A group of money services businesses, working with other interested parties including the American Bankers Association, issued a best-practices guide for MSBs related to anti-money laundering and Bank Secrecy Act compliance.
U.S. law enforcement agencies are deputizing—voluntarily or involuntarily—financial institutions to serve as their lead investigators.
The Financial Crimes Enforcement Network issued an advisory on kleptocracy and foreign public corruption, urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption.
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.
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.
The Financial Crimes Enforcement Network today issued an alert reminding financial institutions of the importance of identifying and quickly reporting suspicious transactions in connection with sanctioned Russian elites and their families.
Cybersecurity and Infrastructure Security Agency Deputy Director Nitin Natarajan told bankers today at the American Bankers Association’s Washington Summit that the U.S. financial sector is not seeing any rise in cyberattacks from Russia, but urged bankers to report any suspicions of cyberattacks.
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.
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.