As the U.S. continues its crackdown against Russia over the recent invasion of Ukraine, the Financial Crimes Enforcement Network today called on financial institutions to be vigilant against attempts to evade the expansive sanctions and restrictions currently in place.
As the Financial Crimes Enforcement Network works to update its anti-money laundering framework, ABA today urged FinCEN to continue working with regulators, law enforcement and the financial sector to keep up with evolving financial products, technologies and developments related to illicit finance.
In response to the Financial Crimes Enforcement Network’s proposed rule for a beneficial ownership registry, ABA said today in a comment letter to FinCEN that it is difficult to determine how the reporting requirements will fit with bank responsibilities because it is only the first of three regulations to implement the registry.
The Financial Crimes Enforcement Network today issued a notice of proposed rulemaking to establish a pilot program for financial institutions to share suspicious activity reports with their foreign branches, subsidiaries and affiliates.
The Financial Crimes Enforcement Network is exploring the creation of regulatory sandboxes to test new methods of transaction monitoring, FinCEN Acting Director Him Das said today at the ABA/ABA Financial Crimes Enforcement Conference.
As FinCEN works to create a long-awaited database of beneficial ownership information—a key provision of the Anti-Money Laundering Act of 2020—regulators today reminded banks that they must continue to adhere to existing beneficial ownership requirements.
The FDIC and the Financial Crimes Enforcement Network today announced a “tech sprint” to develop…
Suspicious activity reports related to wildlife trafficking—which includes the illicit trade of protected animals, animal parts and derivatives thereof in violation of international or domestic law, and associated money laundering activity—“trended significantly up” between 2018 and 2020, and are expected to increase even more in 2021, FinCEN said in a new threat analysis released today.
As part of its work to implement the Anti-Money Laundering Act of 2020, the Financial Crimes Enforcement Network has issued a request for information seeking feedback on how it can streamline, modernize and update anti-money laundering and countering the financing of terrorism rules in the U.S.
The Financial Crimes Enforcement Network today proposed regulations to implement the Corporate Transparency Act—a bipartisan, American Bankers Association-supported bill that was included in the broader package of Bank Secrecy Act/anti-money laundering reforms in the AML Act of 2020.