Tag Archives: anti-money laundering

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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FinCEN Expands Scope of Geographic Targeting Orders

The Financial Crimes Enforcement Network today expanded the scope of its Geographic Targeting Orders temporarily requiring certain U.S. title insurance companies in targeted areas to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions.

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FinCEN Spotlights Victories Triggered by BSA Reports

As part of the Financial Crimes Enforcement Network’s ongoing efforts to demonstrate that financial institutions’ Bank Secrecy Act reporting is read and used, FinCEN today spotlighted six law enforcement cases that made effective use of BSA data to prosecute successfully.

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