FinCEN

Banks report record spike in fraud as U.S. business aid flows

09/24/20

U.S. banks and credit unions reported skyrocketing levels of suspected business-loan fraud last month, a period that coincided with growing awareness of scams involving government small-business aid programs.

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One fix to the deluge of suspicious activity reports

09/24/20

Financial institutions and authorities could better track money launderers if legalized-marijuana-related businesses were not included in SARs.

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Banks feel more pressure to upgrade AML tech after 'Fincen Files'

09/23/20

Artificial intelligence, machine learning and enhanced data sharing among lenders could go a long way toward spotting suspicious patterns in daily financial activity and bad actors, experts say.

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Will ‘Fincen Files’ give banks opening to push for AML reform?

09/23/20

The news media investigation of transactions by nefarious actors puts certain large banks in a negative light, but it also points to inefficient use of suspicious activity reports and other anti-money-laundering issues that the industry has decried for years.

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Law enforcement needs better access to BSA reports, watchdog says

09/22/20

With lawmakers weighing changes to Bank Secrecy Act requirements, the Government Accountability Office urged the Financial Crimes Enforcement Network to establish written policies for expanding use of the agency’s database.

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Money-laundering report alleges banks profited by aiding criminals

09/20/20

A new investigation by the International Consortium of Investigative Journalists says JPMorgan Chase, Deutsche Bank and several other global institutions kept moving illicit funds after receiving warnings from U.S. officials.

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Fincen plans major overhaul of anti-money-laundering rules

09/16/20

The Financial Crimes Enforcement Network is seeking to create a better-defined standard for effective AML compliance programs and is considering whether to impose formal requirements that banks assess their laundering risk.

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Congress, keep AML reform in the defense spending bill

07/29/20

Legislation that would force transparency around company ownership would be better than another burdensome anti-money-laundering rule.

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House passes AML reforms in defense spending bill

07/22/20

The National Defense Authorization Act, approved in a vote late Tuesday, includes measures to require companies to disclose their true owners at the point of incorporation and to improve information-sharing between banks and the government.

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Bitcoin doesn’t launder money, Mr. Mnuchin. Money launderers do.

03/02/20

The Treasury secretary’s recent Senate testimony coming down on cryptocurrencies is misguided. Regulations should require building better blockchain technology at the banks.

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