As the Financial Crimes Enforcement Network works to ensure that the financial system that is resistant to abuse and able to share valuable information with law enforcement, Acting Director Jamal El-Hindi today said at the ABA/ABA Money Laundering Enforcement Conference in Washington, D.C., that FinCEN would “think more creatively” about how it exercises its statutory authority.
Automated collaboration among financial institutions can help banks, and law enforcement, fight financial crime more efficiently and effectively.
In a letter to the Financial Crimes Enforcement Network today, ABA expressed support for a proposal that would subject banks without a functional federal regulator to the same Bank Secrecy Act and anti-money laundering rules as federally regulated institutions.
In a joint comment letter yesterday, ABA and the Securities Industry and Financial Markets Association offered feedback on the Financial Crimes Enforcement Network’s proposal to clarify who is exempt from filing Reports of Foreign Bank and Financial Accounts, or FBAR, under the Bank Secrecy Act.
The Financial Crimes Enforcement Network today announced that Jennifer Shasky Calvery will step down as director at the end of May.
Financial Crimes Enforcement Network Director Jennifer Shasky Calvery today shed light on FinCEN’s recently issued Geographic Targeting Orders aimed at high-end, all cash real estate transactions Manhattan, N.Y., and Miami-Dade County, Fla.
The federal banking agencies are having discussions with the Financial Crimes Enforcement Network about guidance on how financial institutions can serve marijuana-related businesses, an OCC official said today during a regulatory roundtable at the ABA Government Relations Summit.
In a comment letter yesterday, ABA criticized the Financial Crimes Enforcement Network’s recent cost-benefit analysis of its proposed customer due diligence rule, claiming that the analysis relies on unsubstantiated and overly optimistic assumptions about the potential benefits of the heightened requirements and fails to adequately identify and weigh the burden imposed on financial institutions.
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).
The Financial Crimes Enforcement Network announced today that it will temporarily require certain U.S. title insurance companies in target areas to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions.