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 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.
By implementing a few changes, banks’ financial crime and compliance teams can become more agile, efficient and effective in a challenging time.
Effective anti-money laundering compliance processes during challenging times require team collaboration, committing to communication and paying attention to guidance.
The Financial Crimes Enforcement Network has issued a final rule establishing minimum standards for anti-laundering programs for institutions lacking a federal functional regulator, including state chartered non-depository trust companies, private banks and non-federally insured credit unions.
The federal financial regulatory agencies today issued a joint statement addressing how financial institutions should apply a risk-based approach to politically exposed persons consistent with FinCEN’s 2016 customer due diligence rule.
The Financial Crimes Enforcement Network today published three frequently asked questions regarding customer due diligence requirements.
With a bipartisan majority of 336 to 71, the House today voted to add ABA-advocated anti-money laundering provisions to the 2021 National Defense Authorization Act.
In a letter to Senate Armed Services Committee leaders this weekend, ABA joined six other financial trade organizations calling for the inclusion of the Anti-Money Laundering Act of 2020 as part of the 2021 National Defense Authorization Act.
Temporary adjustments to “know your customer” and anti-money laundering requirements are “key” to speeding up the rate at which banks are able to provide much-needed relief to small businesses through the SBA’s Paycheck Protection Program, American Bankers Association President and CEO Rob Nichols said in a letter to Sens. Tim Kaine (D-Va.), Chris Coons (D-Del.) and Angus King (Ind.-Maine) today.