U.S. law enforcement agencies are deputizing—voluntarily or involuntarily—financial institutions to serve as their lead investigators.
Browsing: Anti-money laundering
As the Financial Crimes Enforcement Network works to implement the Corporate Transparency Act—an ABA-advocated provision of the Anti-Money Laundering Act of 2020—Acting Director Him Das told lawmakers it will publish a second notice of proposed rulemaking this year “that will propose regulations governing access to beneficial ownership information by law enforcement, national security agencies, financial institutions and others.”
As the House and Senate work to reconcile differences between their respective versions of the America Competes Act, the American Bankers Association and 51 state bankers associations today urged lawmakers to include the SAFE Banking Act in the final legislation. T
The Treasury Department’s Office of Foreign Assets Control sanctioned Transkapitalbank, a Russian commercial bank, and its subsidiary, Joint Stock Company Investtradebank for sanctions evasion activity connected to the recent Russian invasion of Ukraine.
The Financial Crimes Enforcement Network issued an advisory on kleptocracy and foreign public corruption, urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption.
New focuses and directions at the agencies are on the way, but a few themes have been clear and consistent.
The Treasury Department’s Office of Foreign Assets Control today announced sanctions against Hydra Market, the world’s largest and most prominent darknet market, for being responsible or complicit in cyber-enabled activities against the United States.
Banks should have a step-by-step plan on how to handle cyber-attacks, including securing whatever data possible and quickly notifying law enforcement.
The American Bankers Association today told the Financial Crimes Enforcement Network that the proposed pilot program for domestic financial institutions to share suspicious activity reports with their foreign branches, subsidiaries and affiliates “needs to be significantly revised” in order to be efficient and effective.
In the wake of Russia’s invasion of Ukraine, western governments have imposed unprecedented financial sanctions on individuals, businesses, banks and governments in Russia, Belarus and Russian-occupied areas of Ukraine.