9 hours ago1 minNew Guidance on SAR Filing RequirementsOn January 19, FinCEN jointly with other banking regulators issued a FAQ document relating to the filing of Suspicious Activity Reports (...
6 days ago1 minCapital One Fined $390 MillionThe Financial Crimes Enforcement Network (FinCEN) announced on January 15 that Capital One, National Association (Capital One) was fined ...
Jan 115 minTop 10 AML & KYC Tips for 2021Staying on top of the dozens of overlapping and ever-changing Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements can b...
Jan 11 minNew UK Sanctions RegimeThe UK is introducing its new sanction regime in preparation for a future outside of the EU. As of 11pm on the 31st December 2020, financ...
Dec 24, 20201 minUnhosted Wallets Under FireOn December 18, FinCEN gave another gift to the cryptocurrency industry. It proposed a rule applicable to banks and money service busines...
Dec 11, 20201 minIdentity Verification: Only Half the Battle in the War On Money LaunderingThere’s a common misconception -- reinforced by many well known identity verification providers -- that simply verifying a customer’s ide...
Dec 10, 20201 minPenny Stocks - The Gift That Keeps On GivingPenny Stocks have been a vehicle for criminal conduct for decades – from pump-and-dump schemes to more traditional money laundering. Yet ...
Dec 4, 20201 minBeware of Mules!What do social media, unemployment, our aging population and the search for a soulmate have in common? They are all opportunities for fra...
Nov 25, 20201 minCCO Personally Liable for AML FailuresA CCO and AML Officer of a small Miami-based broker-dealer settled charges brought against her personally by FINRA for failure to reasona...
Nov 23, 20201 minThe Pandemic As Driver For Change In AMLWhile criminal and fraudulent activity has plagued the financial system since its inception, the pandemic unleashed a whole new set of op...
Nov 20, 20201 minCharities Struggling To Open Bank AccountsTis the Season … In addition to the usual acts of giving throughout the holidays, this year is expected to see an increase in contributio...
Oct 8, 20201 minBitMEX - Executive Liability for Anti-Money Laundering FailuresThe trend of holding executives personally liable for anti-money laundering and compliance failures by their organizations continues.
Sep 17, 20201 minFinCEN Eliminates AML ExemptionsBest of luck to those AML and Compliance Officers in private banks, non-federally insured credit unions, and certain trust companies. On ...
Aug 21, 20201 minNot All PEPs Are Created EqualPolitically Exposed Persons (or 'PEPs') are non-US individuals who are or have been entrusted with a prominent public or governmental fun...
Jun 4, 20201 minOCC Seeking Comments on Digitization of BankingThe OCC is soliciting public comment on 11 topics related to the 'digitization' of banking, including how firms can better leverage techn...
Jan 8, 20201 minSEC Releases 2020 Examination PrioritiesThe SEC’s Office of Compliance Inspections and Examinations (OCIE) just released their 2020 examination priorities. Of the seven stated f...
Oct 2, 20191 minOCC Releases 2020 Bank Supervision Operating PlanThe OCC released their 2020 Bank Supervision Operating Plan, which unsurprisingly features BSA/AML compliance in the number two spot. Thi...
Sep 11, 20191 minFinCEN's Paving The Way For InnovationIn a speech at the 2019 Money Transmitter Regulators Association Annual Conference on September 11, 2019, FinCEN Deputy Director Jamal El...
Jun 30, 20191 minFATF Publishes Guidance for Virtual Assets and Virtual Asset Service ProvidersFATF published new Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers on June 29, 2019, which updat...
Jun 20, 20191 minSenate Committee Hearing Discusses 'Plugging the Gap' in US AML requirementsA Senate Committee Hearing on June 19, 2019 discussed plugging the "gap" in US AML requirements, by requiring formal disclosure of ultima...