Accurately Assessing Financial Crime Risk at Midsize Banks in 2021
By streamlining their anti-money laundering operations, banks will not only maintain their defenses, but also their market share.
Browsing: Financial crimes
AML Innovation and Whistleblower Provisions of the NDAA Mean Important Changes Ahead
Modernization efforts will likely be accompanied by increased enforcement activity. A strong culture of compliance will be more critical than ever.
2021 Could Be Big Year for AML
Changes likely on the way in the new year for AML include better tech tools, overhauling old systems and building better data infrastructures.
FinCEN Releases Guidance on Financial Crime Information Sharing Program
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.
House Clears NDAA, Paving Way for BSA/AML Changes
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.
Building an Industry-Wide View of Risk in Financial Services
A truly comprehensive approach to managing risk will require the financial sector to mitigate concerns about collaborating with competitors.
AI and Machine Learning Can Repurpose Humans, Not Replace Them
Four ways for banks to integrate emerging financial crimes technology.
ABA Urges FinCEN to Analyze Costs, Burdens of Foreign Correspondent, Private Banking Accounts
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.”
Four Tips for Securing Digital Banking Channels
Application fraud and account takeover attacks have soared during the pandemic, but modern technologies enable secure and convenient banking
ABA Offers Recommendations for Improving AML Effectiveness, Efficiency
n a letter to the Financial Crimes Enforcement Network today, the American Bankers Association emphasized that “focusing on effectiveness and efficiency in AML compliance programs will go a long way toward eliminating inefficient and unnecessary practices and focus resources on fulfilling the BSA’s stated purpose of providing information with a high degree of usefulness to government authorities.”