Bank Secrecy Act
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AML Software and SAR Decision Making
Pay attention to situations where your anti money laundering (AML) software provides an alert to suspicious activity but you decide not to file a suspicious activity report (SAR).
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Compliance a Top Priority of NCUA in 2019
The National Credit Union Administration (NCUA) released its supervisory priorities for 2019. NCUA outlined six priority areas and two of the first three are compliance related. The number one priority is Bank Secrecy Act (BSA) compliance. NCUA stated that its exams will be even more in-depth, with a focus on customer due diligence rules and […]
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Agencies Issue Joint Statement on BSA/AML Innovation
On December 3, 2018, the financial institution agencies (agencies) issued a joint statement to encourage financial institutions to utilize, when appropriate, innovative approaches to comply with the Bank Secrecy Act/anti-money laundering (BSA/AML) requirements.
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Certain Property and Casualty Finance Contract Customers Now Exempt from CIP
On September 28, 2018, the federal banking agencies, including the Financial Crimes Enforcement Network and the National Credit Union Administration, issued a joint order exempting loans extended by financial institutions to facilitate purchases of property and casualty insurance policies from the Customer Identification Program (CIP) requirements of the Bank Secrecy Act.
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FFIEC Releases Beneficial Ownership Exam Procedures
The Federal Financial Institutions Examination Council (FFIEC) recently released new examination procedures covering the new beneficial ownership requirements for legal entity customers.
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Will the Beneficial Ownership Rule Require Updates to the USA Patriot Act Notice?
The Bank Secrecy Act requires financial institutions to provide a notice about procedures for opening a new account.
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Bank Penalized More Than $600 million for BSA Violations
It was announced on February 15th that U.S. Bank received more than $600 million in civil money penalties for violating the Bank Secrecy Act (BSA).
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Citibank Penalized $70 Million for BSA Violations
On January 4th the Office of the Controller of the Currency (OCC) imposed a $70 million penalty on Citibank for violating a 2012 Cease and Desist Order which identified Bank Secrecy Act (BSA) and anti-money laundering (AML) program violations.
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FinCEN Assesses Huge Penalty against an MSB for BSA Violations
On July 27th, the Financial Crimes Enforcement Network (FinCEN) assessed a civil money penalty against BTC-E, a money service business, for Bank Secrecy Act (BSA) violations.
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FinCEN SAR Proposal
On February 2nd the Financial Crimes Enforcement Network (FinCEN) issued a notice regarding a proposed rule to change data fields on the Suspicious Activity Report (SAR) form.