New York Proposes AML Monitoring Requirements
The New York State Department of Financial Services is proposing a new anti-money laundering regulation that would apply to all financial institutions chartered in the state.
Browsing: Anti-money laundering
Participation in MLRS Proposed for All OCC-Supervised Banks
The OCC is seeking comments on proposed changes to its Bank Secrecy Act/Money Laundering Risk Assessment, or MLRS, which evaluates the BSA/AML and OFAC sanctions risks associated with bank products and serves as an important tool for the OCC’s BSA/AML/OFAC supervision program.
FinCEN Proposes Tweaks to CTR Filings
The Financial Crimes Enforcement Network is proposing changes to the Currency Transaction Reports banks file under the Bank Secrecy Act to reflect better the ways that institutions use CTRs.
ABA Report: Banks Stopped $11 Billion in Fraud Attempts in 2014
The nation’s banks stopped more than $11 billion in fraudulent transactions in 2014, according to ABA’s 2015 Deposit Account Fraud Survey Report released today.
Rep. Pittenger Raps FinCEN for Short Comment Period
Rep. Robert Pittenger (R-N.C.), the vice chairman of the House Financial Services Committee’s Task Force to Investigate Terrorism Financing, today took the Financial Crimes Enforcement Network to task over a too-short comment period on regulatory analyses for its customer due diligence rulemaking.
FinCEN Updates List of AML/CFT Jurisdictions
The Financial Crimes Enforcement Network today released a revised list of the jurisdictions that are subject to countermeasures or enhanced due diligence due to anti-money laundering and counter-terrorist financing deficiencies (Section I), as well as jurisdictions with AML/CFT deficiencies that are working to correct them (Section II).
FinCEN Targets Miami, Manhattan Real Estate with AML Efforts
The Financial Crimes Enforcement Network announced today that it will temporarily require certain U.S. title insurance companies in target areas to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions.
ABA Questions FinCEN Analysis of Due Diligence Rule
The Financial Crimes Enforcement Network’s evaluations of the regulatory impact of its proposal to enhance customer due diligence requirements fail to consider the true costs and effects — and overstate the benefits — the rule would impose on banks of all sizes, ABA said in a members-only staff analysis issued today.
OCC: Underwriting and Cyber Risk Are On the Rise
The Office of the Comptroller of the Currency will make credit risk and cyber risk a focus over the coming months, the agency said in its Semiannual Risk Perspective report released today.
ABA: Reg Burden Key to Correspondent Banking Declines
ABA in a comment letter yesterday to the Bank for International Settlements voiced its support for three of the four recommendations made by BIS’ report on correspondent banking to improve the cross-border payments marketplace, but said that the report ultimately failed to address the central issue of excessive regulatory burden leading to the termination of correspondent banking relationships.