Tag Archives: Bank Secrecy Act

Agencies Working with FinCEN on Marijuana Banking Guidance

The federal banking agencies are having discussions with the Financial Crimes Enforcement Network about guidance on how financial institutions can serve marijuana-related businesses, an OCC official said today during a regulatory roundtable at the ABA Government Relations Summit.

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ABA Questions FinCEN Analysis of Due Diligence Rule

The Financial Crimes Enforcement Network’s evaluations of the regulatory impact of its proposal to enhance customer due diligence requirements fail to consider the true costs and effects -- and overstate the benefits -- the rule would impose on banks of all sizes, ABA said in a members-only staff analysis issued today.

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FinCEN Chief: Include IP Addresses in SARs

Financial institutions should include IP addresses and other cyber-derived information in the Suspicious Activity Reports they file, Financial Crimes Enforcement Network Director Jennifer Shasky Calvery said today at a cybersecurity forum in New York.

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ABA: Reg Burden Key to Correspondent Banking Declines

ABA in a comment letter yesterday to the Bank for International Settlements voiced its support for three of the four recommendations made by BIS’ report on correspondent banking to improve the cross-border payments marketplace, but said that the report ultimately failed to address the central issue of excessive regulatory burden leading to the termination of correspondent banking relationships.

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