Treasury releases 2022 plan for combating terrorist funding
Treasury’s strategy identifies four priorities to address the most significant illicit finance threats to the U.S. financial system.
Browsing: Anti-money laundering
Groups publish AML best-practices compliance guide for MSBs
A group of money services businesses, working with other interested parties including the American Bankers Association, issued a best-practices guide for MSBs related to anti-money laundering and Bank Secrecy Act compliance.
A changing AML info-sharing landscape creates new risks
U.S. law enforcement agencies are deputizing—voluntarily or involuntarily—financial institutions to serve as their lead investigators.
FinCEN to issue proposal on beneficial ownership database this year
As the Financial Crimes Enforcement Network works to implement the Corporate Transparency Act—an ABA-advocated provision of the Anti-Money Laundering Act of 2020—Acting Director Him Das told lawmakers it will publish a second notice of proposed rulemaking this year “that will propose regulations governing access to beneficial ownership information by law enforcement, national security agencies, financial institutions and others.”
Bankers associations urge Competes Act conferees to advance cannabis banking bill
As the House and Senate work to reconcile differences between their respective versions of the America Competes Act, the American Bankers Association and 51 state bankers associations today urged lawmakers to include the SAFE Banking Act in the final legislation. T
OFAC announces additional Russian sanctions
The Treasury Department’s Office of Foreign Assets Control sanctioned Transkapitalbank, a Russian commercial bank, and its subsidiary, Joint Stock Company Investtradebank for sanctions evasion activity connected to the recent Russian invasion of Ukraine.
FinCEN issues advisory to help banks detect foreign corrupt activity
The Financial Crimes Enforcement Network issued an advisory on kleptocracy and foreign public corruption, urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption.
Compliance priorities on the horizon for 2022
New focuses and directions at the agencies are on the way, but a few themes have been clear and consistent.
OFAC sanctions Darknet market, virtual currency exchange
The Treasury Department’s Office of Foreign Assets Control today announced sanctions against Hydra Market, the world’s largest and most prominent darknet market, for being responsible or complicit in cyber-enabled activities against the United States.
Threats from Sanctioned Nations: Cyber Hygiene and a Plan Provide Best Defense for Banks
Banks should have a step-by-step plan on how to handle cyber-attacks, including securing whatever data possible and quickly notifying law enforcement.