Financial Crimes Enforcement Network

The Internal Revenue Service (IRS) recently cleared up confusion for cannabis businesses regarding cash transactions and tax reporting. The agency issued a memo emphasizing that involvement in the federally prohibited marijuana industry should not automatically trigger suspicion when reporting...

The former chief financial officer of cloud services provider Synchronoss Technologies (NASDAQ:SNCR) allegedly overstated the company’s finances to match revenue expectations it otherwise would have failed to meet. Last week, a New York District Court granted the Securities and Exchange...

Changpeng Zhao, the founder and former CEO of Binance (CRYPTO: BNB), was released on a $175 million personal recognizance bond. Earlier on Tuesday, Zhao admitted in court to breaching the Bank Secrecy Act. U.S. authorities accused him of instructing Binance to permit American customers to...

The number of banks and credit unions reportedly working with cannabis companies is at a record high, according to data from the federal financial watchdog. The Financial Crimes Enforcement Network (FinCEN) saw an increase in the number of financial institutions ready to support marijuana...

U.S. Senators Roger Marshall (R-Kan.) and Elizabeth Warren (D-Mass.) introduced legislation to impose stricter anti-money laundering regulations on digital assets. What Happened: According to a joint statement from the senators, the bill would extend know-your-customer (KYC)...

Ever wonder how financial institutions work with cannabis businesses? A new comprehensive report, released by the Financial Crimes Enforcement Network (FinCEN), provides up-to-date details and a state-level breakdown. FinCEN, a division of the U.S. Department of the Treasury, is offering new...

The Financial Crimes Enforcement Network (FinCEN) recently received a letter signed by Representatives Barbara Lee (CA-13) and Earl Blumenauer (OR-03) requesting data on financial services offered to minority cannabis businesses. The reason the lawmakers sent the letter was to better...

Crypto exchange Binance on Tuesday announced its Global Law Enforcement Training Program, which seeks to help law enforcement detect financial and cyber crimes and assist in the prosecution of bad actors who exploit digital assets. Over 30 workshops on countering cyber, financial crimes In a blog...

Cryptocurrency and tokenized asset exchange Currency.com set its foot in the U.S following registration with the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) as a money services business. What Happened: In an announcement shared with Benzinga on Thursday...