Banks focusing on innovation in their processes, people and technology will be well placed to implement effective BSA/AML compliance programs.
Browsing: Financial crimes
As the Financial Crimes Enforcement Network works to update its anti-money laundering framework, ABA today urged FinCEN to continue working with regulators, law enforcement and the financial sector to keep up with evolving financial products, technologies and developments related to illicit finance.
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.
The regtech journey requires careful evaluation of perhaps hundreds of startups.
Establishing a significantly higher standard for ongoing cybersecurity and resilience in the face of what are now persistent attacks.
The Financial Crimes Enforcement Network is exploring the creation of regulatory sandboxes to test new methods of transaction monitoring, FinCEN Acting Director Him Das said today at the ABA/ABA Financial Crimes Enforcement Conference.
Among the ways banks can respond to today’s quickly changing criminal activity is by incorporating flexible fraud-detection controls that allow them to create or adjust rules on the fly.
The Financial Crimes Enforcement Network is seeking comment on a potential rule on real estate reporting requirements.
Although there is still much to come with the implementation of the revised statute, institutions should consider the act’s implications during this time between the enactment of the statute and the promulgation of the program rules.