ABA Banking Journal
As advocated by ABA, the Financial Crimes Enforcement Network today issued an administrative ruling to provide relief for institutions from applying the beneficial ownership rule to premium finance products that allow for cash refunds.
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FinCEN Recognizes Law Enforcement Successes Resulting from BSA Reporting
At its annual Law Enforcement Awards ceremony today, the Financial Crimes Enforcement Network recognized several state and federal law enforcement agencies for their work using information reported by financial institutions under the Bank Secrecy Act in their criminal investigations.
Read More »Cui Bono? Banks Count Down to Compliance with the Beneficial Ownership Rule
FinCEN’s rule on customer due diligence takes effect this May. Is your bank ready?
Read More »FinCEN Considering Further Guidance on Beneficial Ownership Rule
As the banking industry prepares to implement the Financial Crimes Enforcement Network’s final beneficial ownership rule, FinCEN Acting Director Jamal El-Hindi today said that the agency is considering additional guidance to help address lingering questions from financial institutions ahead of the May 2018 compliance deadline.
Read More »Treasury Taps Ken Blanco to Lead FinCEN
The Treasury Department today announced that Ken Blanco, acting assistant attorney general for the Justice Department’s criminal division, has been selected to become the new director of the Financial Crimes Enforcement Network.
Read More »Treasury Severs Ties with Chinese Bank, Citing Link to Illicit North Korean Activity
The Financial Crimes Enforcement Network today issued a final rule severing ties between the U.S. financial system and the Chinese Bank of Dandong.
Read More »AML, Fraud, Cyber: A 360-Degree Approach to Financial Crimes
A conversation about emerging financial crimes trends with ABA’s Ryan Rasske.
Read More »Treasury Steps Up Pressure on North Korean-Linked Entities
The Financial Crimes Enforcement Network today announced steps to safeguard the U.S. financial system against illicit North Korean financial activity.
Read More »FinCEN Updates List of AML/CFT Jurisdictions
The Financial Crimes Enforcement Network today released a revised list of the jurisdictions that are subject to countermeasures or enhanced due diligence due to anti-money laundering and counter-terrorist financing deficiencies (Section I), as well as jurisdictions with AML/CFT deficiencies that are working to correct them (Section II).
Read More »Lawmakers Call for Additional Marijuana Banking Guidance
With state or local law in 29 states and the District of Columbia now permitting marijuana use for various purposes, a bipartisan group of 10 senators today asked the Financial Crimes Enforcement Network to issue additional guidance for financial institutions that provide indirect services to marijuana-related businesses.
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