Ransomware attacks are becoming more numerous, sophisticated and costly, especially during the COVID-19 pandemic.
Browsing: Financial crimes
As the COVID-19 pandemic turns one, bankers and cyber experts reflect on the rapid rise of scams and fraud schemes aimed at banks and their customers.
By streamlining their anti-money laundering operations, banks will not only maintain their defenses, but also their market share.
Modernization efforts will likely be accompanied by increased enforcement activity. A strong culture of compliance will be more critical than ever.
Changes likely on the way in the new year for AML include better tech tools, overhauling old systems and building better data infrastructures.
The Financial Crimes Enforcement Network released new guidance on the Patriot Act Section 314(b) information sharing program, FinCEN Director Kenneth Blanco said today at the ABA/ABA Financial Crimes Enforcement Conference.
By a bipartisan vote of 335 to 78 tonight, the House passed the National Defense Authorization Act for fiscal year 2021, a bill that includes several critical improvements to anti-money laundering rules. Among other things, the bill directs the Financial Crimes Enforcement Network to establish and maintain a national registry of beneficial ownership information that banks may in turn rely on when complying with customer due diligence requirements.
A truly comprehensive approach to managing risk will require the financial sector to mitigate concerns about collaborating with competitors.
Four ways for banks to integrate emerging financial crimes technology.
In a comment letter to the Financial Crimes Enforcement Network today, ABA urged FinCEN to conduct a “thorough and reflective analysis of the regulations that apply to both foreign correspondent accounts and private banking accounts,” noting that such a review is “needed and overdue.”