The Financial Crimes Enforcement Network’s Director of the Office of Regulatory Policy Barry Emmert today previewed the implementation process for the Corporate Transparency Act, an ABA-backed bill that was included in a broader package of Bank Secrecy Act/anti-money laundering reforms that Congress passed in December.
President Biden is seeking a $191 million in funding for the Financial Crimes Enforcement Network—a $64 million increase from FY 2021—according to the FY 2022 budget released by the White House today.
The Financial Crimes Enforcement Network director Ken Blanco will step down on April 9, the agency announced today.
As part of its efforts to implement provisions of the Anti-Money Laundering Act of 2021—the first significant changes to Bank Secrecy Act/anti-money laundering rules in almost two decades—the Financial Crimes Enforcement Network is seeking public input on the creation of a national beneficial ownership database.
The Financial Crimes Enforcement Network will issue an advanced notice of proposed rulemaking regarding the implementation of the beneficial ownership reporting requirements included in the Corporate Transparency Act, FinCEN Director Kenneth Blanco said today at a virtual industry event.
The American Bankers Association wrote to the federal banking agencies today urging them to pursue a single interagency rulemaking instead of finalizing separate regulations regarding Suspicious Activity Report exemptions.
Modernization efforts will likely be accompanied by increased enforcement activity. A strong culture of compliance will be more critical than ever.
With criminals increasingly turning to virtual currencies to move illicit funds, the Financial Crimes Enforcement Network last week proposed new requirements for certain transactions involving convertible virtual currency or digital assets with legal tender status.
To help banks develop more efficient and effective Bank Secrecy Act compliance programs, the OCC has issued a proposal that would allow the agency to issue exemptions from Suspicious Activity Report requirements.
To help banks develop more efficient and effective Bank Secrecy Act compliance programs, the FDIC today issued a proposal that would allow the agency to issue exemptions from Suspicious Activity Report requirements, in conjunction with the Financial Crimes Enforcement Network.