Explore news updates, Knowledge Center articles and case studies related to BSA/AML…
AML Act of 2020 – 5 Key Takeaways
On January 1, 2021, Congress passed the National Defense Authorization Act (NDAA), addressing a variety of defense and national security matters, including the most substantial and sweeping legislative reforms to US anti-money laundering (AML) and counter-terrorism financing (CFT) laws since the USA Patriot Act of 2001. The NDAA introduces these AML/CFT amendments and enhancements in […]
FinCEN Answers FAQs and Offers Guidance on SAR Reporting
On January 21, 2021, the Financial Crimes Enforcement Network (FinCEN), along with federal financial institution regulators, issued responses to frequently asked questions on suspicious activity reports (SARs) and other anti-money laundering (AML) requirements. The stated goal of this release is to clarify regulatory requirements and assist financial institutions with compliance obligations, particularly SAR filing, while […]
FinCEN Fines Bitcoin Exchanger $60M for AML Violations
On October 19th, the founder, administrator, and primary operator of a pair of virtual currency platforms was assessed a $60 million civil penalty by the Financial Crimes Enforcement Network (FinCEN) for violations of the Bank Secrecy Act (BSA) and its implementing of anti-money laundering (AML) regulations. Larry Dean Harmon was indicted in the U.S. District […]
FinCEN Finalizes AML Rule for Institutions Lacking Federal Oversight
On September 14, 2020, the Financial Crimes Enforcement network (FinCEN) closed the regulatory gap and issued a final rule which removed the anti-money laundering (AML) program exemption for financial institutions that lack a Federal functional regulator, including, but not limited to, private banks, non-federally insured credit unions, and certain trust companies. These institutions will now […]
Banking Agencies Issue Joint Statement on Enforcement of BSA/AML Requirements
On August 13th,the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (the Agencies) issued joint guidance to clarify and update policies addressing the enforcement of the Bank Secrecy Act’s (BSA’s) anti-money laundering (AML) program requirement. The guidance, which replaces a prior interagency statement from […]
More posts…
- OCC Releases Semiannual Risk Perspective – Warns of Covid-19 Related Increased Risk
- Regulators Update BSA/AML Exam Manual
- Paycheck Protection Program & BSA Compliance
- Former U.S. Bank Risk Officer Fined $450K for AML Compliance Failures
- Former U.S. Bank Risk Officer Fined $450K for AML Compliance Failures
- OCC Releases Spring 2019 Semiannual Risk Perspective
- Sumitomo Mitsui Enters into Agreement with New York FRB for BSA/AML Deficiencies
- Texas Bank Issued Cease and Desist Order for BSA/AML Deficiencies
- OCC Announces $100 Million Penalty Against Capital One Bank for BSA/AML Deficiencies
- FinCEN Publishes Additional FAQs for New CDD Rule
- Optimizing a Community Bank’s AML Alert Monitoring System
- Long Island Mortgage Banker Sentenced to 12+ Years for $100M Mortgage Fraud Scheme
- West Virginia Community Bank to forfeit $1.36M for BSA violations
- Merchants Bank Fined by OCC and FinCEN for Widespread BSA/AML Program Failures
- Western Union To Pay $586M for AML Violations and Consumer Fraud
- A New Direction for State AML Compliance Roadmaps
- AML Transaction Monitoring – “Tuning” In to Compliance
- Redesigning a Bank’s BSA/AML Customer Risk Scoring Model and Enhanced Due Diligence Strategy
- Regulatory Framework Issued for Virtual Currency
- IMF Warns Against Lack of Transparency and Beneficial Ownership
- BSA/AML MRAs – Serious Business but a Potential Opportunity
- BSA/AML Compliance – Rethinking Responsibility
- Get To Know the “5 Cs” – BSA Matters Requiring Attention