The Government Accountability Office found significant room for improvement regarding the Department of Justice’s obligation under the Anti-Money Laundering Act of 2020 to provide the Financial Crimes Enforcement Network with information on their use of Bank Secrecy Act reports.
Successful information sharing will reduce the time it takes to interdict, stop and report criminal activity, boost customer trust and protect a brand’s reputation.
The federal regulatory agencies this week announced updates to their spring rulemaking agendas for 2022. Among the CFPB’s priorities are the Dodd-Frank Section 1071 final rule, which is projected for March 2023 and addresses the collection of small business lending data.
The Financial Crimes Enforcement Network issued a statement reminding banks of how to apply a risk-based approach to conducting customer due diligence on independent ATM owners or operators pursuant to the 2016 customer due diligence rule.
The advisory highlights behavioral and financial red flags to aid banks with identifying, preventing and reporting suspected abuse.
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.