Financial Regulators Clarify Use of Cease and Desist Orders in BSA/AML Enforcement
The federal financial regulatory agencies today issued a joint statement addressing how they will address noncompliance with the Bank Secrecy ...
Tag: Bank Secrecy Act
ABA Urges FinCEN to Refine SAR Burden Calculation Methodology
While the Financial Crimes Enforcement Network’s effort to calculate and evaluate the burden of filing Suspicious Activity Reports is a ...
House Votes to Include ABA-Backed AML Provision in Defense Bill
With a bipartisan majority of 336 to 71, the House today voted to add ABA-advocated anti-money laundering provisions to the ...
ABA: More Detail Needed in FinCEN Analysis of CTR Burden
A recent estimate by the Financial Crimes Enforcement Network of the total cost to file currency transaction reports “significantly underestimates” ...
OCC Warns of Compliance Risk as Banks Adapt to COVID-19 Changes
The OCC today cautioned banks to be vigilant about compliance risks that could arise as a result of their response ...
FinCEN Issues BSA/AML Guidance on Hemp-Related Businesses
The Financial Crimes Enforcement Network today issued guidance for financial institutions on how they can conduct due diligence on hemp-related ...
Banking Trade Groups Call for Inclusion of AML/CFT Bill in NDAA
In a letter to Senate Armed Services Committee leaders this weekend, ABA joined six other financial trade organizations calling for ...
FinCEN to Update Methodology for Calculating Regulatory Burden of SARs
Bank Secrecy Act reporting institutions annually spend roughly $206 million and 5.4 million hours of work investigating, evaluating cases and ...
FinCEN Recognizes Law Enforcement Successes Resulting from BSA Reporting
The Financial Crimes Enforcement Network today recognized several state and federal law enforcement agencies for their work using information reported ...
FinCEN Issues Warning on COVID-19 Medical Scams, Notice on Reporting
The Financial Crimes Enforcement Network today issued an advisory on medical scams related to the coronavirus pandemic—the first in a ...
