Author Rob Rowe

Rob Rowe

Rob Rowe is vice president and associate chief counsel for regulatory compliance at ABA.

Compliance

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.

Compliance

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.

Compliance

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.

Compliance

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.

Compliance

In a comment letter filed this week, ABA and the Clearing House expressed their support to the Financial Crimes Enforcement Network’s goal on protecting the U.S. financial system from money laundering, terrorist financing and financial crimes, but offered suggestions on FinCEN’s proposal to impose special measures against Banca Privada d’Andorra.

1 2