As the Financial Crimes Enforcement Network prepares to create a new beneficial ownership registry, ABA made several recommendations that should guide the agency as it develops the database—including that FinCEN ensure usability and ease of access for reporting companies, law enforcement and financial institutions.
Browsing: Know your customer
Recent legislative changes will keep banks’ Bank Secrecy Act officers busy for years to come. Here’s a CEO’s-eye view of AML/BSA changes on the horizon.
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.
President Biden is seeking a $191 million in funding for the Financial Crimes Enforcement Network—a $64 million increase from FY 2021—according to the FY 2022 budget released by the White House today.
As part of its efforts to implement provisions of the Anti-Money Laundering Act of 2021—the first significant changes to Bank Secrecy Act/anti-money laundering rules in almost two decades—the Financial Crimes Enforcement Network is seeking public input on the creation of a national beneficial ownership database.
The House and Senate this week voted to overturn President Trump’s veto of the National Defense Authorization Act for fiscal year 2021.
By a bipartisan vote of 84 to 13, the Senate this afternoon passed the National Defense Authorization Act for fiscal year 2021, a bill that includes several critical improvements to anti-money laundering rules.
By a bipartisan vote of 335 to 78 tonight, the House passed the National Defense Authorization Act for fiscal year 2021, a bill that includes several critical improvements to anti-money laundering rules. Among other things, the bill directs the Financial Crimes Enforcement Network to establish and maintain a national registry of beneficial ownership information that banks may in turn rely on when complying with customer due diligence requirements.
The American Bankers Association joined eight financial trade associations in a letter of strong support for the 2021 National Defense Authorization Act, which includes several critical improvements to anti-money laundering rules.
A truly comprehensive approach to managing risk will require the financial sector to mitigate concerns about collaborating with competitors.