Business email compromise schemes—though which fraudsters target businesses and their fund transfers—generated more than $300 million a month in illicit revenue during 2018, the Financial Crimes Enforcement Network reported today.
Browsing: Anti-money laundering
In a letter to the heads of the financial regulatory agencies on Friday, the American Bankers Association called for greater clarification on how banks may serve businesses dealing with hemp.
Ahead of the House Financial Services Committee markup today, the American Bankers Association joined eight other financial trade organizations in support of Rep. Carolyn Maloney’s (D-N.Y.) bill (H.R. 2513) to counter the use of shell corporations to move illicit funds.
A bipartisan group of senators today released draft legislation aimed at reforming several existing anti-money laundering rules.
The Financial Crimes Enforcement Network announced today a new program to facilitate innovative approaches to combating money laundering and terrorist financing.
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.
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.
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.
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.
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.