The Financial Crimes Enforcement Network today recognized several state and federal law enforcement agencies for their work using information reported by financial institutions under the Bank Secrecy Act in their criminal investigations.
Recognizing the operational challenges facing many institutions during the pandemic, the Office of Foreign Assets Control also encouraged banks to contact the office as soon as possible if they are experiencing difficulties meeting any of the deadlines for filing required reports.
Two challenges for today’s anti-money laundering professionals: focusing on high-value functions and eliminating false positives that consume unnecessary resources. Nicholas Piccininni, who leads a 1,500-person financial crimes risk management team at Wells Fargo, explains how Wells puts technology to use to tackle these challenges.
The Financial Crimes Enforcement Network today issued a final rule imposing a fifth special measure against Iran as a jurisdiction of primary money laundering concern under Section 311 of the USA Patriot Act.
Ten factors financial institutions should look out for in strengthening their OFAC compliance programs.
Next week, the House is expected to vote on two ABA-backed, bipartisan bills to modernize the anti-money laundering/Bank Secrecy Act regime. The House vote continues what has been a busy fall on BSA reforms.
As anticipated, the Office of Foreign Assets Control today issued compliance guidelines to help banks develop appropriate compliance sanctions programs.
The banking agencies, along with the Financial Crimes Enforcement Network, today issued a statement encouraging banks to consider, study and — where appropriate — implement innovative approaches to anti-money laundering and Bank Secrecy Act compliance.
The Financial Crimes Enforcement Network today issued an advisory to U.S. financial institutions highlighting the connection between corrupt senior foreign political figures, their enabling of human rights abuses and their illicit use of the U.S. financial system.
The Treasury Department’s Office of Foreign Assets Control today announced sanctions against eight North Korean banks, two banks identified as part of the North Korean government and 26 individuals linked to North Korean financial networks.