News & Analysis as of September 13, 2024

Federal Deposit Insurance Corporation › Anti-Money Laundering › BSA/AML

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The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s. The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships. less -

Federal Banking Agencies Issue Guide to Third-Party Risk Management Practices for Community Banks

Ballard Spahr LLP on 5/8/2024

On May 3, 2024, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Federal Deposit Insurance Corporation (“FDIC”), and the Office of the Comptroller of the Currency (“OCC”) jointly released the...more

South Dakota Lenders on Tight Deadline for BSA/AML Compliance

Sheppard Mullin Richter & Hampton LLP on 2/19/2024

On January 12, South Dakota’s Division of Banking issued a mandate setting March 31, 2024 as the deadline for all South Dakota licensed money lenders and non-residential mortgage brokers to comply with their Bank Secrecy...more

FinCEN Issues $15 Million Dollar Civil Penalty Against Shinhan Bank America for Alleged Failure to Implement and Maintain...

Ballard Spahr LLP on 10/10/2023

On September 29, the Financial Crimes Enforcement Network (“FinCEN”) entered into a consent order with Shinhan Bank America (“SHBA”), which imposed a $15 million dollar civil penalty against SHBA for allegedly willfully...more

FinCEN Issues Proposed Rule for Beneficial Ownership Information Reporting Requirements

Goodwin on 12/10/2021

In This Issue. The Financial Crimes Enforcement Network (FinCEN) announced (1) a notice of proposed rulemaking for beneficial ownership information reporting requirements and (2) a regulatory process for new real estate...more

House Votes to Repeal OCC True Lender Rule

Goodwin on 7/28/2021

In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

Financial Services Report - Summer 2021

Morrison & Foerster LLP on 6/9/2021

As spring turns to summer, climate change is on our minds. A new day, a new story about how financial institutions are addressing climate-related risks. In the past few months, six major banks—Bank of America, JPMorgan...more

SEC Raises Concerns About Misleading ESG Practices, Highlights Potential Violations

Goodwin on 4/20/2021

In This Issue. The U.S. Securities and Exchange Commission (SEC) Division of Examinations issued a Risk Alert raising concerns about misleading Environmental, Social, and Governance (ESG) disclosures by investment firms; the...more

Risk Management: Agencies Issue Request for Information on Intersection of Model Risk Management Guidance and BSA/AML Compliance

Ballard Spahr LLP on 4/20/2021

On April 12, 2021, the Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union...more

Loopholes Doom Money Laundering Anti-Retaliation Law

Law Matters on 2/4/2021

A perspective from leading whistleblower attorney Stephen M. Kohn...more

Agencies Emphasize Risk-Based Due Diligence Approach for Charities and Nonprofits

Morgan Lewis - All Things FinReg on 11/23/2020

The Agencies issued a joint Fact Sheet that lists considerations for a risk-based approach when it comes to charities and nonprofits. While the Fact Sheet purports to not impose additional obligations on banks, it is hard to...more

While FinCEN lacks Independent Litigating Authority, it is the Regulator for the BSA and is responsible for the administration of...

Foodman CPAs & Advisors on 11/4/2020

FinCEN issues implementing regulations that “ensure” compliance with the BSA. FinCEN delegates its examination authority to federal agencies. These federal agencies are the “Federal Functional Regulators” who supervise...more

Interagency Statement on Hemp-Related Business: No Comfort for Cannabis

Morgan Lewis on 12/13/2019

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the US Department of the Treasury’s Financial Crimes Enforcement Network, in...more

Banking Regulators Ease SAR Reporting Requirements Applied to Hemp-Related Businesses

Ballard Spahr LLP on 12/5/2019

On December 3, 2019, four federal agencies – the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (“FDIC”), the Financial Crimes Enforcement Network (“FinCEN”), and the Office of the...more

House of Representatives Passes Bill Aimed at Marijuana Industry Financial Reforms

The Volkov Law Group on 10/17/2019

A new bill that would make it easier for financial institutions to provide services to “marijuana-related businesses” has passed the U.S. House of Representatives 321-103 with strong bipartisan support....more

Should the Financial Industry Be Detecting Future Mass Shooters?

Ballard Spahr LLP on 9/6/2019

The United States continues to be plagued by mass shootings, which appear to be increasing in both frequency and lethality. Certain businesses have reacted by adjusting their business models, such as the recent decision by...more

Banking Regulators Release Statement on their BSA/AML Supervision Approach

Morgan Lewis on 8/8/2019

A working group composed of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the US...more

Enhancing Transparency in the Agencies’ Approach to BSA/AML Examinations

Moore & Van Allen PLLC on 8/6/2019

Last month the Financial Crimes Enforcement Network (FinCEN) and the federal bank regulators issued a Joint Statement aimed at improving transparency into their risk-focused examination and supervision of banks’ compliance...more

Federal Bank Regulators Provide New Guidance on Bank Secrecy Act and Anti-Money Laundering Supervision

Alston & Bird on 7/26/2019

Our White Collar, Government & Internal Investigations, International Trade & Regulatory, and Financial Services & Products groups mine the latest federal guidance for ways financial institutions can best use the risk-based...more

Review of Anti-Money Laundering and Sanctions Policy and Enforcement

White & Case LLP on 1/22/2019

TABLE OF CONTENTS: Executive Summary - Developments and Trends in Policy and Enforcement - US Department of the Treasury - The Office of Foreign Assets Control - Treasury's Financial Crimes Enforcement Network -...more

Agencies Issue Further Guidance Regarding Emerging Approaches to BSA/AML Compliance

Morrison & Foerster LLP on 12/14/2018

On December 3, 2018, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network (“FinCEN”), National Credit Union Administration, and Office of the...more

Trends in Anti-Money Laundering Enforcement and Compliance

Baker Donelson on 6/7/2017

For years banks and other financial institutions have dealt with the anti-money laundering (AML) requirements of the Bank Secrecy Act (BSA). Governmental agencies, both regulatory and law enforcement, have placed particular...more

Financial Services Weekly News - July 2016

Goodwin on 7/7/2016

Regulatory Developments - NY DFS Adopts Final Anti-Terrorism Program Regulation - On June 30, New York’s Department of Financial Services (DFS) adopted a risk-based anti-terrorism and anti-money laundering...more

BSA, AML Failures by West Virginia Bank Yield FDIC, FinCEN, DOJ Actions

Manatt, Phelps & Phillips, LLP on 7/8/2015

Why it matters - In a coordinated effort, the U.S. government identified another “poster child” to demonstrate its continued vigilance and earnestness in pursuing lax BSA/AML procedures and oversight and violations of...more

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Federal Deposit Insurance Corporation › Anti-Money Laundering › BSA/AML

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