Treasury seeking feedback on AML/CFT implications of digital assets
The Treasury Department is seeking public input regarding illicit finance and national security risks posed by digital assets.
Browsing: Terrorism financing
Interagency statement reiterates due diligence expectations
The federal banking agencies and the Financial Crimes Enforcement Network today issued a statement reminding banks of the risk-based approach to assessing customer relationships and conducting customer due diligence.
Treasury releases 2022 plan for combating terrorist funding
Treasury’s strategy identifies four priorities to address the most significant illicit finance threats to the U.S. financial system.
Regulators Preview Forthcoming BSA/AML Rule Changes
As FinCEN works to create a long-awaited database of beneficial ownership information—a key provision of the Anti-Money Laundering Act of 2020—regulators today reminded banks that they must continue to adhere to existing beneficial ownership requirements.
FinCEN Seeks Public Feedback on AML/CFT Modernization
As part of its work to implement the Anti-Money Laundering Act of 2020, the Financial Crimes Enforcement Network has issued a request for information seeking feedback on how it can streamline, modernize and update anti-money laundering and countering the financing of terrorism rules in the U.S.
Trade Groups Call for Immediate Passage of NDAA, Applaud Bipartisan Work on AML Reform
The American Bankers Association joined eight financial trade associations in a letter of strong support for the 2021 National Defense Authorization Act, which includes several critical improvements to anti-money laundering rules.
FinCEN Designates Iran as ‘Primary Money Laundering Concern’
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.
Senators Introduce Draft of Bipartisan AML Reform Bill
A bipartisan group of senators today released draft legislation aimed at reforming several existing anti-money laundering rules.
ABA, Trade Groups Call for National Beneficial Ownership Registry
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.
FinCEN Updates List of AML/CFT Jurisdictions
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.