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.”
Browsing: Know your customer
Banks should have a step-by-step plan on how to handle cyber-attacks, including securing whatever data possible and quickly notifying law enforcement.
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.
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.
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.
The FDIC and the Financial Crimes Enforcement Network today announced a “tech sprint” to develop…
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.”
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.
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.