The OCC today issued a statement of support for the Financial Crimes Enforcement Network’s approach to Bank Secrecy Act compliance during the coronavirus pandemic
Browsing: Anti-money laundering
Recognizing the operational challenges many banks are facing due to COVID-19, FinCEN today issued a statement regarding Banks’ Secrecy Act obligations during the pandemic.
In a significant development for the industry, the Financial Action Task Force recently upgraded its assessment of the United States’ anti-money laundering and counter-terrorism compliance framework.
Amid the coronavirus pandemic, cybersecurity and fraud analysts have noted an uptick in “money mule” scams. Banks increasingly need to be on the lookout for the telltale signs of these scams.
Fifty state bankers associations on Friday wrote to Senate Banking Committee leaders urging them to support the SAFE Banking Act, a bill that would provide a safe harbor for depository institutions seeking to serve legitimate cannabis-related businesses in states where such activity is legal.
A new infographic released today by the ABA Foundation and the Federal Trade Commission highlights “money mule” scams—a type of scam in which criminals use their victims to move stolen funds.
Two challenges for today’s anti-money laundering professionals: focusing on high-value functions and eliminating false positives that consume unnecessary resources. Nicholas Piccininni, who leads a 1,500-person financial crimes risk management team at Wells Fargo, explains how Wells puts technology to use to tackle these challenges.
With $1.57 billion in assets, HAB Bank isn’t big — but it’s a community bank with global reach. The New York-based institution provides correspondent banking services for 140 banks in 20 countries, primarily in South Asia and East Asia. Saleem Iqbal discusses how HAB Bank competes in this global marketplace.
As part of its efforts to facilitate community bank innovation, the Federal Reserve may provide banks with information about core processors and other critical third-party vendors that the banking agencies supervise directly, Fed Governor Michelle Bowman said today at ABA’s Conference for Community Bankers in Orlando, Florida.
For a long time, AML, cybersecurity and fraud prevention were seen as have-to-dos and cost centers, says Juan C. Zarate. “Today, management of financial crime risk is now a fundamental part of banking.”