News Topic: FinCEN
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Fincen wants to publish its database access rule before year-end
Can Fincen deliver on promised regulatory relief?
Fincen needs more funding to speed up AML overhaul, acting director says
Fincen spells out rules for disclosing corporate ownership
Ex-Fincen advisor sentenced to six months for Manafort leak
Fincen needs funding boost to implement new database, Yellen says
Banks fear AML relief may be slow to materialize
Capital One fined $290M for ‘willful’ anti-money-laundering failures
The McLean, Va.-based company admitted that it failed to file suspicious activity reports even in cases when it knew about criminal charges against specific customers. The misconduct took place in a unit that served check-cashing businesses and was later ... Read full article
Stimulus battle stands in way of AML measure becoming law
An impasse over pandemic relief checks for Americans is holding up an override of President Trump's veto of a bill shifting beneficial-owner requirements from banks to their commercial clients. ... Read full article
Bankers hope shell-company reforms are prelude to broader AML overhaul
Congress’s passage of a measure requiring startup companies — instead of their banks — to identify true owners was arguably the industry’s biggest legislative achievement in 2020. Now the industry is urging lawmakers to revisit proposals that would ease ... Read full article
OCC proposes to let certain banks skip money-laundering reports
The agency said it may exempt certain institutions from having to file suspicious activity reports if they have “innovative solutions intended to meet Bank Secrecy Act requirements more efficiently and effectively." But in those circumstances, law ... Read full article
Senate sends veto-proof AML reforms to White House
The defense spending bill includes language requiring businesses to report their owners to Fincen. ... Read full article
Congress about to relieve banks of a key AML burden
Banks are responsible for reporting their business customers' beneficial owners, but a bill that would shift that anti-money-laundering duty to businesses themselves has been added to a must-pass defense spending package. ... Read full article
Banks steer clear of sports gambling even as more states legalize it
Big financial institutions are worried that online wagers made with credit cards pose a heavy risk of money laundering. The possibility of tougher rules under the incoming Biden administration has only compounded their concerns. ... Read full article
Fed, Fincen look to require banks to hold more data on transfers
The two agencies proposed amending the Bank Secrecy Act to lower the threshold for transfers occurring outside the U.S. that trigger recordkeeping requirements. ... Read full article
‘Fincen files’ underscore urgency of AML reform
Better dialogue between banks and authorities coupled with stronger anti-money-laundering measures could help address the suspicious activity report flaws revealed by investigative journalists. ... Read full article
One fix to the deluge of suspicious activity reports
Financial institutions and authorities could better track money launderers if legalized-marijuana-related businesses were not included in SARs. ... Read full article
Banks report record spike in fraud as U.S. business aid flows
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. ... Read full article
Will ‘Fincen Files’ give banks opening to push for AML reform?
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 ... Read full article