AML Innovation and Whistleblower Provisions of the NDAA Mean Important Changes Ahead
Modernization efforts will likely be accompanied by increased enforcement activity. A strong culture of compliance will be more critical than ...
Tag: FinCEN
FinCEN Proposes New Reporting, Recordkeeping Requirements for Crypto Transactions
With criminals increasingly turning to virtual currencies to move illicit funds, the Financial Crimes Enforcement Network last week proposed new ...
OCC Proposes to Allow Exemptions from SAR Requirements
To help banks develop more efficient and effective Bank Secrecy Act compliance programs, the OCC has issued a proposal that ...
FDIC Issues Proposal to Allow Exemptions from SAR Requirements
To help banks develop more efficient and effective Bank Secrecy Act compliance programs, the FDIC today issued a proposal that ...
FinCEN Releases Guidance on Financial Crime Information Sharing Program
The Financial Crimes Enforcement Network released new guidance on the Patriot Act Section 314(b) information sharing program, FinCEN Director Kenneth ...
ABA Urges Withdrawal of Proposed Rule Lowering Reporting Threshold for Funds Transfers
ABA urged the Federal Reserve and the Financial Crimes Enforcement Network today to withdraw a proposed rule that would reduce ...
ABA Urges FinCEN to Analyze Costs, Burdens of Foreign Correspondent, Private Banking Accounts
In a comment letter to the Financial Crimes Enforcement Network today, ABA urged FinCEN to conduct a “thorough and reflective ...
ABA Offers Recommendations for Improving AML Effectiveness, Efficiency
n a letter to the Financial Crimes Enforcement Network today, the American Bankers Association emphasized that “focusing on effectiveness and ...
The Future of Compliance Will Require Clean Data Sets
Consolidation over the last several decades has led to disparate sources of raw data locked up in legacy systems and ...
FinCEN’s Blanco Urges Banks: Be Specific When Filing COVID-19 Related SARs
Banks filed more than 64,000 Suspicious Activity Reports referencing COVID-19 and related stimulus programs—about 71% of all coronavirus-related SAR filings, ...
