Staying Ahead of the Criminals: Fighting Money Laundering in a Global Pandemic
By implementing a few changes, banks’ financial crime and compliance teams can become more agile, efficient and effective in a challenging time.
Browsing: Anti-money laundering
FinCEN’s Blanco Urges Banks: Be Specific When Filing COVID-19 Related SARs
Banks filed more than 64,000 Suspicious Activity Reports referencing COVID-19 and related stimulus programs—about 71% of all coronavirus-related SAR filings, Financial Crimes Enforcement Network Director Ken Blanco said today.
How COVID-19 Is Accelerating the Demand for Efficiency and Automation in Risk Management
The siloed and slow, often manual, processes of the past are giving way to new efficiencies of automation and cloud-based solutions.
GAO Estimates Bank Costs for AML/BSA Compliance
Banks in a Government Accountability Office study spent between 0.4% and 2.4% of total 2018 operating expenses on anti-money laundering activity and Bank Secrecy Act compliance, the GAO said today.
Managing an AML Program During COVID-19
Effective anti-money laundering compliance processes during challenging times require team collaboration, committing to communication and paying attention to guidance.
FinCEN Considering BSA Changes to Improve Effectiveness of AML Programs
The Financial Crimes Enforcement Network is seeking public feedback on potential changes to the Bank Secrecy Act that would enhance the overall effectiveness of banks’ anti-money laundering programs.
FinCEN Final Rule Establishes AML Requirements for Trust Companies, Private Banks
The Financial Crimes Enforcement Network has issued a final rule establishing minimum standards for anti-laundering programs for institutions lacking a federal functional regulator, including state chartered non-depository trust companies, private banks and non-federally insured credit unions.
Financial Regulators Clarify BSA/AML Requirements Regarding Politically Exposed Persons
The federal financial regulatory agencies today issued a joint statement addressing how financial institutions should apply a risk-based approach to politically exposed persons consistent with FinCEN’s 2016 customer due diligence rule.
FinCEN Statement Outlines Approach to BSA Enforcement
The Financial Crimes Enforcement Network today issued a statement describing its approach to Bank Secrecy Act enforcement and the factors it evaluates in determining the appropriate response to and enforcement of BSA violations.
Financial Regulators Clarify Use of Cease and Desist Orders in BSA/AML Enforcement
The federal financial regulatory agencies today issued a joint statement addressing how they will address noncompliance with the Bank Secrecy Act/anti-money laundering requirements.