Managing an AML Program During COVID-19
Effective anti-money laundering compliance processes during challenging times require team collaboration, committing to communication and paying attention to guidance.
Browsing: Bank Secrecy Act
FinCEN Considering BSA Changes to Improve Effectiveness of AML Programs
The Financial Crimes Enforcement Network is seeking public feedback on potential changes to the Bank Secrecy Act that would enhance the overall effectiveness of banks’ anti-money laundering programs.
FinCEN Final Rule Establishes AML Requirements for Trust Companies, Private Banks
The Financial Crimes Enforcement Network has issued a final rule establishing minimum standards for anti-laundering programs for institutions lacking a federal functional regulator, including state chartered non-depository trust companies, private banks and non-federally insured credit unions.
Financial Regulators Clarify BSA/AML Requirements Regarding Politically Exposed Persons
The federal financial regulatory agencies today issued a joint statement addressing how financial institutions should apply a risk-based approach to politically exposed persons consistent with FinCEN’s 2016 customer due diligence rule.
FinCEN Statement Outlines Approach to BSA Enforcement
The Financial Crimes Enforcement Network today issued a statement describing its approach to Bank Secrecy Act enforcement and the factors it evaluates in determining the appropriate response to and enforcement of BSA violations.
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 Act/anti-money laundering requirements.
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 good first step, FinCEN needs to do more to fully grasp the costs and benefits of SAR filing, ABA said in a comment letter today.
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 2021 National Defense Authorization Act.
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” the burden faced by financial institutions, ABA said in a letter to the agency today.
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 to the coronavirus pandemic.