AI and Machine Learning Can Repurpose Humans, Not Replace Them
Four ways for banks to integrate emerging financial crimes technology.
Browsing: Bank Secrecy Act
Fed, FinCEN Propose to Lower Reporting Threshold for Funds Transfers
The Federal Reserve and the Financial Crimes Enforcement Network today proposed to reduce the transaction volume threshold for when banks must collect and retain information on funds transfers and remittances that start or end outside of the United States.
The Future of Compliance Will Require Clean Data Sets
Consolidation over the last several decades has led to disparate sources of raw data locked up in legacy systems and proprietary formats.
Treasury, State Report Highlights Bank Efforts to Stop Human Trafficking
The Treasury and State Departments today issued a report analyzing efforts to prevent human trafficking and highlighting the role that banks and other financial institutions play in these efforts.
Agencies Grant ABA-Requested Exemption for Premium Finance Loans
The federal banking agencies and the Financial Crimes Enforcement Network today announced an exemption from customer identification program rules for bank loans to all customers to facilitate the purchase of property and casualty insurance policies, otherwise known as premium finance loans.
ABA, Groups Call for Inclusion of AML Reform Bill in Final Defense Spending Bill
ABA joined a broad coalition of advocacy groups from different industries in a letter urging House and Senate Armed Services Committee leaders to include the Corporate Transparency Act in the final National Defense Authorization Act for fiscal year 2021.
OCC Outlines Supervision Priorities for 2021
The OCC today released its bank supervision operating plan for fiscal year 2021, identifying what each of the agency’s supervisory operating units will focus on for the new federal fiscal year that started Oct. 1.
For Community Banks, COVID-19 Brings Existential Concerns to Fore
Business conditions were most often called the single biggest challenge facing community banks, according to an annual survey released yesterday by the Conference of State Bank Supervisors.
FinCEN’s Blanco Urges Banks: Be Specific When Filing COVID-19 Related SARs
Banks filed more than 64,000 Suspicious Activity Reports referencing COVID-19 and related stimulus programs—about 71% of all coronavirus-related SAR filings, Financial Crimes Enforcement Network Director Ken Blanco said today.
GAO Estimates Bank Costs for AML/BSA Compliance
Banks in a Government Accountability Office study spent between 0.4% and 2.4% of total 2018 operating expenses on anti-money laundering activity and Bank Secrecy Act compliance, the GAO said today.