OCC Supports FinCEN’s Approach to BSA Compliance During Pandemic
The OCC today issued a statement of support for the Financial Crimes Enforcement Network’s approach to Bank Secrecy Act compliance during the coronavirus pandemic
Browsing: Know your customer
FinCEN Issues Statement on Bank Secrecy Act Reporting During Pandemic
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.
FATF Upgrades Assessment of U.S. Regarding Beneficial Ownership Framework
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.
FinCEN’s Blanco Touts Need for Legislative Solution on Beneficial Ownership
The lack of beneficial ownership information collected when companies are formed is “a dangerous and widening gap in our national security apparatus,” Financial Crimes Enforcement Network Director Kenneth Blanco said today at the ABA/ABA Financial Crimes Enforcement Conference.
How Can I Provide a Housing Counselor List to an Overseas Borrower?
…and other answers to your compliance questions in the November/December 2019 ABA Regulatory Policy and Compliance Inbox.
House Passes ABA-Advocated AML Modernization Bill in Bipartisan Vote
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.
ABA, State Associations Urge House to Pass AML Modernization Bill
ABA and the state bankers associations today urged the House to pass the Corporate Transparency Act (H.R. 2513), which is scheduled for a vote as soon as tomorrow.
Podcast: What Legislative and Regulatory AML/BSA Changes Mean for Banks
Next week, the House is expected to vote on two ABA-backed, bipartisan bills to modernize the anti-money laundering/Bank Secrecy Act regime. The House vote continues what has been a busy fall on BSA reforms.
Avoiding a Risky Customer Conundrum
Four principles for mitigating the BSA/AML risks of banking higher-risk clients.
FinCEN’s Blanco Warns on Account Takeover Risk from Fintech Aggregators
The Financial Crimes Enforcement Network is seeing “a high amount of fraud” enabled through synthetic identities and account takeovers via nonbank fintech platforms, FinCEN Director Kenneth Blanco said today at an identity protection event in Tampa, Fla.