Tag Archives: Bank Secrecy Act

ABA Compliance Center Inbox, November/December 2017

Q: Can I keep a copy of a customer’s ID on file? I am working for a new bank and am being told that Section 326 of the Patriot Act (the Customer Identification Program rule) requires that banks keep a copy of the ID that the customer provided. I have heard that many small banks such as ours keep the copy in ...

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FinCEN Expands Geographic Targeting Orders to Include Honolulu

The Financial Crimes Enforcement Network today further expanded the scope of its geographic targeting orders temporarily requiring certain U.S. title insurance companies in specified areas to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions.

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ABA Recommends Changes to BSA/AML Regulations

In a comment letter to the Treasury department yesterday, ABA provided extensive feedback on several Bank Secrecy Act and anti-money laundering regulations that could be eliminated, modified or streamlined to reduce the compliance burden on banks in response to an executive order issued by President Trump earlier this year.

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Bipartisan Group of Lawmakers Calls for Better Exam Coordination

In a letter to Treasury Secretary Steven Mnuchin yesterday, a group of bipartisan lawmakers urged Treasury to prioritize policy changes that would increase coordination between regulatory agencies conducting bank examinations to help reduce the compliance burden on financial institutions.

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