Browsing: Anti-money laundering

Compliance and Risk GOP lawmakers raise concerns about beneficial ownership rule implementation

A group of four Republican lawmakers wrote to Treasury Secretary Janet Yellen and Financial Crimes Enforcement Network Director Him Das to raise concerns about FinCEN’s plans to educate stakeholders, including 32.6 million U.S. small businesses that may become reporting companies pursuant to new beneficial ownership rules, about their future filing obligations, and possible penalties for non-compliance when the rules take effect Jan. 1, 2024.

Newsbytes ABA offers strong support for bipartisan SAFE Act

ABA this week wrote to congressional leaders to offer strong support for the bipartisan SAFE Banking Act, bill long championed by the association that would address the conflict between state law and federal law over cannabis banking.

Newsbytes FinCEN releases figures on use of Bank Secrecy Act reporting data

Bank Secrecy Act filings were used in IRS criminal investigations that led to $7.7 billion in asset seizures during the last two years,, with an average sentence of 38 months for prosecutions, the Financial Crimes Enforcement Network said in its year-in-review report for fiscal year 2022.

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