The gray area of marijuana-related businesses makes it a difficult judgment call for banks—regardless of their policies on cannabis customers.
Browsing: Anti-money laundering
As part of the Consumer Financial Protection Bureau’s ongoing feedback initiative, ABA and its transaction banking subsidiary BAFT, joined by the Clearing House and the Consumer Bankers Association, urged the CFPB to make several much-needed rule changes to its remittance rule.
Reps. Steve Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.) yesterday introduced an ABA-supported bill that would update several elements of the Bank Secrecy Act and other anti-money laundering laws and regulations.
The OCC is hoping to issue a long-awaited advance notice of proposed rulemaking on the Community Reinvestment Act in the coming weeks, Comptroller of the Currency Joseph Otting said today, and it has been waiting in order to build consensus with other banking agencies.
The Financial Crimes Enforcement Network today issued an advisory to U.S. financial institutions highlighting the connection between corrupt senior foreign political figures, their enabling of human rights abuses and their illicit use of the U.S. financial system.
Uncertainty around how bank deposits will reach to a rising interest rate environment was among several key risk themes identified by the OCC in its Semiannual Risk Perspective report released today.
Responding to concerns raised by ABA and others in the banking industry, the Financial Crimes Enforcement Network announced today that it is temporarily suspending the application of the beneficial ownership requirements for certificate of deposit rollovers and loan renewals.
As the Financial Crimes Enforcement Network’s customer due diligence rule — which includes a new requirement to verify “beneficial owners” of legal entity customers — takes effect today, the federal banking agencies issued new exam procedures for the rule.
At its annual Law Enforcement Awards ceremony today, the Financial Crimes Enforcement Network recognized several state and federal law enforcement agencies for their work using information reported by financial institutions under the Bank Secrecy Act in their criminal investigations.
At the end of a whirlwind week in Washington, James Ballentine — head of congressional relations at ABA — recaps the action at the ABA Government Relations Summit.