Tag Archives: anti-money laundering

OCC to Issue ‘Best Practices’ Guidance on AML/BSA Risk Management

In response to the “derisking” trend in anti-money laundering and Bank Secrecy Act compliance, the OCC will soon issue guidance that articulates its expectations for banks to routinely evaluate risk in their foreign correspondent banking portfolios, Comptroller of the Currency Thomas Curry said today.

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BAFT Publishes FATF Guidance for Wire Transfers

BAFT -- ABA’s global transaction banking subsidiary -- today released guidance and best practices related to the Financial Action Task Force Recommendation 16, which requires the inclusion of certain beneficiary and originator information when sending wire transfers in an effort to prevent the movement of funds by terrorists and other criminals.

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OCC Flags Supervision Priorities for 2017

The OCC today released its bank supervision operating plan for fiscal year 2017, identifying what each of the agency’s supervisory operating units will focus on for the new federal fiscal year starting on Oct. 1.

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ABA Rejects Proposal to Expand Money Laundering Risk Assessment

ABA today urged the Office of Management and Budget to reject the OCC’s proposed changes to its Bank Secrecy Act/Money Laundering Risk Assessment, or MLR, which evaluates the BSA/AML and OFAC sanctions risks associated with bank products as part of the agency’s BSA/AML/OFAC supervision program.

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FinCEN Issues Advisory on Email Compromise Fraud

With email compromise schemes -- in which criminals fraudulently persuade individuals and companies to transfer funds -- on the rise, the Financial Crimes Enforcement Network issued an advisory to financial institutions today to help them identify and prevent these frauds.

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Global Regulatory Coordinators Continue Moves to Stem ‘Derisking’

The Basel, Switzerland-based Financial Stability Board published a report recently outlining steps taken in response to a decline in the number of worldwide correspondent banking relationships -- a sign of “derisking” as banks respond to stepped-up regulatory focus on anti-money laundering compliance.

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