As the Financial Crimes Enforcement Network works to implement the Corporate Transparency Act—an ABA-advocated provision of the Anti-Money Laundering Act of 2020—Acting Director Him Das told lawmakers it will publish a second notice of proposed rulemaking this year “that will propose regulations governing access to beneficial ownership information by law enforcement, national security agencies, financial institutions and others.”
Browsing: Beneficial ownership
In response to the Financial Crimes Enforcement Network’s proposed rule for a beneficial ownership registry, ABA said today in a comment letter to FinCEN that it is difficult to determine how the reporting requirements will fit with bank responsibilities because it is only the first of three regulations to implement the registry.
As FinCEN works to create a long-awaited database of beneficial ownership information—a key provision of the Anti-Money Laundering Act of 2020—regulators today reminded banks that they must continue to adhere to existing beneficial ownership requirements.
The Financial Crimes Enforcement Network today proposed regulations to implement the Corporate Transparency Act—a bipartisan, American Bankers Association-supported bill that was included in the broader package of Bank Secrecy Act/anti-money laundering reforms in the AML Act of 2020.
Moving from a ‘check the box’ mentality to a system that better protects consumers and banks.
As the Financial Crimes Enforcement Network prepares to create a new beneficial ownership registry, ABA made several recommendations that should guide the agency as it develops the database—including that FinCEN ensure usability and ease of access for reporting companies, law enforcement and financial institutions.
Recent legislative changes will keep banks’ Bank Secrecy Act officers busy for years to come. Here’s a CEO’s-eye view of AML/BSA changes on the horizon.
President Biden is seeking a $191 million in funding for the Financial Crimes Enforcement Network—a $64 million increase from FY 2021—according to the FY 2022 budget released by the White House today.
As part of its efforts to implement provisions of the Anti-Money Laundering Act of 2021—the first significant changes to Bank Secrecy Act/anti-money laundering rules in almost two decades—the Financial Crimes Enforcement Network is seeking public input on the creation of a national beneficial ownership database.
The Financial Crimes Enforcement Network will issue an advanced notice of proposed rulemaking regarding the implementation of the beneficial ownership reporting requirements included in the Corporate Transparency Act, FinCEN Director Kenneth Blanco said today at a virtual industry event.