On July 8, 2024, FinCEN issued another set of updates to its Beneficial Ownership Information Frequently Asked Questions. The FAQs are prepared by the agency  in response to inquiries received relating to the BOI Reporting Rule and BOI Access and Safeguards Rule.

In early July, FinCEN published an alert on the Beneficial Ownership Information webpage to warn of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act.

On July 3, 2024, FinCEN issued a press release to inform U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting last month. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures, and practices.

On July 1, 2024, the Federal Reserve Board fined Silvergate Capital Corporation and Silvergate Bank $43 million for deficiencies in Silvergate's monitoring of transactions in compliance with anti-money laundering laws. In May 2023, Silvergate announced that it was voluntarily winding down its operations, and has now paid back all deposits to its customers.

On June 28, 2024, FinCEN announced a proposed rule to strengthen and modernize financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs. According to FinCEN, the proposed rule would amend the existing regulations to explicitly require that AML/CFT programs be effective, risk-based, and reasonably designed.