FinCEN Announces New Innovation Program
The Financial Crimes Enforcement Network announced today a new program to facilitate innovative approaches to combating money laundering and terrorist financing.
Browsing: Anti-money laundering
Why ‘Explainable AI’ Is the Next Frontier in Financial Crime Fighting
Banks that decide to implement AI or machine learning capabilities must consider not just how to approach the system upgrade itself, but also how to communicate the new controls to regulators.
ABA Calls for Federal Beneficial Ownership Registry
Ahead of a Senate Banking Committee hearing tomorrow on beneficial ownership, the American Bankers Association wrote to committee members calling for the establishment of a federal registry of beneficial ownership information that banks could use to facilitate compliance with FinCEN’s customer due diligence rule.
FinCEN Recognizes Law Enforcement Successes Resulting from BSA Reporting
At its annual Law Enforcement Awards ceremony today, the Financial Crimes Enforcement Network recognized several state and federal law enforcement agencies for their work using information reported by financial institutions under the Bank Secrecy Act in their criminal investigations.
FinCEN Reissues Real Estate Geographic Targeting Orders
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.
Otting, McWilliams: Agencies Moving Toward More Risk-Based AML Approach
The federal banking agencies plan to reintroduce the examination manual for anti-money laundering/Bank Secrecy Act compliance later this year, Comptroller of the Currency Joseph Otting told the Senate Banking Committee today.
FinCEN Issues Guidance on Convertible Virtual Currencies
The Financial Crimes Enforcement Network today issued guidance on how its regulations apply to money transmission involving convertible virtual currencies.
House Financial Services Committee Advances BSA/AML Bill
The House Financial Services Committee today voted to advance H.R. 2514—an American Bankers Association-backed bill introduced by Rep. Emanuel Cleaver (D-Mo.) that would modernize the Bank Secrecy Act/anti-money laundering framework.
ABA, Financial Groups Support Anti-Money Laundering Bills
ABA today joined eight industry trade groups in a letter of support for two anti-money laundering bills being considered by the House Financial Services Committee this week.
A Flurry of AML/BSA Enforcement Cases
These enforcement actions highlight regulators’ expectation that financial institutions implement robust anti-money laundering/Bank Secrecy Act compliance programs.