FinCEN Proposes FBAR Filing Relief for Bank Employees
The Financial Crimes Enforcement Network yesterday issued a proposal clarifying who is exempt from filing Reports of Foreign Bank and Financial Accounts, or FBAR, under the Bank Secrecy Act.
Browsing: Bank Secrecy Act
OCC Outlines Response Procedure for BSA Compliance Violations
The OCC today issued a bulletin updating the procedure by which banks may respond to potential noncompliance with BSA compliance program requirements or repeat or uncorrected BSA compliance problems.
GAO Report Examines Effects of Proposed AML Legislation
The Government Accountability Office today published a report examining whether information that would be collected under a proposed Remittance Status Verification Act would assist federal agencies’ anti-money laundering efforts.
ABA Questions FinCEN Analysis of Due Diligence Rule
The Financial Crimes Enforcement Network’s evaluations of the regulatory impact of its proposal to enhance customer due diligence requirements fail to consider the true costs and effects — and overstate the benefits — the rule would impose on banks of all sizes, ABA said in a members-only staff analysis issued today.
OCC: Underwriting and Cyber Risk Are On the Rise
The Office of the Comptroller of the Currency will make credit risk and cyber risk a focus over the coming months, the agency said in its Semiannual Risk Perspective report released today.
FinCEN Chief: Include IP Addresses in SARs
Financial institutions should include IP addresses and other cyber-derived information in the Suspicious Activity Reports they file, Financial Crimes Enforcement Network Director Jennifer Shasky Calvery said today at a cybersecurity forum in New York.
ABA: Reg Burden Key to Correspondent Banking Declines
ABA in a comment letter yesterday to the Bank for International Settlements voiced its support for three of the four recommendations made by BIS’ report on correspondent banking to improve the cross-border payments marketplace, but said that the report ultimately failed to address the central issue of excessive regulatory burden leading to the termination of correspondent banking relationships.
FinCEN Director: BSA Reporting is Crucial Part of Financial Intelligence
FinCEN Director Jennifer Shasky Calvery, speaking at the ABA/ABA Money Laundering Enforcement Conference today, stressed the need for financial institutions to “continue engaging with our regulatory, law enforcement and [other industry] partners as we determine where there is the most significant risk, if additional AML requirements are needed, and how best to get at any identified vulnerabilities with the least amount of burden.”
Once Bitten, Twice Shy
As large financial institutions shed riskier clients, are community bankers prepared for those potential customers to come knocking?
ABA Files Comments to FinCEN on Proposed Anti-Money Laundering Regs for Investment Advisers
ABA on October 30 filed comments to the Financial Crimes Enforcement Network on its proposed rule to define investment advisers as financial institutions subject to the Bank Secrecy Act.