Congress Overturns Trump’s NDAA Veto, Enacting AML/BSA Reform
The House and Senate this week voted to overturn President Trump’s veto of the National Defense Authorization Act for fiscal year 2021.
Browsing: Know your customer
Senate Approves Defense Bill That Includes Critical BSA/AML Changes
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.
House Clears NDAA, Paving Way for BSA/AML Changes
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.
Trade Groups Call for Immediate Passage of NDAA, Applaud Bipartisan Work on AML Reform
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.
Building an Industry-Wide View of Risk in Financial Services
A truly comprehensive approach to managing risk will require the financial sector to mitigate concerns about collaborating with competitors.
How Will Increased Privacy Regulation Affect Bank Marketing?
Privacy issues matter more than ever, especially in light of European and U.S. regulations regarding how consumer information can be aggregated, shared and used to market products and services.
Agencies Grant ABA-Requested Exemption for Premium Finance Loans
The federal banking agencies and the Financial Crimes Enforcement Network today announced an exemption from customer identification program rules for bank loans to all customers to facilitate the purchase of property and casualty insurance policies, otherwise known as premium finance loans.
ABA, Groups Call for Inclusion of AML Reform Bill in Final Defense Spending Bill
ABA joined a broad coalition of advocacy groups from different industries in a letter urging House and Senate Armed Services Committee leaders to include the Corporate Transparency Act in the final National Defense Authorization Act for fiscal year 2021.
Staying Ahead of the Criminals: Fighting Money Laundering in a Global Pandemic
By implementing a few changes, banks’ financial crime and compliance teams can become more agile, efficient and effective in a challenging time.
Managing an AML Program During COVID-19
Effective anti-money laundering compliance processes during challenging times require team collaboration, committing to communication and paying attention to guidance.