Federal Banking Agencies Issue FAQs on Suspicious Activity Reporting
The federal banking agencies on Tuesday issued a set of frequently asked questions providing clarity about suspicious activity reporting and other anti-money laundering issues.
Browsing: Bank Secrecy Act
AML Innovation and Whistleblower Provisions of the NDAA Mean Important Changes Ahead
Modernization efforts will likely be accompanied by increased enforcement activity. A strong culture of compliance will be more critical than ever.
Who Makes the Final Decision about Filing a SAR?
. . . and other questions in ABA’s Regulatory Policy and Compliance Inbox.
Congress Overturns Trump’s NDAA Veto, Enacting AML/BSA Reform
The House and Senate this week voted to overturn President Trump’s veto of the National Defense Authorization Act for fiscal year 2021.
2021 Could Be Big Year for AML
Changes likely on the way in the new year for AML include better tech tools, overhauling old systems and building better data infrastructures.
FinCEN Proposes New Reporting, Recordkeeping Requirements for Crypto Transactions
With criminals increasingly turning to virtual currencies to move illicit funds, the Financial Crimes Enforcement Network last week proposed new requirements for certain transactions involving convertible virtual currency or digital assets with legal tender status.
OCC Proposes to Allow Exemptions from SAR Requirements
To help banks develop more efficient and effective Bank Secrecy Act compliance programs, the OCC has issued a proposal that would allow the agency to issue exemptions from Suspicious Activity Report requirements.
FDIC Issues Proposal to Allow Exemptions from SAR Requirements
To help banks develop more efficient and effective Bank Secrecy Act compliance programs, the FDIC today issued a proposal that would allow the agency to issue exemptions from Suspicious Activity Report requirements, in conjunction with the Financial Crimes Enforcement Network.
Senate Approves Defense Bill That Includes Critical BSA/AML Changes
By a bipartisan vote of 84 to 13, the Senate this afternoon passed the National Defense Authorization Act for fiscal year 2021, a bill that includes several critical improvements to anti-money laundering rules.
Regulators Planning Future Updates to BSA/AML Examination Manual
Regulators are currently “in the process of reviewing another update” to the BSA/AML examination manual, Lisa Arquette, associate director of the FDIC’s division of risk management told attendees at the ABA/ABA Financial Crimes Enforcement Conference today.