Avoiding a Risky Customer Conundrum
Four principles for mitigating the BSA/AML risks of banking higher-risk clients.
Browsing: FinCEN
ABA, Trades Support Legislation to Create Beneficial Owner Registry
The American Bankers Association joined a group of financial trade associations in a letter to Senate Banking Committee leaders endorsing the Illicit Cash Act, a bipartisan bill introduced today that would create a secure beneficial ownership registry of legal entities, to be overseen by the Financial Crimes Enforcement Network and the Treasury Department.
FinCEN Issues Warning on Illicit Fentanyl Scams
The Financial Crimes Enforcement Network today issued an advisory to financial institutions on illicit financial schemes related to the trafficking of fentanyl and other synthetic opioids.
Joint Agency Statement Emphasizes Risk-Based Approach to BSA/AML Exams
As part of an ongoing effort to enhance the efficiency and effectiveness of the Bank Secrecy Act/anti-money laundering regime, the federal banking agencies and the Financial Crimes Enforcement Network today issued a joint statement emphasizing their risk focused approach to BSA/AML examinations.
FinCEN Warns Banks of Business Email Compromise Scams
Business email compromise schemes—though which fraudsters target businesses and their fund transfers—generated more than $300 million a month in illicit revenue during 2018, the Financial Crimes Enforcement Network reported today.
House Financial Services Committee Advances Several ABA-Backed Bills
The House Financial Services Committee voted to advance the NFIP Reauthorization Act of 2019
ABA, Industry Groups Support Beneficial Ownership Bill
Ahead of the House Financial Services Committee markup today, the American Bankers Association joined eight other financial trade organizations in support of Rep. Carolyn Maloney’s (D-N.Y.) bill (H.R. 2513) to counter the use of shell corporations to move illicit funds.
State Bankers Associations Support Beneficial Ownership Bill
A group of 51 state bankers associations today wrote to House Financial Services Committee leaders in support of H.R. 2513, a bill introduced by Rep. Carolyn Maloney (D-N.Y.) calling for the Financial Crimes Enforcement Network to create a database of beneficial ownership information.
FinCEN Announces New Innovation Program
The Financial Crimes Enforcement Network announced today a new program to facilitate innovative approaches to combating money laundering and terrorist financing.
ABA Calls for Federal Beneficial Ownership Registry
Ahead of a Senate Banking Committee hearing tomorrow on beneficial ownership, the American Bankers Association wrote to committee members calling for the establishment of a federal registry of beneficial ownership information that banks could use to facilitate compliance with FinCEN’s customer due diligence rule.