In a joint notice, the Financial Crimes Enforcement Network and the Commerce Department’s Bureau of Industry and Security announced a new reporting term, “FIN-2023-GLOBALEXPORT,” for financial institutions to reference when filing Suspicious Activity Reports related to global evasion of U.S. export controls beyond the Russia-related circumstances that were the subject of two previous notices.
Browsing: Suspicious Activity Reports
Grandparent scams are a particularly pernicious fraud, one that preys on seniors’ love, care and concern for their family members. How can banks recognize these scams and work with law enforcement to protect clients?
Following a documented process should increase bank confidence when aiming to balance AML and consumer fairness risk.
Successful information sharing will reduce the time it takes to interdict, stop and report criminal activity, boost customer trust and protect a brand’s reputation.
U.S. law enforcement agencies are deputizing—voluntarily or involuntarily—financial institutions to serve as their lead investigators.
Speaking at an industry event today, Aaron Tapp, section chief for the Federal Bureau of Investigation’s financial crimes section, told financial crimes professionals that it “might be time to have a conversation” between regulators and law enforcement to discuss how financial institutions can best provide actionable information to law enforcement while meeting their regulatory obligations.
To help banks develop more efficient and effective Bank Secrecy Act compliance programs, the OCC finalized a rule that would allow the agency to issue exemptions from Suspicious Activity Report requirements in certain circumstances.
Suspicious activity reports related to wildlife trafficking—which includes the illicit trade of protected animals, animal parts and derivatives thereof in violation of international or domestic law, and associated money laundering activity—“trended significantly up” between 2018 and 2020, and are expected to increase even more in 2021, FinCEN said in a new threat analysis released today.
The Financial Crimes Enforcement Network today issued an advisory alerting banks to economic impact payment fraud. The advisory describes EIP fraud, associated red flags and how to report suspicious activity.
The American Bankers Association wrote to the federal banking agencies today urging them to pursue a single interagency rulemaking instead of finalizing separate regulations regarding Suspicious Activity Report exemptions.