ABA Banking Journal
The Financial Crimes Enforcement Network today issued an advisory to U.S. financial institutions highlighting the connection between corrupt senior foreign political figures, their enabling of human rights abuses and their illicit use of the U.S. financial system.
Read More »Tag Archives: Bank Secrecy Act
OCC Flags Rising Interest Rates as Key Bank Risk
Uncertainty around how bank deposits will reach to a rising interest rate environment was among several key risk themes identified by the OCC in its Semiannual Risk Perspective report released today.
Read More »FinCEN Temporarily Suspends Beneficial Ownership Requirements for Automatic Renewal Products
Responding to concerns raised by ABA and others in the banking industry, the Financial Crimes Enforcement Network announced today that it is temporarily suspending the application of the beneficial ownership requirements for certificate of deposit rollovers and loan renewals.
Read More »Agencies Release Exam Procedures for Beneficial Ownership Rule
As the Financial Crimes Enforcement Network’s customer due diligence rule -- which includes a new requirement to verify “beneficial owners” of legal entity customers -- takes effect today, the federal banking agencies issued new exam procedures for the rule.
Read More »FinCEN Recognizes Law Enforcement Successes Resulting from BSA Reporting
At its annual Law Enforcement Awards ceremony today, the Financial Crimes Enforcement Network recognized several state and federal law enforcement agencies for their work using information reported by financial institutions under the Bank Secrecy Act in their criminal investigations.
Read More »Can I Make Changes to FinCEN’s Beneficial Ownership Model Form?
...and more insights from ABA's Compliance Center Inbox in the May/June issue of the ABA Banking Journal.
Read More »Podcast: Recapping an Action-Packed Week in Washington
At the end of a whirlwind week in Washington, James Ballentine -- head of congressional relations at ABA -- recaps the action at the ABA Government Relations Summit.
Read More »Otting Previews OCC Actions on CRA, BSA, Small-Dollar Loans
The OCC’s top policy priorities are changing regulations on the Community Reinvestment Act, the Bank Secrecy Act and small-dollar lending, Comptroller of the Currency Joseph Otting said today at ABA’s Government Relations Summit.
Read More »Luetkemeyer Highlights House Efforts on Reg Reform, BSA/AML, Data Breaches
Rep. Blaine Luetkemeyer (R-Mo.) today pledged that “we’re going to work hard to make sure [the S. 2155 regulatory reform measure] gets through” the House “as quickly as possible.”
Read More »What You May Not Know About the Beneficial Ownership Rule
A rule that initially seemed rather straightforward has yielded multiple devils in the details.
Read More »