Tag Archives: Bank Secrecy Act

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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FinCEN Director: BSA Reporting is Crucial Part of Financial Intelligence

FinCEN Director Jennifer Shasky Calvery, speaking at the ABA/ABA Money Laundering Enforcement Conference today, stressed the need for financial institutions to “continue engaging with our regulatory, law enforcement and [other industry] partners as we determine where there is the most significant risk, if additional AML requirements are needed, and how best to get at any identified vulnerabilities with the least amount of burden.”

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Once Bitten, Twice Shy

As large financial institutions shed riskier clients, are community bankers prepared for those potential customers to come knocking?

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