On December 6, 2021, the Financial Crimes Enforcement Network (FinCEN) published an Advance Notice of Proposed Rulemaking (“ANPRM”) to solicit public comment on a potential rule to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity. FinCEN said the systemic money laundering vulnerabilities presented by the U.S. real estate sector, and consequently, the ability of illicit actors to launder criminal proceeds through the purchase of real estate, threatens U.S. national […]
Category: BSA
FFIEC UPDATES BSA MANUAL
On December 1, 2021, the Federal Financial Institutions Examination Council (FFIEC) released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. Today’s updates affect the following sections: Introduction – Customers (new) Charities and Nonprofit Organizations Independent Automated Teller Machine Owners or Operators Politically Exposed Persons The updates should not be interpreted as new requirements or as a new or increased focus on certain areas. Rather, these sections provide […]
BSA Modifications Included in National Defense Authorization Act
On January 2, 2021, the United States Congress enacted the National Defense Authorization Act for 2021 (H.R. 6395) (NDAA of 2021 or the Act), which passed both the House of Representatives and Senate in early December but was vetoed by the President in late December, by voting to override the President’s veto on the legislation. The NDAA of 2021 includes banking industry backed provisions to modernize, enhance, and reform anti-money laundering processes as outlined in […]
FINCEN STATEMENT ON BSA ENFORCEMENT AND JOINT STATEMENT ON PEP DUE DILIGENCE
On August 18, the Financial Crimes Enforcement Network (FinCEN) issued Financial Crimes Enforcement Network (FinCEN) Statement on Enforcement of the Bank Secrecy Act, which “sets forth its approach to enforcing the rules and regulations within the BSA” and outlines factors FinCEN uses when determining enforcement response to actual or possible violations. The Statement notes, when a violation, or potential violation of the BSA or implementing regulations occurs, FinCEN has authority to take various actions including […]
AGENCIES UPDATE BSA/AML ENFORCEMENT STATEMENT
The Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and National Credit Union Association (Federal Banking Agencies or the Agencies), issued a Joint Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements (Statement) updating their 2007 Statement. The Agencies note this Statement does not create any new expectations or standards; rather, it clarifies how the Federal Banking Agencies evaluate enforcement actions when financial institutions fail to meet Bank Secrecy […]