The Internal Revenue Service’s seizure program for allegedly structured business deposits swept up millions of dollars in legally sourced funds that were not returned to their owners, according to a major report from the IRS’s independent inspector general.

Q: I am the BSA officer at my bank and I’ve just been made aware of suspicious account activity in one of our trust department accounts. This activity has been going on for over a year, but has just now come to my attention due to our bank being named as a defendant in a court action involving the trust ...

For compliance and BSA officers, personal liability is something that comes with the job.

Foreign banking organizations with U.S. operations need to ensure that their foreign operations are in compliance with U.S. anti-money laundering laws, a senior Department of Justice official said today at the ABA/ABA Money Laundering Enforcement Conference in Washington, D.C.

As the Financial Crimes Enforcement Network works to ensure that the financial system that is resistant to abuse and able to share valuable information with law enforcement, Acting Director Jamal El-Hindi today said at the ABA/ABA Money Laundering Enforcement Conference in Washington, D.C., that FinCEN would “think more creatively” about how it exercises its statutory authority.

Automated collaboration among financial institutions can help banks, and law enforcement, fight financial crime more efficiently and effectively.

The creditor will need to defend its underwriting practices to “prove” that education level provides some amount of repayment predictability.

Bank Secrecy Act-mandated reports play a critical role in helping stop cyber threats, the Financial Crimes Enforcement Network said in an advisory today that included a restatement of regulatory expectations for BSA reporting of cyber events.

In a letter to the Financial Crimes Enforcement Network today, ABA expressed support for a proposal that would subject banks without a functional federal regulator to the same Bank Secrecy Act and anti-money laundering rules as federally regulated institutions.

As part of the Obama administration’s continued opening toward Cuba, the Treasury Department today announced the easing of additional financial sanctions and limitations affecting interactions between the U.S. and Cuba.