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.
Browsing: FinCEN
FinCEN Proposes New Reporting, Recordkeeping Requirements for Crypto Transactions
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.
OCC Proposes to Allow Exemptions from SAR Requirements
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.
FDIC Issues Proposal to Allow Exemptions from SAR 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.
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.
ABA Urges Withdrawal of Proposed Rule Lowering Reporting Threshold for Funds Transfers
ABA urged the Federal Reserve and the Financial Crimes Enforcement Network today to withdraw a proposed rule that would reduce the transaction threshold from $3,000 to $250 for when banks must collect and retain information on funds transfers and remittances that start or end outside of the United States.
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.”
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.”
The Future of Compliance Will Require Clean Data Sets
Consolidation over the last several decades has led to disparate sources of raw data locked up in legacy systems and proprietary formats.
FinCEN’s Blanco Urges Banks: Be Specific When Filing COVID-19 Related SARs
Banks filed more than 64,000 Suspicious Activity Reports referencing COVID-19 and related stimulus programs—about 71% of all coronavirus-related SAR filings, Financial Crimes Enforcement Network Director Ken Blanco said today.