A federal court vacated FinCEN’s Anti-Money Laundering Regulations for Residential Real Estate Transfers, finding FinCEN exceeded its statutory authority under the Bank Secrecy Act.
FinCEN Issues Interim Final Rule Exempting Domestic Companies and US Beneficial Owners From Reporting Requirements
On March 21, 2025, FinCEN issued an interim final rule narrowing the scope of the CTA’s BOI Reporting Rule (Reporting Rule) to foreign reporting companies and foreign beneficial owners.
Effective April 14: FinCEN GTO Requires MSBs Along US Southwest Border to Report Transactions in Currency of More than $200
The Financial Crimes Enforcement Network (FinCEN) issued a Geographic Targeting Order (GTO) requiring all money services businesses (MSBs) located in 30 ZIP codes across California and Texas to, among other things, report and maintain records of cash transactions exceeding $200 (up to $10,000), and to verify the identity of persons presenting such transactions
Continue Reading Effective April 14: FinCEN GTO Requires MSBs Along US Southwest Border to Report Transactions in Currency of More than $200
5th Circuit Says District Court Lacked Jurisdiction to Transfer CFPB Late-Fee Rule Suit Out of Texas
In the ongoing lawsuit between the U.S. Chamber of Commerce and bank trade groups including the Fort Worth Chamber of Commerce, Longview Chamber of Commerce, American Bankers Association, Consumer Bankers
Continue Reading 5th Circuit Says District Court Lacked Jurisdiction to Transfer CFPB Late-Fee Rule Suit Out of Texas
Banking Trade Groups Suing CFPB Over Late Credit Card Fees Must Transfer Case from Texas to DC
In response to the lawsuit filed by the U.S. Chamber of Commerce and bank trade groups including the Fort Worth Chamber of Commerce, Longview Chamber of Commerce, American Bankers Association
Continue Reading Banking Trade Groups Suing CFPB Over Late Credit Card Fees Must Transfer Case from Texas to DCFinTech Companies Should Be Wary of Potential Sales Tax
As shown in a recent Texas case involving a financial technology (FinTech) business, the rapid advance of online professional services is colliding with states that impose sales tax on cloud
Continue Reading FinTech Companies Should Be Wary of Potential Sales Tax