Financial Regulators Clarify BSA/AML Requirements Regarding Politically Exposed Persons
The federal financial regulatory agencies today issued a joint statement addressing how financial institutions should apply a risk-based approach to ...
Tag: Know your customer
FinCEN Issues FAQs on Customer Due Diligence
The Financial Crimes Enforcement Network today published three frequently asked questions regarding customer due diligence requirements.
House Votes to Include ABA-Backed AML Provision in Defense Bill
With a bipartisan majority of 336 to 71, the House today voted to add ABA-advocated anti-money laundering provisions to the ...
Banking Trade Groups Call for Inclusion of AML/CFT Bill in NDAA
In a letter to Senate Armed Services Committee leaders this weekend, ABA joined six other financial trade organizations calling for ...
Nichols Calls for Adjustments to KYC Rules to Facilitate PPP Loans
Temporary adjustments to “know your customer” and anti-money laundering requirements are “key” to speeding up the rate at which banks ...
SBA, Treasury Clarify Beneficial Ownership Requirements for PPP Loans
The Small Business Administration and Treasury Department provided guidance today clarifying lenders’ obligations to collect beneficial ownership data when making ...
OCC Supports FinCEN’s Approach to BSA Compliance During Pandemic
The OCC today issued a statement of support for the Financial Crimes Enforcement Network’s approach to Bank Secrecy Act compliance ...
FinCEN Issues Statement on Bank Secrecy Act Reporting During Pandemic
Recognizing the operational challenges many banks are facing due to COVID-19, FinCEN today issued a statement regarding Banks’ Secrecy Act ...
FATF Upgrades Assessment of U.S. Regarding Beneficial Ownership Framework
In a significant development for the industry, the Financial Action Task Force recently upgraded its assessment of the United States’ ...
FinCEN’s Blanco Touts Need for Legislative Solution on Beneficial Ownership
The lack of beneficial ownership information collected when companies are formed is “a dangerous and widening gap in our national ...
