Financial Crimes Enforcement Network
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228
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126
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Search complete. 228 mentions across 126 episodes found for "Financial Crimes Enforcement Network".
Sep 13, 2026
Warren DavidsonGUEST
You know, we try to create the architecture to, you know, protect our civil liberties, follow the Constitution, but also follow the money.
Warren DavidsonGUEST
And FinCEN is...
Warren DavidsonGUEST
Continuing to adapt to that, doing great work and helping us find the people.
Warren DavidsonGUEST
Because the cartels in particular, their motivation is cash.
Warren DavidsonGUEST
It seems like you would highlight the missing children that are recovered in a much more prominent way.
John SolomonHOST
Yeah, such an important fight.
John SolomonHOST
And FinCEN's got a dynamic leader.
John SolomonHOST
They're doing a lot of amazing stuff right now and following the money.
Chris KirkbrideHOST
On money laundering and corruption enforcement, HMRC released its list of non-compliant businesses penalized for AML supervision failures, and a third Puerto Rico Treasury employee has pleaded guilty in a $6.77 million tax bribery scheme.
Chris KirkbrideHOST
On fraud, FinCEN reports $17.5 billion in suspicious activity linked to U.S. healthcare fraud, while the U.S. DOJ scam center Strikeforce has seized illicit Telegram infrastructure and cryptocurrency.
Chris KirkbrideHOST
Finally, on market abuse, the SEC has secured a final judgment in an insider training scheme, and ESMA has highlighted market integrity risks in prediction markets.
Chris KirkbrideHOST
A transcript of this podcast with links to the stories will be available at www.crimes.financial. We'll start with the sanctions news.
Chris KirkbrideHOST
Now to the US, where OFAC has executed sanctions enforcement action under Operation Economic Outcast, designating key financial and procurement networks supporting Qatayb Hezbollah and Lebanese Hezbollah across Iraq, Lebanon, the UAE and Turkey.
Chris KirkbrideHOST
As part of the action, OFAC updated its Iran licensing policy to a strict presumption of denial and announced a just over $1.4 million civil settlement with an individual for providing unauthorized management consulting services to an Iranian software company and receiving Iranian origin dividends.
Chris KirkbrideHOST
In tandem, FinCEN has issued a whistleblower bulletin offering monetary awards for public tips detailing Bank Secrecy Act and sanctions violations involving Iranian proxies operating internationally.
Chris KirkbrideHOST
Now let's move on to money laundering news.
Bobby CapucciHOST
Now, there might have been one or two that were filed by regulators that might not have been in the know, like as a mistake or something.
Bobby CapucciHOST
But we know that Deutsche Bank and JP Morgan weren't keeping things up to date in the FinCEN database.
Bobby CapucciHOST
We know that.
Bobby CapucciHOST
And we know that they're right here.
6 MINS LATER
Bobby CapucciHOST
The financial services department said that because of the bank's oversight failure with Epstein, the bank processed hundreds of transactions totaling millions of dollars that, at the very least, should have prompted additional scrutiny in light of Mr. Epstein's history.
Bobby CapucciHOST
So basically what they're saying is, Nobody filed any suspicious activity reports.
Bobby CapucciHOST
The FinCEN database was completely neglected and Jeffrey Epstein was given free reign to launder and funnel money through Deutsche Bank.
Bobby CapucciHOST
Those transactions include payments to people who were publicly alleged to have Epstein's co-conspirators in sexually abusing young women and settlements totaling more than $7 million and payments to law firms of more than $6 million for what appear to have been the legal expense of Mr. Epstein and his co-conspirators, the department said.
Terry MendezGUEST
We spun off in 2022, and now we help other credit unions and financial institutions be more successful.
Terry MendezGUEST
Right now, there is an ability for most cannabis operators to obtain a bank account under what's called the 2014 FinCEN letter, as long as the framework underlying the financial institution is compliant.
Terry MendezGUEST
And that includes things that are kind of crazy.
Terry MendezGUEST
For example, I need to make sure as the FinTech that you're not selling adult magazines next to cannabis or children's toys next to cannabis.
6 MINS LATER
Terry MendezGUEST
Sundy Siegfried, who was our former CEO, was the trailblazer here.
