In a comment letter to the New York State Department of Financial Services, the American Bankers Association urged the agency to withdraw a proposed anti-money laundering regulation that would apply to all financial institutions chartered in the state.
The OCC is taking a closer look at how banks make decisions to terminate business or correspondent relationships to avoid regulatory scrutiny—a process known as “de-risking”—and could issue guidance in the future based on its findings, Comptroller of the Currency Thomas Curry said today.
Speaking at the ABA/ABA Money Laundering Enforcement Conference today, Acting Treasury Undersecretary Adam Szubin stressed the importance of healthy correspondent banking relationships, cautioning banks against “derisking,” or avoiding regulatory risk by terminating, restricting or denying services to a broad class of clients.
The Basel, Switzerland-based Financial Stability Board published a report today on the decline in international correspondent banking activity and actions international bodies are taking to stem it.
As large financial institutions shed riskier clients, are community bankers prepared for those potential customers to come knocking?
The four senators from Colorado and Oregon — the first two states to remove legal restrictions on recreational marijuana — yesterday introduced a bill intended to help state-licensed marijuana businesses access banking services in states that permit marijuana use and sale.
The Financial Action Task Force (FATF) Plenary held in Brisbane, Australia on June 26 adopted a number of reports including a revised best practices on combating the abuse of non-profit organization, and guidance for a risk-based approach to virtual currencies.
The May/June issue of ABA Bank Compliance magazine, now available online for subscribers, features a cover story on what continuing class action and enforcement litigation means for frontline bank compliance. Other stories cover what bankers are doing to “derisk,” how to build a positive compliance risk management culture and how to handle a change in