Treasury seeking feedback on AML/CFT implications of digital assets
The Treasury Department is seeking public input regarding illicit finance and national security risks posed by digital assets.
Browsing: Anti-money laundering
Government watchdog: DOJ falling short of obligations to share BSA info
The Government Accountability Office found significant room for improvement regarding the Department of Justice’s obligation under the Anti-Money Laundering Act of 2020 to provide the Financial Crimes Enforcement Network with information on their use of Bank Secrecy Act reports.
AML and UDAAP: Secrecy vs. transparency
Following a documented process should increase bank confidence when aiming to balance AML and consumer fairness risk.
How the new SAR pilot may aid in the financial crime fight internationally
Successful information sharing will reduce the time it takes to interdict, stop and report criminal activity, boost customer trust and protect a brand’s reputation.
Accuracy, consistency, efficiency: How AI strengthens AML compliance
AI can strengthen policy adherence, improved accuracy and consistency of results and reduce regulatory risk.
Interagency statement reiterates due diligence expectations
The federal banking agencies and the Financial Crimes Enforcement Network today issued a statement reminding banks of the risk-based approach to assessing customer relationships and conducting customer due diligence.
Agencies update spring rulemaking agendas
The federal regulatory agencies this week announced updates to their spring rulemaking agendas for 2022. Among the CFPB’s priorities are the Dodd-Frank Section 1071 final rule, which is projected for March 2023 and addresses the collection of small business lending data.
FinCEN issues statement on due diligence for independent ATM owners, operators
The Financial Crimes Enforcement Network issued a statement reminding banks of how to apply a risk-based approach to conducting customer due diligence on independent ATM owners or operators pursuant to the 2016 customer due diligence rule.
FinCEN seeks feedback on plan to issue no-action letters
As part of its implementation of the Anti-Money Laundering Act of 2020, the Financial Crimes Enforcement Network on Friday sought public feedback on a new process for issuing no-action letters.
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.