Recognizing the operational challenges many banks are facing due to COVID-19, FinCEN today issued a statement regarding Banks’ Secrecy Act obligations during the pandemic.
In a significant development for the industry, the Financial Action Task Force recently upgraded its assessment of the United States’ anti-money laundering and counter-terrorism compliance framework.
The Financial Crimes Enforcement Network today reminded banks to communicate promptly with FinCEN and their primary regulator if they experience delays in filing Bank Secrecy Act reports due to the coronavirus pandemic.
The number of Suspicious Activity Reports related to elder financial exploitation has risen dramatically over the past several years, as seniors face increasing threats from both domestic and foreign actors, according to an analysis released last night by the Financial Crimes Enforcement Network.
The relationship between anti-money laundering professionals and law enforcement has never been more important. AML professionals can follow these practical steps to enhance the usefulness and effectiveness of their SARs.
The Financial Crimes Enforcement Network today reissued its geographic targeting orders temporarily requiring U.S. title insurance companies in specified areas to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions.
The House today voted to pass the ABA-backed Corporate Transparency Act (H.R. 2513). The legislation, sponsored by Rep. Carolyn Maloney (D-N.Y.), would direct the Financial Crimes Enforcement Network to create a national database that banks could use to verify a business’s beneficial ownership information.
Four principles for mitigating the BSA/AML risks of banking higher-risk clients.
The American Bankers Association joined a group of financial trade associations in a letter to Senate Banking Committee leaders endorsing the Illicit Cash Act, a bipartisan bill introduced today that would create a secure beneficial ownership registry of legal entities, to be overseen by the Financial Crimes Enforcement Network and the Treasury Department.