Earlier this month, the Financial Crimes Enforcement Network (FinCEN) continued its efforts to require registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to take steps to prevent the laundering of...more
5/29/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Customer Identification Program (CIP) ,
Cybersecurity ,
Disclosure Requirements ,
Exempt Reporting Advisers (ERAs) ,
Financial Institutions ,
FinCEN ,
Investment Adviser ,
Notice of Proposed Rulemaking (NOPR) ,
Policies and Procedures ,
U.S. Treasury
On June 29, 2020, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued guidance (the 2020 Guidance) clarifying requirements under the Bank Secrecy Act (BSA) for financial institutions providing...more
The Office of Comptroller of the Currency (the OCC) has published its 2019 annual report (the Annual Report), which summarized the OCC’s strategic priorities for 2019. The Annual Report also highlighted the OCC’s key...more
1/20/2020
/ Annual Reports ,
Anti-Money Laundering ,
Banks ,
BSA/AML ,
Chief Compliance Officers ,
Compliance ,
CSBS ,
Examination Priorities ,
Federal Reserve ,
Financial Institutions ,
FinCEN ,
Interpretive Opinions ,
Joint Statements ,
OCC ,
Risk Assessment ,
Shell Corporations ,
Suspicious Activity Reports (SARs) ,
Technology ,
Terrorism Funding
On December 3, 2019, four federal agencies, in consultation with state banking regulators, clarified the legal status of hemp growth and production under the Bank Secrecy Act (BSA) for banks providing financial services to...more
12/12/2019
/ Agricultural Sector ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Controlled Substances Act ,
CSBS ,
Department of Agriculture ,
Farm Bill ,
FDIC ,
Financial Institutions ,
FinCEN ,
Hemp ,
Hemp Cultivation ,
Joint Statements ,
Marijuana ,
New Guidance ,
OCC ,
Regulatory Agencies ,
Suspicious Activity Reports (SARs) ,
U.S. Treasury ,
USDA
On October 11, 2019, the leaders of the US Securities and Exchange Commission (SEC), the US Commodity Futures Trading Commission (CFTC), and the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a...more
11/13/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
Broker-Dealer ,
BSA/AML ,
CFTC ,
Digital Assets ,
Ether ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinCEN ,
Information Reports ,
Joint Statements ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Suspicious Activity Reports (SARs)
On May 5, 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued final rules (the Final Rules) on customer due diligence requirements for banks, securities broker-dealers, mutual funds, and...more
On July 30, 2014, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued proposed rules (the “Proposed Rules”) to clarify and strengthen customer due diligence requirements for banks, securities...more