A Field Guide to Coming AML/BSA Reforms
Recent legislative changes will keep banks’ Bank Secrecy Act officers busy for years to come. Here’s a CEO’s-eye view of AML/BSA changes on the horizon.
Author Robert Rowe
Robert Rowe
Rob Rowe is vice president and senior counsel for consumer and regulatory compliance at ABA.
What Compliance Needs to Know About Hemp
While the 2018 Farm Bill authorized production and processing of hemp plants with less than 0.3% THC content, bankers need to carefully review USDA’s rules for production and licensing. Meanwhile, legal production of hemp derivatives will depend on guidance from the FDA.
Compliance and the Cannabis Conundrum
For an industry caught between state and federal law, a change can’t come soon enough.
FinCEN Withdraws Proposed Rulemaking against Lebanese Canadian Bank SAL
The Financial Crimes Enforcement Network (FinCEN) is withdrawing its proposed rulemaking to impose special measures against Lebanese Canadian Bank SAL (LCB).
U.S. Revises Cuba Sanctions Regulations
The Departments of the Treasury and Commerce announced additional revisions to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR), building on changes announced by President Obama in December.
Joint Plan of Action Sanctions Relief with Iran Extended; Treasury Issues Statement
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on July 14 released a statement on the Joint Comprehensive Plan of Action (JCPOA) regarding Iran’s nuclear program.
FinCEN Targets Stolen Identity Tax Fraud in South Florida
The Financial Crimes Enforcement Network (FinCEN), in coordination with the Internal Revenue Service (IRS) and the U.S. Attorney’s Office for the Southern District of Florida (SDFL), issued a Geographic Targeting Order (GTO) for South Florida, requiring check cashers to ask for additional identifying information about customers cashing tax refund checks over $1,000.
FATF Plenary Meets in Brisbane, Welcomes New FATF President
The Financial Action Task Force (FATF) Plenary held in Brisbane, Australia on June 26 adopted a number of reports including a revised best practices on combating the abuse of non-profit organization, and guidance for a risk-based approach to virtual currencies.
Banks Join DOJ’s Swiss Bank Program
The Justice Department announced last week that four banks — Société Générale Private Banking (Lugano-Svizzera), MediBank AG, LBBW (Schweiz) AG, and Scobag Privatbank AG — have reached resolutions under the department’s Swiss Bank Program.
FinCEN Underscores Culture of Compliance at BSA Conference
In remarks at the 2015 Bank Secrecy Act Conference in Las Vegas, Nevada on June 18, the Financial Crimes Enforcement Network’s (FinCEN) associate director of enforcement, Stephanie Brooker, focused on three main points: the importance of Bank Secrecy Act (BSA) and Suspicious Activity Report (SAR) filings; FinCEN’s enforcement approach; and promoting a strong culture of compliance in the financial industry.