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.
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.
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.
U.S. law enforcement agencies are deputizing—voluntarily or involuntarily—financial institutions to serve as their lead investigators.
New focuses and directions at the agencies are on the way, but a few themes have been clear and consistent.
Banks should have a step-by-step plan on how to handle cyber-attacks, including securing whatever data possible and quickly notifying law enforcement.
The American Bankers Association today told the Financial Crimes Enforcement Network that the proposed pilot program for domestic financial institutions to share suspicious activity reports with their foreign branches, subsidiaries and affiliates “needs to be significantly revised” in order to be efficient and effective.
In the wake of Russia’s invasion of Ukraine, western governments have imposed unprecedented financial sanctions on individuals, businesses, banks and governments in Russia, Belarus and Russian-occupied areas of Ukraine.
Speaking at an industry event today, Aaron Tapp, section chief for the Federal Bureau of Investigation’s financial crimes section, told financial crimes professionals that it “might be time to have a conversation” between regulators and law enforcement to discuss how financial institutions can best provide actionable information to law enforcement while meeting their regulatory obligations.
In all of the Department of Justice’s corporate resolutions regarding AML compliance violations—including guilty pleas, deferred prosecution agreements or non-prosecution agreements—it will now consider requiring both chief executive officers and chief compliance officers to certify that a company has remedied the situation, Assistant Attorney General Kenneth Polite announced today.