Terry MendezGUEST
She went in front of the Department of Justice, went in front of the Senate hearings, congressional hearings, and was one of very few people really trying to... elevate cannabis banking from people's cars and under the pillows and in vaults in people's homes into something that could be protected and done safely in the U.S. banking system.
Terry MendezGUEST
When that 2014 FinCEN letter passed, that was a big deal.
Terry MendezGUEST
And she was a big part of that.
Heath TarbertGUEST
We have long advocated for standards in that.
Heath TarbertGUEST
We are registered under FinCEN, under the Patriot Act, and we do AML, CTF, KYC, all those sorts of things on our customers.
Heath TarbertGUEST
And that's also something that I think we want to get right in this industry.
Heath TarbertGUEST
So we're able to take a step forward, use this innovative technology, because we haven't talked about all the benefits, but the benefits are many.
Heath TarbertGUEST
We have long advocated for standards in that.
Heath TarbertGUEST
We are registered under FinCEN, under the Patriot Act, and we do AML, CTF, KYC, all those sorts of things on our customers.
Heath TarbertGUEST
And that's also something that I think we want to get right in this industry.
Heath TarbertGUEST
So we're able to take a step forward, use this innovative technology, because we haven't talked about all the benefits, but the benefits are many.
Ron SteslowHOST
The first power is reporting.
Ron SteslowHOST
Under the Bank Secrecy Act, a bank must report every cash transaction over $10,000 and it must file a suspicious activity report whenever it, quote, "...knows, suspects, or has reason to suspect that a transaction of $5,000 or more involves illegal funds or is structured to evade reporting or, quote, has no business or apparent lawful purpose." The reports then go to FinCEN, which is the Financial Crimes Enforcement Network, which is a bureau of the Treasury.
Ron SteslowHOST
And in the fiscal year 2025, financial institutions filed 28.7 million reports, about 28,000 a day.
Ron SteslowHOST
The bank is not allowed to tell you that a report was filed.
Ron SteslowHOST
Under the International Emergency Economic Powers Act, AIPA, no American company may process a payment involving anyone on those lists.
Ron SteslowHOST
And the liability is extremely strict, which means OFAC can fine a company whether it knew or not.
Ron SteslowHOST
OFAC and FinCEN both sit inside the Treasury's Office of Terrorism and Financial Intelligence, Hagar, where you worked.
Ron SteslowHOST
Let's see.
Ed ZollarsHOST
Now, the government sued, as I said, in the Eastern District of Virginia to reduce the assessment to judgment under essentially Title 31 United States Code Section 5321, subsection B2.
Ed ZollarsHOST
Remember, FBAR is not in the IRC, but FinCEN has basically the IRS enforce it.
Ed ZollarsHOST
The district court granted summary judgment, holding the violations willful as a matter of law, and the penalty was consistent with the Eighth Amendment.
Ed ZollarsHOST
It didn't violate its rights there.
Brett RedfearnGUEST
We just so far have taken the view that we're not sure yet if going fully permissionless and taking away KYC is going to blow back in a bad way, right? So, like, all you need are a couple examples of these things landing in the wrong hands and things going sideways, where it could really be sort of like one step forward, two steps back.
Brett RedfearnGUEST
And I think this is a conversation that is happening in the Treasury Department, with OFAC, with FinCEN, and elsewhere.
Brett RedfearnGUEST
And, you know, we, we have to think like we have a really cool, friendly crypto government right now, and particularly with Paul Atkins, but we know that the House is about to flip.
Brett RedfearnGUEST
We know that the, the administration could flip in two years.
Lauren Emily RodriguezGUEST
Uh, from my understanding from what I think, and again, this is just my opinion, I think that they, for, for whatever reason, think that they're doing calculations around the midterms and how these things will affect.
Lauren Emily RodriguezGUEST
Uh, a- in my view, and again, I'm, I'm probably biased, but, but I think if there's been wrongs, which this is clearly wrong, if you kind of describe the, the fact pattern in this case, um, the fact that FinCEN said that they were not needing a money transmitter license 'cause they didn't take custody.
PhilHOST
Mm-hmm.
Lauren Emily RodriguezGUEST
The fact that the prosecutors hid that and, and that that's what they're in prison for is, you know, that's what they pled to was operating an unlicensed money transmitter bus- conspiracy to operate an unlicensed money transmitter business without a license when the people who give out licenses said that no, they wouldn't need one.
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