OCC Supports FinCEN’s Approach to BSA Compliance During Pandemic
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
FinCEN Issues Statement on Bank Secrecy Act Reporting During Pandemic
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.
FATF Upgrades Assessment of U.S. Regarding Beneficial Ownership Framework
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.
Podcast: Red Flags for ‘Money Mule’ Scams
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.
State Associations Urge Action on SAFE Banking Act
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.
ABA Foundation, FTC Release New Infographic on Money Mule Scams
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.
Podcast: Adding Value in AML with Tech, Talent
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.
Podcast: Global Correspondent Banking at a U.S. Community Bank
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.
Bowman: Fed Weighing Expanded Transparency on Core Provider Exam Info
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.
Podcast: Beyond Stovepipes and Silos in Financial Crimes
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.”