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? […]
Our Ref.: B10/21C 18 September 2020 The Chief Executive All Stored Value Facility Licensees Dear Sir/Madam, Amendments to Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Stored Value Facility Licensees) I am writing to inform you that, following consultation with the stored value facility (SVF) industry, the Hong Kong […]
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 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 […]
Statement on inspection in Møns Bank A / S (money laundering area) In February 2020, the Danish Financial Supervisory Authority inspected Møns Bank A / S. The inspection was an investigation of the money laundering area as part of the ongoing supervision of the bank. The inspection included the bank’s organization in […]
Money laundering inspections in quick loan companies In the second half of 2019, the Danish Financial Supervisory Authority conducted cross-cutting investigations in the area of money laundering in a number of quick loan companies. The investigations were part of the ongoing supervision of the financial companies. Purpose and scope of the […]
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 […]
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 […]
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 […]
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 […]
