You could be encountering human trafficking in your backyard—no matter where you live or the size of your financial institution.
Browsing: Bank Secrecy Act
The lack of beneficial ownership information collected when companies are formed is “a dangerous and widening gap in our national security apparatus,” Financial Crimes Enforcement Network Director Kenneth Blanco said today at the ABA/ABA Financial Crimes Enforcement Conference.
When conducting recent examinations for Bank Secrecy Act/anti-money laundering compliance, regulatory officials flagged deficiencies in risk assessments, a need for more maturity in compliance systems and processes and data integrity issues, particularly as a result of mergers, as areas of concern during a panel discussion at the American Bankers Association/American Bar Association Financial Crimes Enforcement Conference in Washington, D.C., today.
The federal banking agencies and the Financial Crimes Enforcement Network, in consultation with the Conference of State Bank Supervisors, today issued guidance long sought by ABA on banks’ Bank Secrecy Act obligations related to hemp producers.
The U.S. banking sector remains strong overall, with banks maintaining strong capital and liquidity levels while seeing healthy loan growth and profitability, according to the Federal Reserve’s supervision and regulation report released today.
The relationship between anti-money laundering professionals and law enforcement has never been more important. AML professionals can follow these practical steps to enhance the usefulness and effectiveness of their SARs.
The Financial Crimes Enforcement Network today issued a final rule imposing a fifth special measure against Iran as a jurisdiction of primary money laundering concern under Section 311 of the USA Patriot Act.
Ten factors financial institutions should look out for in strengthening their OFAC compliance programs.
The House today voted to pass the ABA-backed Corporate Transparency Act (H.R. 2513). The legislation, sponsored by Rep. Carolyn Maloney (D-N.Y.), would direct the Financial Crimes Enforcement Network to create a national database that banks could use to verify a business’s beneficial ownership information.
ABA and the state bankers associations today urged the House to pass the Corporate Transparency Act (H.R. 2513), which is scheduled for a vote as soon as tomorrow.