens at home and abroad to file annual reports on all assets held outside of the country. By taxing these foreign assets, it […]
The Egmont Group of Financial Intelligence Units (FIU) is an important global financial network comprised of FIUs from around the world. The Egmont Group was founded to create coordinated policies and responses to financial crimes like money laundering and terrorist financing. The group meets frequently to share knowledge and work on adopting and implementing domestic […]
A beneficiary is a person who gains an advantage and/or profit from something. Financially, a beneficiary refers to someone eligible to receive distributions from a trust, will, or life insurance policy. Beneficiaries are either named by a specific person in these documents or have met stipulations that make them eligible for whatever distribution is specified. […]
A beneficial owner is someone who enjoys the benefits of ownership even though the title to some form of property is in another name. Also, any individual or group of individuals who, either directly or indirectly, has the power to vote or influence the transaction decisions—i.e. shares in a company. Early in 2016, the International […]
The Wolfsberg Group is an association of thirteen major financial institutions who have come together to share collective knowledge and produce guidance for financial institutions in areas of major concern, e.g., Trade Finance, Correspondent Banking, Beneficial Ownership, etc. In addition to guidance, the Group also developed an AML Questionnaire which financial institutions may complete and […]
