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

Compliance and Risk

November 16, 2020

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

Compliance and Risk

October 22, 2020

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

Compliance and Risk

September 29, 2020

Banks filed more than 64,000 Suspicious Activity Reports referencing COVID-19 and related stimulus programs—about 71% of all coronavirus-related SAR filings, ...

FinCEN Considering BSA Changes to Improve Effectiveness of AML Programs

Compliance and Risk

September 16, 2020

The Financial Crimes Enforcement Network is seeking public feedback on potential changes to the Bank Secrecy Act that would enhance ...

FinCEN Final Rule Establishes AML Requirements for Trust Companies, Private Banks

Compliance and Risk

September 14, 2020

The Financial Crimes Enforcement Network has issued a final rule establishing minimum standards for anti-laundering programs for institutions lacking a ...

FinCEN Statement Outlines Approach to BSA Enforcement

Compliance and Risk

August 18, 2020

The Financial Crimes Enforcement Network today issued a statement describing its approach to Bank Secrecy Act enforcement and the factors ...

FinCEN Issues FAQs on Customer Due Diligence

Compliance and Risk

August 3, 2020

The Financial Crimes Enforcement Network today published three frequently asked questions regarding customer due diligence requirements.

FinCEN Warns of COVID-19-Related Cyber Fraud

Compliance and Risk

July 30, 2020

The Financial Crimes Enforcement Network issued an advisory alerting financial institutions to several types of cybercrime and cyber-enabled crime connected ...