News Topic: FinCEN

The good news for financial firms is Congress has moved closer to reforming anti-money-laundering rules. But left behind in the effort is the reform most coveted by the industry. ... Read full article

The legislation includes a beneficial owner requirement and steps to study the utility of industry reporting, but avoids relieving banks’ burden to file data on suspicious transactions. ... Read full article

As Democrats keep the heat on the German bank over allegations that it suppressed reporting tied to Trump businesses, the Treasury secretary said he will direct the Financial Crimes Enforcement Network to look into the matter. ... Read full article

Democrats pressed law enforcement on whether senior Deutsche Bank executives quashed suspicious activity reports filings related to President Trump. ... Read full article

House lawmakers postponed a committee vote on legislation to require beneficial ownership disclosures, nearly a year after a different anti-money-laundering bill stalled over a similar provision. ... Read full article

Lawmakers are poised to advance a bill requiring that commercial customers identify their beneficial owners — taking that burden away from their financial institution — but the anti-money-laundering reform arguably most favored by banks has fallen off the ... Read full article

FDIC Chairman Jelena McWilliams revealed an effort by the banking agencies to gain better clarity on how authorities use the huge amounts of suspicious activity reports that banks must submit under anti-money-laundering laws. ... Read full article

The Financial Crimes Enforcement Network voluntarily works with tribal law enforcement on anti-money-laundering and counterterrorism initiatives, but is not currently required to do so by statute. ... Read full article

The 2020 budget would add the Consumer Financial Protection Bureau and FSOC to congressional appropriations, charge lenders for FHA upgrades and require universities to have skin in the game on student loans. ... Read full article

Banks use anti-money-laundering and fraud systems to try to catch scams that prey on senior citizens. A few, including Wells Fargo, are working on artificial intelligence that could spot them even earlier. ... Read full article

Attorney General-nominee William Barr signaled this week he was not likely to crack down on financial institutions serving pot businesses, but even if he is confirmed and sticks with his assurance, the situation is far from resolved ... Read full article

The objectives of a Financial Crimes Enforcement Network rule requiring financial institutions to collect “beneficial ownership” details are laudable, but the regulation can be subverted by unscrupulous customers. ... Read full article

The federal regulators said in a joint statement that they will take a bank's level of innovation into account in supervising its anti-money-laundering procedures. ... Read full article

As Congress weighs Bank Secrecy Act reforms, some worry that reducing suspicious transaction filings would be a gift to criminals. ... Read full article

Four members of the Senate Banking Committee are trying to reach a compromise on legislation to revamp Bank Secrecy Act procedures after prior legislative efforts failed. ... Read full article

Democrat Maxine Waters, in line to take over the House Financial Services Committee, told colleagues she would undertake a deep dive into President Donald Trump's "money trail," beginning with ties to Deutsche Bank. ... Read full article

Banks ask Congress for help with a rule that forces them to estimate loan losses; The network will allow banks to "exchange and verify trade information." ... Read full article

The U.S. has arrested a Treasury Department employee for leaking confidential bank records pertaining to Paul Manafort, Rick Gates, the Russian Embassy and Maria Butina, who's been accused of being a Russian agent. ... Read full article