Bank Secrecy Act
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OMB Announces New Rule Review Process
On April 11, 2019, the Acting Director of the Office of Management and Budget (OMB) issued a memo requiring all agencies to provide new rules to it before they are issued
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Bank Assessed Another $639 Million for OFAC Violations
As we blogged on April 9, 2019, the Federal Reserve Board (Fed) fined Standard Chartered PLS and Standard Charter Bank (bank) $164 million for Office of Foreign Assets Control (OFAC) sanctions controls violations.
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Bill Would Permit Financial Institutions to Serve Marijuana-Related Businesses
Representative Ed Perlmutter, a Democrat from Colorado, introduced a bill to the U.S. House of Representatives that would allow financial institutions to provide financial services to marijuana-related businesses.
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FinCEN Issues Advisory on FATF Updates
On March 8, 2019, the Financial Crimes Enforcement Network (FinCEN) issued advisory FIN-2019-A001 on updates to the Financial Action Task Force (FATF) list of jurisdictions with anti-money laundering and combatting the financing of terrorism (AML/CFT) deficiencies
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SARs Reveal Widespread Elder Abuse
On February 26, 2019, the Consumer Financial Protection Bureau (CFPB) released a report detailing its study of elder financial exploitation (elder abuse) as evidenced by Suspicious Activity Reports (SARs).
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OCC Issues BSA Consent Order
On February 21, 2019, the Office of the Comptroller of the Currency (OCC) issued a consent order against MUFG Bank for violations of the Bank Secrecy Act (BSA).
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Treasury Disputes AML/CFT Deficiencies List
On February 13, 2019, the Treasury Department released a statement critical of a recently released list by the European Commission of purportedly high-risk jurisdictions posing significant threats to the European Union’s Anti-Money Laundering and Countering the Financing of Terror (AML/CFT) regimes.
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BSA Officers Target of Phishing Campaign
Credit union Bank Secrecy Act (BSA) officers were apparently the target of a recent phishing campaign
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Are You Independently Validating Your BSA/AML Software?
During Bank Secrecy Act/Anti Money Laundering (BSA/AML) exams, examiners are testing to see whether financial institutions had their transaction monitoring system independently validated.
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Obtaining Occupation at Account Opening
We occasionally find financial institutions not consistently obtaining the occupation of customers/members at account opening.