Bank Secrecy Act reporting institutions annually spend roughly $206 million and 5.4 million hours of work investigating, evaluating cases and filing Suspicious Activity Reports, according to a new analysis from the Financial Crimes Enforcement Network.
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.
The Financial Crimes Enforcement Network today issued an advisory on medical scams related to the coronavirus pandemic—the first in a new series of warnings about COVID-19-related financial crimes—as well as a notice on filing reports of COVID-19-related suspicious activities.
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.
After Senate Banking Committee Chairman Mike Crapo (R-Idaho) raised concerns last month about the ABA-supported SAFE Banking Act, ABA today responded to those concerns and urged him to advance the SAFE Banking Act or similar legislation on cannabis banking this year.
The relationship between anti-money laundering professionals and law enforcement has never been more important. AML professionals can follow these practical steps to enhance the usefulness and effectiveness of their SARs.
…and more insights from ABA’s Regulatory Compliance and Policy Inbox in the latest issue of the ABA Banking Journal.
The Consumer Financial Protection Bureau yesterday released an advisory to financial institutions for reporting suspected elder financial exploitation.
…and more insights from ABA’s Regulatory Compliance and Policy Inbox in the next issue of the ABA Banking Journal.