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.
Browsing: Know your customer
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.
The Small Business Administration and Treasury Department provided guidance today clarifying lenders’ obligations to collect beneficial ownership data when making Payment Protection Program loans.
The OCC today issued a statement of support for the Financial Crimes Enforcement Network’s approach to Bank Secrecy Act compliance during the coronavirus pandemic
Recognizing the operational challenges many banks are facing due to COVID-19, FinCEN today issued a statement regarding Banks’ Secrecy Act obligations during the pandemic.
In a significant development for the industry, the Financial Action Task Force recently upgraded its assessment of the United States’ anti-money laundering and counter-terrorism compliance framework.