Beginning in 1950 with the founding of the Office of Foreign Assets Control (“OFAC”) and continuing to the present with the recent passage of the Anti-Money Laundering Act of 2020, the US enacted a complex set of overlapping laws, rules and regulations that require financial… Read More »What FinTechs Need to Know About AML – Part 3
Beginning in 1950 with the founding of the Office of Foreign Assets Control (“OFAC”) and continuing to the present with the recent passage of the Anti-Money Laundering Act of 2020, the US enacted a complex set of overlapping laws, rules and regulations that require financial… Read More »What FinTechs Need to Know About AML – Part 2
Beginning in 1950 with the founding of the Office of Foreign Assets Control (“OFAC”) and continuing to the present with the recent passage of the Anti-Money Laundering Act of 2020, the US enacted a complex set of overlapping laws, rules and regulations that require financial… Read More »What FinTechs Need to Know About AML – Part 1
The Financial Action Task Force (FATF) continues to explore the challenges and opportunities presented by new technology. In the first of two reports FATF addresses both existing and new technologies and discusses how digital innovation can assist with improving the implementation of FATF recommendations. FATF highlights using… Read More »FATF Explores Opportunities & Challenges of New Technologies
On June 30, the Financial Crimes Enforcement Network (FinCEN), in consultation with many other federal and state regulators, issued the first ever government-wide list of anti-money laundering (AML) and countering the financing of terrorism (CFT) priorities (the “Priorities”). The Priorities identify and describe the most… Read More »FinCEN Issues List of AML/CFT Priorities
The Biden Administration continues its quest to be more involved in digital transformation taking place around the country. Chairman Waters of the House Committee on Financial Services announced she organized a Digital Assets Working Group of Democratic Members. The goal of the committee is to have a… Read More »Digital Assets Working Group – US House of Representatives
The Biden Administration issued a National Security Study Memorandum on June 3 instructing federal agencies to increase the fight against corruption both domestically and abroad. Expanding federal focus on the consequences of corruption, and coming on the heels of the Anti-Money Laundering Act of 2020… Read More »The Fight Against Corruption
What’s important for FinTechs to know about AML compliance? I recently joined Greg Palmer in the latest episode of Finnovate Podcast. We discussed the role and perception of compliance, implications of AMLA 2020 and tips for how FinTechs should approach building an AML compliance program.… Read More »Regulatory risk and the changing compliance landscape. Is showing you’re trying good enough?
The American Bankers Association (“ABA”) recently submitted a response letter to the Financial Crimes Enforcement Network’s (“FinCEN”) request for public comment on the Anti-Money Laundering Act of 2020 (“AMLA 2020”). As a reminder, one of the main provisions in AMLA 2020 is the requirement for… Read More »ABA Response to FinCEN Request for Comment on AMLA 2020
Jeff Horvath, CEO and Co-Founder of DigiPli, was interviewed by Sabrina Serafin of Frazier & Deeter as part of their ‘Culture of Compliance’ Podcast series. Topics covered included implications of AMLA 2020 under the Biden administration, and that reliance on remote workforces, and changing business… Read More »Podcast on AML Under the Biden Administration
