Money Laundering

Requiring financial institutions to report cross-border wire transfer data is technically feasible for the U.S. government and may be valuable to its efforts to combat money laundering and terrorist financing, the Financial Crimes Enforcement Network (FinCEN) told Congress.

The FinCEN report, Feasibility of a Cross-Border Electronic Funds Transfer Reporting System Under the Bank Secrecy Act, outlines an incremental approach to resolving outstanding technical and policy issues relating to whether and how to implement a regulatory requirement for the reporting of cross-border wire transfers. The report was required under the Intelligence Reform and Terrorism Prevention Act of 2004.

FinCEN, a division of the Treasury Department, will conduct an analysis in conjunction with the financial services industry and law enforcement to weigh the benefit to the public against the costs to all parties affected by new regulatory requirements. The analysis will address technical capacity and privacy concerns.

The report, which was issued on Jan. 17, is available at


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.