In remarks at the American Bankers Association Washington Summit today, House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) previewed several policy initiatives that the committee will pursue under her leadership, including housing reform, cannabis and Bank Secrecy Act/anti-money laundering reform.
The Financial Crimes Enforcement Network last week 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, as well as jurisdictions with AML/CFT deficiencies that are working to correct them.
The Financial Crimes Enforcement Network will launch a new innovation initiative to foster a better understanding of the opportunities and challenges of new technologies for enhancing Bank Secrecy Act and anti-money laundering efforts, FinCEN Director Ken Blanco told attendees at ABA’s Financial Crimes Enforcement Conference today.
The Financial Crimes Enforcement Network today reissued its revised geographic targeting orders temporarily requiring certain U.S. title insurance companies in specificied areas to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions.
The financial regulatory agencies and the Financial Crimes Enforcement Network today issued a joint statement outlining how banks may enter into collaborative arrangements to share resources in order to more effectively manage their Bank Secrecy Act and anti-money laundering obligations.
The Financial Crimes Enforcement Network and the financial regulatory agencies today announced an exemption from the customer identification program rules for premium finance loans made by banks to commercial customers.
The Financial Crimes Enforcement Network on Friday announced that it would grant relief from beneficial ownership requirements for certificate of deposit rollovers and loans that renew automatically; loans where the renewal, modification or extension does not require underwriting; and safe deposit box renewals.
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.
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.
FinCEN’s rule on customer due diligence takes effect this May. Is your bank ready?