ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Compliance and Risk

ABA Urges FinCEN to Analyze Costs, Burdens of Foreign Correspondent, Private Banking Accounts

November 20, 2020
Reading Time: 1 min read

In a comment letter to the Financial Crimes Enforcement Network today, ABA urged FinCEN to conduct a “thorough and reflective analysis of the regulations that apply to both foreign correspondent accounts and private banking accounts,” noting that such a review is “needed and overdue.”

ABA’s comments came in response to a FinCEN proposal to renew without change its Paperwork Reduction Act methodology and estimate of the hourly burden and cost estimate associated with the information collection required for these types of accounts. While no changes will be made to the methodology at this time, FinCEN signaled that it will conduct a more thorough evaluation in the near future—a move supported by ABA.

The association pointed out that the current burden assessment methodology “barely scratches the surface of the time and effort associated with these account relationships,” and urged FinCEN to consider additional factors involved with opening the accounts, risk-rating customers and monitoring customer activity.

ADVERTISEMENT
Tags: Financial crimesFinCEN
ShareTweetPin

Related Posts

Capturing These Three Data Types Can Transform Your Fraud Monitoring

ABA Fraudcast: How the ABA Foundation helps banks protect their customers

Compliance and Risk
July 16, 2025

As more older Americans are major targets for criminals, Safe Banking for Seniors is an effective program to inform and defend against targeted scams.

ABA, associations urge Congress to overturn CFPB credit card late fees rule

ABA urges lawmakers to take up Dodd-Frank reform

Newsbytes
July 15, 2025

ABA shared several possible reforms for the Dodd-Frank Act as the law approaches the 15th anniversary of its enactment, saying changes are needed to mitigate its burdens on banks of all sizes.

Prologue and Predictions: 2021’s Ag Policy Shifts and a Look at the Coming Year

Budget reconciliation includes rural and agricultural benefits

Ag Banking
July 15, 2025

While the version included in the final legislation is modified from ABA’s original ACRE proposal, there remains significant relief for ag and rural communities. Qualified lenders will be able to exclude from gross income 25% of interest income...

Senate Banking Committee advances OCC, SEC nominations

Gould takes office as comptroller of the currency

Compliance and Risk
July 15, 2025

Jonathan Gould was sworn in as the 32nd comptroller of the currency. He succeeds Rodney Hood, who was acting comptroller for five months.

CPI rose 0.4% in March 

Consumer price inflation 2.7% in June

Economy
July 15, 2025

The Consumer Price Index rose 0.3% in June after rising 0.2% the previous month and increased 2.7% over the past year, the Labor Department said. Year-on-year core CPI posted a 2.9% gain.

ABA report: U.S. farm banks show growth and stability in 2024

ABA report: U.S. farm banks show growth and stability in 2024

Ag Banking
July 15, 2025

Despite continued challenges from global economic uncertainty and lingering supply chain disruptions, farm banks posted solid financial performance, improved asset quality and increased lending to America’s farmers and ranchers, according to ABA’s annual Farm Bank Performance Report.

NEWSBYTES

ABA urges lawmakers to take up Dodd-Frank reform

July 15, 2025

Budget reconciliation includes rural and agricultural benefits

July 15, 2025

Gould takes office as comptroller of the currency

July 15, 2025

SPONSORED CONTENT

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

July 1, 2025
AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025

PODCASTS

Breaking down the bank-related provisions in the big budget bill

July 10, 2025

Podcast: Inside ABA’s new Treasury Check Verification System API

June 25, 2025

Podcast: Staying close to clients amid tariff-driven volatility

June 18, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.