FinCEN report: Ransomware filings more than double from 2020 to 2021
The value of ransomware-related BSA filings in 2021 approached $1.2 billion—a 188% increase compared to the previous year.
Browsing: Bank Secrecy Act
Government watchdog: DOJ falling short of obligations to share BSA info
The Government Accountability Office found significant room for improvement regarding the Department of Justice’s obligation under the Anti-Money Laundering Act of 2020 to provide the Financial Crimes Enforcement Network with information on their use of Bank Secrecy Act reports.
How the new SAR pilot may aid in the financial crime fight internationally
Successful information sharing will reduce the time it takes to interdict, stop and report criminal activity, boost customer trust and protect a brand’s reputation.
Interagency statement reiterates due diligence expectations
The federal banking agencies and the Financial Crimes Enforcement Network today issued a statement reminding banks of the risk-based approach to assessing customer relationships and conducting customer due diligence.
FinCEN issues statement on due diligence for independent ATM owners, operators
The Financial Crimes Enforcement Network issued a statement reminding banks of how to apply a risk-based approach to conducting customer due diligence on independent ATM owners or operators pursuant to the 2016 customer due diligence rule.
FinCEN seeks feedback on plan to issue no-action letters
As part of its implementation of the Anti-Money Laundering Act of 2020, the Financial Crimes Enforcement Network on Friday sought public feedback on a new process for issuing no-action letters.
Groups publish AML best-practices compliance guide for MSBs
A group of money services businesses, working with other interested parties including the American Bankers Association, issued a best-practices guide for MSBs related to anti-money laundering and Bank Secrecy Act compliance.
A changing AML info-sharing landscape creates new risks
U.S. law enforcement agencies are deputizing—voluntarily or involuntarily—financial institutions to serve as their lead investigators.
Compliance priorities on the horizon for 2022
New focuses and directions at the agencies are on the way, but a few themes have been clear and consistent.
Threats from Sanctioned Nations: Cyber Hygiene and a Plan Provide Best Defense for Banks
Banks should have a step-by-step plan on how to handle cyber-attacks, including securing whatever data possible and quickly notifying law enforcement.