In an interview with economist Andy Busch on the Engage podcast, ABA President and CEO Rob Nichols outlined priority banking issues facing Congress this fall, including cannabis banking, the CECL accounting model, modernizing anti-money laundering rules and housing finance reform.
Browsing: Anti-money laundering
The Financial Crimes Enforcement Network today issued an advisory to financial institutions on illicit financial schemes related to the trafficking of fentanyl and other synthetic opioids.
Former Comptroller of the Currency Eugene Ludwig talks about the current state of artificial intelligence in banking and the outlook for community banks and compliance professionals.
On the latest episode of the ABA Banking Journal Podcast, Mark Haden talks about how Colorado National Bank developed a program to provide deposit services to cannabis-related customers in its home market of Denver.
In testimony today before the Senate Banking Committee, American Bankers Association banker Joanne Sherwood urged lawmakers to pass the bipartisan SAFE Banking Act, which would allow financial institutions to serve cannabis-related businesses in states that have legalized the drug.
As part of an ongoing effort to enhance the efficiency and effectiveness of the Bank Secrecy Act/anti-money laundering regime, the federal banking agencies and the Financial Crimes Enforcement Network today issued a joint statement emphasizing their risk focused approach to BSA/AML examinations.
In a joint op-ed in Fox Business today, ABA President and CEO Rob Nichols and Credit Union National Association President and CEO Jim Nussle called on lawmakers to resolve the existing conflict between federal and state law with respect to proceeds from cannabis-related businesses.
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.
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.