To help banks develop more efficient and effective Bank Secrecy Act compliance programs, the OCC finalized a rule that would allow the agency to issue exemptions from Suspicious Activity Report requirements in certain circumstances.
Cybersecurity and Infrastructure Security Agency Deputy Director Nitin Natarajan told bankers today at the American Bankers Association’s Washington Summit that the U.S. financial sector is not seeing any rise in cyberattacks from Russia, but urged bankers to report any suspicions of cyberattacks.
In response to the invasion of Ukraine by Russian troops, President Biden today announced an additional round of economic sanctions, including those against two additional large Russian financial institutions, Sberbank and VTB Bank.
Banks focusing on innovation in their processes, people and technology will be well placed to implement effective BSA/AML compliance programs.
The Treasury Department today announced a number of sanctions against two Russian state-owned financial institutions, five Kremlin-connected individuals and additional restrictions on Russian sovereign debt in response to Russia’s decision to deploy troops to the Donetsk and Luhansk regions of eastern Ukraine that Russia has recognized as independent.
As the Financial Crimes Enforcement Network works to update its anti-money laundering framework, ABA today urged FinCEN to continue working with regulators, law enforcement and the financial sector to keep up with evolving financial products, technologies and developments related to illicit finance.
In response to the Financial Crimes Enforcement Network’s proposed rule for a beneficial ownership registry, ABA said today in a comment letter to FinCEN that it is difficult to determine how the reporting requirements will fit with bank responsibilities because it is only the first of three regulations to implement the registry.
The Financial Crimes Enforcement Network today issued a notice of proposed rulemaking to establish a pilot program for financial institutions to share suspicious activity reports with their foreign branches, subsidiaries and affiliates.
A recent report issued by the Government Accountability Office highlights the strategies and techniques used by criminal groups to engage in trafficking and money laundering, as well as efforts by the federal government to combat these illegal activities.
The Financial Crimes Enforcement Network is exploring the creation of regulatory sandboxes to test new methods of transaction monitoring, FinCEN Acting Director Him Das said today at the ABA/ABA Financial Crimes Enforcement Conference.