Browsing: FinCEN

Newsbytes

The FDIC and the Financial Crimes Enforcement Network recognized three teams for excellence in a recent “tech sprint” to develop solutions for banks and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate and verify information about a person.

Compliance and Risk

The American Bankers Association today told the Financial Crimes Enforcement Network that the proposed pilot program for domestic financial institutions to share suspicious activity reports with their foreign branches, subsidiaries and affiliates “needs to be significantly revised” in order to be efficient and effective.

Compliance and Risk

As the U.S. continues its crackdown against Russia over the recent invasion of Ukraine, the Financial Crimes Enforcement Network today called on financial institutions to be vigilant against attempts to evade the expansive sanctions and restrictions currently in place.

Compliance and Risk

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.

Compliance and Risk

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.

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