Treasury Announces Significant Sanctions against Russian Entities, Individuals
The Treasury Department today announced a number of sanctions against Russian entities and individuals, following an executive order from President Biden.
Browsing: Anti-money laundering
How to Contend With a 21st Century Ransom Note
Ransomware attacks are becoming more numerous, sophisticated and costly, especially during the COVID-19 pandemic.
FinCEN Outlines Upcoming Work on Corporate Transparency Act
The Financial Crimes Enforcement Network’s Director of the Office of Regulatory Policy Barry Emmert today previewed the implementation process for the Corporate Transparency Act, an ABA-backed bill that was included in a broader package of Bank Secrecy Act/anti-money laundering reforms that Congress passed in December.
Banking Agencies Provide Guidance on Model Risk Management
The federal banking agencies and the Financial Crimes Enforcement Network today issued a statement on the use of the “Supervisory Guidance on Model Risk Management” to comply with Bank Secrecy Act/anti-money laundering rules.
Biden to Seek Additional Funding for FinCEN’s Beneficial Ownership Database
President Biden is seeking a $191 million in funding for the Financial Crimes Enforcement Network—a $64 million increase from FY 2021—according to the FY 2022 budget released by the White House today.
2021 Compliance Priorities, Updated
A quarter into the year, a quick check on how key areas are changing, with some important suggestions.
Blanco to Step Down as FinCEN Director, Acting Director Announced
The Financial Crimes Enforcement Network director Ken Blanco will step down on April 9, the agency announced today.
FinCEN Seeks Input on Creation of Beneficial Ownership Database
As part of its efforts to implement provisions of the Anti-Money Laundering Act of 2021—the first significant changes to Bank Secrecy Act/anti-money laundering rules in almost two decades—the Financial Crimes Enforcement Network is seeking public input on the creation of a national beneficial ownership database.
ABA Urges Lawmakers to Advance SAFE Banking Act
In a letter to several members of the House Financial Services Committee today, the American Bankers Association expressed support for the SAFE Banking Act of 2021, which would provide a safe harbor for depository institutions seeking to serve legitimate cannabis-related businesses in states where such activity is legal.
Agencies Update BSA/AML Examination Manual
The Federal Financial Institutions Examination Council today released updates to its Bank Secrecy Act/anti-money laundering examination manual.