The Financial Crimes Enforcement Network and the financial regulatory agencies today announced an exemption from the customer identification program rules for premium finance loans made by banks to commercial customers.
Browsing: Anti-money laundering
For an industry caught between state and federal law, a change can’t come soon enough.
The Financial Crimes Enforcement Network on Friday announced that it would grant relief from beneficial ownership requirements for certificate of deposit rollovers and loans that renew automatically; loans where the renewal, modification or extension does not require underwriting; and safe deposit box renewals.
As more and more states legalize the use and sale of marijuana, more and more banks are finding themselves caught between the pincer of local needs and federal law.
How can bank directors equip themselves when it comes to approving programs and policies for financial crimes?
The gray area of marijuana-related businesses makes it a difficult judgment call for banks—regardless of their policies on cannabis customers.
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.