FinCEN Issues FAQs on Customer Due Diligence
The Financial Crimes Enforcement Network today published three frequently asked questions regarding customer due diligence requirements.
Browsing: Know your customer
House Votes to Include ABA-Backed AML Provision in Defense Bill
With a bipartisan majority of 336 to 71, the House today voted to add ABA-advocated anti-money laundering provisions to the 2021 National Defense Authorization Act.
Banking Trade Groups Call for Inclusion of AML/CFT Bill in NDAA
In a letter to Senate Armed Services Committee leaders this weekend, ABA joined six other financial trade organizations calling for the inclusion of the Anti-Money Laundering Act of 2020 as part of the 2021 National Defense Authorization Act.
Nichols Calls for Adjustments to KYC Rules to Facilitate PPP Loans
Temporary adjustments to “know your customer” and anti-money laundering requirements are “key” to speeding up the rate at which banks are able to provide much-needed relief to small businesses through the SBA’s Paycheck Protection Program, American Bankers Association President and CEO Rob Nichols said in a letter to Sens. Tim Kaine (D-Va.), Chris Coons (D-Del.) and Angus King (Ind.-Maine) today.
SBA, Treasury Clarify Beneficial Ownership Requirements for PPP Loans
The Small Business Administration and Treasury Department provided guidance today clarifying lenders’ obligations to collect beneficial ownership data when making Payment Protection Program loans.
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
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.