Browsing: Know your customer

Compliance and Risk

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.”

Compliance and Risk

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.

Compliance and Risk

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.

Compliance and Risk

The Financial Crimes Enforcement Network’s Director of the Office of Regulatory Policy Barry Emmert today previewed the implementation process for the Corporate Transparency Act, an ABA-backed bill that was included in a broader package of Bank Secrecy Act/anti-money laundering reforms that Congress passed in December.

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