After Senate Banking Committee Chairman Mike Crapo (R-Idaho) raised concerns last month about the ABA-supported SAFE Banking Act, ABA today responded to those concerns and urged him to advance the SAFE Banking Act or similar legislation on cannabis banking this year.
You could be encountering human trafficking in your backyard—no matter where you live or the size of your financial institution.
Congress has an opportunity to provide law enforcement and America’s banks with new tools to keep criminals, terrorists and human traffickers from gaining access to the financial system by advancing important anti-money laundering legislation, ABA CEO Rob Nichols wrote in a Fox Business op-ed today.
The lack of beneficial ownership information collected when companies are formed is “a dangerous and widening gap in our national security apparatus,” Financial Crimes Enforcement Network Director Kenneth Blanco said today at the ABA/ABA Financial Crimes Enforcement Conference.
When conducting recent examinations for Bank Secrecy Act/anti-money laundering compliance, regulatory officials flagged deficiencies in risk assessments, a need for more maturity in compliance systems and processes and data integrity issues, particularly as a result of mergers, as areas of concern during a panel discussion at the American Bankers Association/American Bar Association Financial Crimes Enforcement Conference in Washington, D.C., today.
The U.S. banking sector remains strong overall, with banks maintaining strong capital and liquidity levels while seeing healthy loan growth and profitability, according to the Federal Reserve’s supervision and regulation report released today.
Deputy Treasury Secretary Justin Muzinich put developers of so-called “stablecoins” like Libra on alert today, warning that their governance structures are of concern for U.S. policymakers.
The relationship between anti-money laundering professionals and law enforcement has never been more important. AML professionals can follow these practical steps to enhance the usefulness and effectiveness of their SARs.
The Financial Crimes Enforcement Network today reissued its geographic targeting orders temporarily requiring U.S. title insurance companies in specified areas to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions.
The Financial Crimes Enforcement Network today issued a final rule imposing a fifth special measure against Iran as a jurisdiction of primary money laundering concern under Section 311 of the USA Patriot Act.