FinCEN Issues Final Customer Due Diligence Rule
FinCEN yesterday released the text of its long-awaited final customer due diligence rule, which is expected to be published in the Federal Register on May 11.
Browsing: Terrorism financing
ABA Urges New York to Drop Proposed AML Regulation
In a comment letter to the New York State Department of Financial Services, the American Bankers Association urged the agency to withdraw a proposed anti-money laundering regulation that would apply to all financial institutions chartered in the state.
FinCEN Updates List of AML/CFT Jurisdictions
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).
Hensarling to Focus on Reg Reform, Terrorism Financing in 2016
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) will unveil major financial reform legislation in early 2016, according to news reports today.
FinCEN Withdraws Proposed Rulemaking against Lebanese Canadian Bank SAL
The Financial Crimes Enforcement Network (FinCEN) is withdrawing its proposed rulemaking to impose special measures against Lebanese Canadian Bank SAL (LCB).
FATF Plenary Meets in Brisbane, Welcomes New FATF President
The Financial Action Task Force (FATF) Plenary held in Brisbane, Australia on June 26 adopted a number of reports including a revised best practices on combating the abuse of non-profit organization, and guidance for a risk-based approach to virtual currencies.
ABA Seeks Clearer Guidance from FinCEN on Andorra Bank Proposal
In a comment letter filed this week, ABA and the Clearing House expressed their support to the Financial Crimes Enforcement Network’s goal on protecting the U.S. financial system from money laundering, terrorist financing and financial crimes, but offered suggestions on FinCEN’s proposal to impose special measures against Banca Privada d’Andorra.
OFAC Releases 2014 Terrorist Assets Report
The U.S. Department of the Treasury’s Office of Foreign Assets Control recently released its 23rd Terrorist Assets Report.
FinCEN: BSA Reporting Critical to Stopping Islamic State
The reports banks file under the Bank Secrecy Act are critical to cutting off the flow of funds to terrorists, Financial Crimes Enforcement Network Director Jennifer Shasky Calvery said yesterday — including giving U.S. and foreign law enforcement and national security officials tools to disrupt the Islamic State terrorist group.
House Task Force to Hold Hearing on Terrorist Financing
The House Financial Services Committee’s Task Force to Investigate Terrorism Financing will hold a hearing on April 22 on global terrorism and terrorist financing.