As FinCEN works to create a long-awaited database of beneficial ownership information—a key provision of the Anti-Money Laundering Act of 2020—regulators today reminded banks that they must continue to adhere to existing beneficial ownership requirements.
Browsing: Bank Secrecy Act
Suspicious activity reports related to wildlife trafficking—which includes the illicit trade of protected animals, animal parts and derivatives thereof in violation of international or domestic law, and associated money laundering activity—“trended significantly up” between 2018 and 2020, and are expected to increase even more in 2021, FinCEN said in a new threat analysis released today.
With the pandemic and other factors triggering growth in — and new dimensions of — “money mule” scams, how what should bankers watch out for?
As part of its work to implement the Anti-Money Laundering Act of 2020, the Financial Crimes Enforcement Network has issued a request for information seeking feedback on how it can streamline, modernize and update anti-money laundering and countering the financing of terrorism rules in the U.S.
The Financial Crimes Enforcement Network today proposed regulations to implement the Corporate Transparency Act—a bipartisan, American Bankers Association-supported bill that was included in the broader package of Bank Secrecy Act/anti-money laundering reforms in the AML Act of 2020.
The Financial Crimes Enforcement Network is seeking comment on a potential rule on real estate reporting requirements.
FFIEC released a new section and updates to three sections of its Bank Secrecy Act/anti-money laundering examination manual
Although there is still much to come with the implementation of the revised statute, institutions should consider the act’s implications during this time between the enactment of the statute and the promulgation of the program rules.
In remarks at an industry event in Washington today, Acting FinCEN Director Himamauli Das addressed the growing threat of ransomware.
In the first six months of 2021, the Financial Crimes Enforcement Network identified $590 million in ransomware-related Suspicious Activity Reports, a 42% increase compared to the 2020 total of $416 million.