What You May Not Know About the Beneficial Ownership Rule
A rule that initially seemed rather straightforward has yielded multiple devils in the details.
Browsing: Know your customer
FinCEN Publishes Long-Awaited FAQs on Beneficial Ownership Rule
The Financial Crimes Enforcement Network today published a long-expected set of frequently asked questions on expanded customer due diligence requirements under the Bank Secrecy Act.
Cui Bono? Banks Count Down to Compliance with the Beneficial Ownership Rule
FinCEN’s rule on customer due diligence takes effect this May. Is your bank ready?
ABA, Financial Groups Support AML Modernization Bill
ABA and several other financial groups yesterday thanked Reps. Steve Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.) for introducing an anti-money laundering and counter-terrorist financing modernization bill that will help prevent criminals from using shell companies to hide illicit activity.
ABA Compliance Center Inbox, November/December 2017
Can I keep a copy of a customer’s ID on file? I am working for a new bank and am being told that Section 326 of the Patriot Act (the Customer Identification Program rule) requires that banks keep a copy of the ID that the customer provided. I have heard that many small banks such as ours
FinCEN Expands Geographic Targeting Orders to Include Honolulu
The Financial Crimes Enforcement Network today further expanded the scope of its geographic targeting orders temporarily requiring certain U.S. title insurance companies in specified areas to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions.
ABA Recommends Changes to BSA/AML Regulations
In a comment letter to the Treasury department yesterday, ABA provided extensive feedback on several Bank Secrecy Act and anti-money laundering regulations that could be eliminated, modified or streamlined to reduce the compliance burden on banks in response to an executive order issued by President Trump earlier this year.
Top Risks for Banks in 2017
With interest rates on the rise and new leadership in D.C., risk conditions on the ground are considerably different today from one year ago.
ABA Compliance Center Inbox, May/June 2017
Do social media comments belong in the public CRA file… and more.
Fintech, Customer Experience Key Concerns for Fed Advisory Council
Members of the Federal Reserve’s Community Depository Institutions Advisory Council — which includes several ABA member bank CEOs — raised concerns over the uncertain regulatory environment for innovation and bank-fintech partnerships and over growing regulations that directly harm the customer experience, according to minutes of the CDIAC’s last meeting released by the Fed.