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.
A bipartisan group of senators today released draft legislation aimed at reforming several existing anti-money laundering rules.
As the House Financial Services Committee today held a hearing on the financial crime, the American Bankers Association joined eight other financial trade organizations in a letter to committee leaders highlighting the need for a national beneficial ownership registry.
The Financial Crimes Enforcement Network last week released a revised list of the jurisdictions that are subject to countermeasures or enhanced due diligence due to anti-money laundering and counter-terrorist financing deficiencies, as well as jurisdictions with AML/CFT deficiencies that are working to correct them.
The European Commission today issued its own list of 23 jurisdictions that it said have “strategic deficiencies” in their anti-money laundering and counter-terrorist financing frameworks.
To support the ongoing effort to stop money laundering and illicit finance, the Treasury Department today issued its National Illicit Finance Strategy.
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.
The regulatory framework put in place to prevent money laundering and stop the financing of terrorist activity should be updated to reflect the changes that have taken place over the past several decades, banker Lloyd DeVaux, president and CEO of Sunstate Bank in Miami, Fla., said today in a hearing before the House Financial Services Committee.
As part of President Trump’s overseas trip, the Treasury Department yesterday announced an agreement to establish a Terrorist Financing Targeting Center as a collaborative effort among the United States and several Persian Gulf nations.
The Financial Crimes Enforcement Network today released a revised list of the jurisdictions that are subject to countermeasures or enhanced due diligence due to anti-money laundering and counter-terrorist financing deficiencies (Section I), as well as jurisdictions with AML/CFT deficiencies that are working to correct them (Section II).