BSA/AML

Explore news updates, Knowledge Center articles and case studies related to BSA/AML…

Regulators Update BSA/AML Exam Manual

On April 15th, federal and state financial institution regulators, through the Federal Financial Institutions Examination Council (FFIEC), released several updates to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) examination manual.  The manual is used to evaluate compliance with the Bank Secrecy Act and anti-money laundering requirements.  Revisions were made by the Federal Reserve Board, Federal Deposit […]

Paycheck Protection Program & BSA Compliance

On March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide emergency assistance for those affected by the coronavirus pandemic. As part of the CARES Act, the U.S. Small Business Administration (SBA) received funding and authority to assist small businesses nationwide that have been adversely impacted by the COVID-19 emergency. In its Interim Final Rule (the Rule),  the SBA sets out […]

Former U.S. Bank Risk Officer Fined $450K for AML Compliance Failures

The Financial Crimes Enforcement Network (FinCEN) has assessed a $450,000 civil money penalty against Michael LaFontaine, former chief operational risk officer at U.S. Bank, for his failure to prevent violations of the Bank Secrecy Act (BSA) during his tenure. According to the FinCEN order, Michael LaFontaine at various times had responsibility for overseeing U.S. Bank’s anti-money laundering […]

Former U.S. Bank Risk Officer Fined $450K for AML Compliance Failures

On July 22, the federal financial institution regulatory agencies: Office of the Comptroller of Currency (OCC), National Credit Union Asministration (NCUA), Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board of Governors, in conjunction with the Financial Crimes Enforcement Network (FinCEN), issued a Joint Statement on Risk-Focused Bank Secrecy Act/Anti-Money Laundering Supervision. The Joint […]

OCC Releases Spring 2019 Semiannual Risk Perspective

On Tuesday, May 22nd, The Office of the Comptroller of the Currency (OCC)  published its Semiannual Risk Perspective for Spring 2019. Highlights include: Credit quality is strong when measured by traditional performance metrics, but successive years of growth, incremental easing in underwriting, risk layering, and building credit concentrations result in accumulated risk in loan portfolios. Operational risk […]