MENU

Federal Agencies Issue a Joint Statement on Banks and Credit Unions Sharing Resources to Improve Efficiency and Effectiveness of Bank Secrecy Act Compliance

The federal depository institutions regulators and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) today issued a statement to address instances in which certain banks and credit unions may decide to enter into collaborative arrangements to share resources to manage their Bank Secrecy Act (BSA) and anti-money laundering (AML) obligations more efficiently and effectively. Collaborative arrangements as described in the statement generally are most suitable for financial institutions with a community focus, less complex operations, and lower-risk profiles for money laundering or terrorist financing. The statement, which was issued by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, FinCEN, the National Credit Union Administration, and the Office of the Comptroller of the Currency, explains how these institutions can share BSA/AML resources in order to better protect against illicit finance risks, which can in turn also reduce costs. Today’s joint statement is a result of a working group recently formed by these agencies and Treasury’s Office of Terrorism and Financial Intelligence aimed at improving the effectiveness and efficiency of the BSA/AML regime.   Link to the press...
Major Crypto Exchanges Face Action Over Money-Laundering Fears

Major Crypto Exchanges Face Action Over Money-Laundering Fears

Japan’s financial watchdog is reportedly planning to force improvements at a number of licensed cryptocurrency exchanges over perceived issues with internal systems, including anti-money laundering (AML) measures. According to a report from Nikkei on Tuesday, the country’s Financial Service Agency (FSA) intends to ensure full compliance with current AML rules at larger exchanges as their holdings of customer funds rapidly increases. The report suggests at least five exchanges, including bitFlyer, Quoine, and Bitbank, are on the FSA’s list to receive “business improvement orders” this week. Please click on the link below to read the entire article. https://www.coindesk.com/major-crypto-exchanges-face-action-over-money-laundering-fears/...
ACFCS member spotlight: Advice to ‘follow the money’ leads to 20-year career in AML for Jorge Guerrero

ACFCS member spotlight: Advice to ‘follow the money’ leads to 20-year career in AML for Jorge Guerrero

When it comes to financial crime compliance, a lot can change in 20 years. Just ask Jorge Guerrero, the chief executive of Optima Compass Group, a consultancy that, like the man himself, is pushing the boundaries of convergence and technology to better counter criminals. Please click on the link below to read the entire interview: https://www.acfcs.org/news/329235/Member-Spotlight-Advice-to-follow-the-money-leads-to-20-year-career-in-AML-for-Jorge-Guerrero-.htm...
FinCEN issues regulations requiring that financial institutions identify certain beneficial owners

FinCEN issues regulations requiring that financial institutions identify certain beneficial owners

FinCEN is issuing final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: Banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions. Please click on the link below to read the entire FinCen ruling:...
FinCEN Fines Kentucky Money Services Business and Its Owner/Compliance Officer for Anti-Money Laundering Failures

FinCEN Fines Kentucky Money Services Business and Its Owner/Compliance Officer for Anti-Money Laundering Failures

The Financial Crimes Enforcement Network (FinCEN) today imposed a civil money penalty against Thriftway Food Mart and its owner and compliance officer, Kustandy Rayyan, for willful and repeated violations of the Bank Secrecy Act (BSA). Mr. Rayyan has admitted to conduct that violated the BSA and has consented to a civil money penalty in the amount of $10,000.   News Release: https://www.fincen.gov/news_room/nr/pdf/20160324.pdf   Enforcement Action:...
FinCEN Issues a Geographic Targeting Order for Certain Real Estate Transactions

FinCEN Issues a Geographic Targeting Order for Certain Real Estate Transactions

The Director of the Financial Crimes Enforcement Network (“FinCEN”), U.S. Department of the Treasury, hereby issues a Geographic Targeting Order (“Order”) requiring [title insurance company] to collect and report information about the persons involved in certain residential real estate transactions, as further described in this Order.  This Order supersedes the order applicable to [title insurance company] relating to certain transactions in the Borough of Manhattan in New York, New York that was executed by the Director of FinCEN on January 6, 2016. To read the entire article, please click here:...
Optima Compass Optima Compass