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What FinCEN wants comment on

From the recent Advanced Notice of Advanced Rulemaking (ANPRM): Question 1: Does this ANPRM make clear the concept that FinCEN is considering for an “effective and reasonably designed” AML program through regulatory amendments to the AML program rules? If not, how should the concept be modified to provide greater clarity? […]

The heart of FinCEN’s recent ANPRM

ANPRM = Advance Notice of Proposed Rulemaking From the ANPRM, until it gets into the nitty-gritty… Specifically, FinCEN is considering regulatory amendments that would explicitly define an “effective and reasonably designed” AML program as one that:  Identifies, assesses, and reasonably mitigates the risks resulting from illicit financial activity — […]

FinCEN wants better AML programs… your thoughts?

FinCEN Seeks Comments on Enhancing the Effectiveness of Anti-Money Laundering Programs Contact Strategic Communications, 703-905-3770 Immediate Release September 16, 2020 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions pertaining to potential regulatory amendments under the Bank […]

FinCEN requires Anti-Money Laundering Compliance program elements for banks that are not federally regulated

FinCEN Issues Final Rule to Require Customer Identification Program, Anti-Money Laundering Program, and Beneficial Ownership Requirements for Banks Lacking a Federal Functional Regulator Contact Strategic Communications, 703-905-3770 Immediate Release September 14, 2020 WASHINGTON—To ensure consistent Bank Secrecy Act (BSA) coverage across the banking industry, the Financial Crimes Enforcement Network (FinCEN) today […]

1MDB-related settlement of civil forfeiture cases

Department of Justice Office of Public Affairs FOR IMMEDIATE RELEASE Wednesday, September 2, 2020 United States Reaches Settlement to Recover more than $60 Million Involving Malaysian Sovereign Wealth Fund The Department of Justice has reached a settlement of its civil forfeiture cases against assets acquired by Riza Aziz utilizing funds […]

Hmmm…..

Statement by FinCEN Regarding Unlawfully Disclosed Suspicious Activity Reports Immediate ReleaseSeptember 01, 2020 The Financial Crimes Enforcement Network (FinCEN) is aware that various media outlets intend to publish a series of articles based on unlawfully disclosed Suspicious Activity Reports (SARs), as well as other sensitive government documents, from several years […]

US Agencies issue BSA Due Diligence for PEPs statement

Agencies Issue Statement on Bank Secrecy Act Due Diligence Requirements for Customers Who May Be Considered Politically Exposed Persons  Immediate Release August 21, 2020 WASHINGTON—The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of […]