Demystifying beneficial ownership
Financial institutions should not wait for a central registry to come online. Banks benefit by becoming proactive right now.
Browsing: Know your customer
Interagency statement reiterates due diligence expectations
The federal banking agencies and the Financial Crimes Enforcement Network today issued a statement reminding banks of the risk-based approach to assessing customer relationships and conducting customer due diligence.
FinCEN issues statement on due diligence for independent ATM owners, operators
The Financial Crimes Enforcement Network issued a statement reminding banks of how to apply a risk-based approach to conducting customer due diligence on independent ATM owners or operators pursuant to the 2016 customer due diligence rule.
FinCEN to issue proposal on beneficial ownership database this year
As the Financial Crimes Enforcement Network works to implement the Corporate Transparency Act—an ABA-advocated provision of the Anti-Money Laundering Act of 2020—Acting Director Him Das told lawmakers it will publish a second notice of proposed rulemaking this year “that will propose regulations governing access to beneficial ownership information by law enforcement, national security agencies, financial institutions and others.”
Threats from Sanctioned Nations: Cyber Hygiene and a Plan Provide Best Defense for Banks
Banks should have a step-by-step plan on how to handle cyber-attacks, including securing whatever data possible and quickly notifying law enforcement.
ABA Proposes Changes to FinCEN Beneficial Ownership Registry Rules
In response to the Financial Crimes Enforcement Network’s proposed rule for a beneficial ownership registry, ABA said today in a comment letter to FinCEN that it is difficult to determine how the reporting requirements will fit with bank responsibilities because it is only the first of three regulations to implement the registry.
Regulators Preview Forthcoming BSA/AML Rule Changes
As FinCEN works to create a long-awaited database of beneficial ownership information—a key provision of the Anti-Money Laundering Act of 2020—regulators today reminded banks that they must continue to adhere to existing beneficial ownership requirements.
Bank Tech Trends for 2022
Banks that embrace innovation and harness the power of data and new technology—while remaining focused on customer service basics—will be well-positioned for future growth and resilience.
FDIC, FinCEN Announces Tech Sprint Focused on Digital Identity Proofing
The FDIC and the Financial Crimes Enforcement Network today announced a “tech sprint” to develop…
World Bank, IMF Propose to Combat Money Laundering Across ‘Remittance Corridors’
As international regulators work to enhance cross-border payments, the World Bank and the International Monetary Fund today proposed a framework for conducting risk assessments of various remittance corridors, with the ultimate goal of developing “safe remittance corridors.”