Bank Secrecy Act

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide... more +
The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -
News & Analysis as of

FinCEN Permanently Bars Casino Official Over BSA Violations

On August 20, FinCEN announced an action against a casino employee who admitted to violating the Bank Secrecy Act by willfully causing the casino to fail to file certain reports. ...more

FINRA Charges Firm With AML And Systematic Market Access Violations

On August 18, FINRA announced a complaint against a financial services and investment firm, alleging that the firm was responsible for systematic supervisory and AML violations in connection with providing direct market...more

OCC Issues Merchant Processing Booklet

On August 20, the Office of the Comptroller of the Currency (OCC) issued the “Merchant Processing” booklet of the Comptroller’s Handbook. This booklet, which replaces the booklet of the same name issued in December 2001, has...more

OCC Updates Merchant Processing Booklet

On August 20, the OCC issued Bulletin 2014-41, which announces a new “Merchant Processing” booklet of the Comptroller’s Handbook. This booklet replaces the booklet of the same name issued in December 2001 and provides updated...more

Sleeping Giant? OCC Wakes Up to New Focus on Merchant Processing

Following hard on the heels of recent risk management actions taken by other federal agencies, the Office of the Comptroller of the Currency (OCC) has issued a thoroughly updated booklet on Merchant Processing, which forms a...more

Blurred Lines

Mobile payments are taking off, and by 2017, consumers worldwide are likely to be using the technology to spend $700 billion or more annually, according to Forrester Research. But as technology companies look for ways to...more

Financial Regulatory Developments Focus - August 2014 #4

In this issue: - Derivatives - Bank Prudential Regulation & Regulatory Capital - Consumer Protection - People - Excerpt from Derivatives: Regulators Request FSB to Assist in...more

FinCEN Issues Advisories for US Financial Institutions

The Financial Crimes Enforcement Network (FinCEN) has issued separate advisories relating to (1) anti-money laundering (AML) and counter-terrorist financing (CTF) deficiencies and (2) promoting a culture of compliance with...more

FinCEN Advisory Urges Institutions To Promote Culture Of Compliance

On August 11, FinCEN issued Advisory FIN-2014-A007 to provide guidance regarding BSA/AML compliance programs. Specifically, the guidance recommends that institutions create a “culture of compliance” by ensuring that: (i)...more

Freddie Mac Implements FinCEN AML Rules, Updates Other Selling And Servicing Policies

On August 14, Freddie Mac issued Bulletin 2014-15, which reminds seller/servicers subject to the AML requirements of the BSA that they are expected to maintain an AML compliance program and are required to report to Freddie...more

FinCEN Issues Advisory to U.S. Financial Institutions Regarding Promotion of a Culture of Compliance

The Financial Crimes Enforcement Network (“FinCEN”) issued an advisory (the “Advisory”) to U.S. financial institutions (“FIs”, and each an “FI”) in which FinCEN highlights “the importance of a strong culture of [Bank Secrecy...more

FinCEN Proposes Fifth BSA Pillar

On July 30, 2014, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (the Proposed Rule) to clarify and strengthen customer due diligence (CDD) requirements as a fifth pillar under the...more

FinCEN Seeks to Turn Beneficial Ownership Disclosure of Private Entities on its Head

My colleagues over at our banking blog have highlighted proposed regulations by the Financial Crimes Enforcement Network, or FinCEN, under the Bank Secrecy Act which are meant to combat illicit financial activity, including...more

FinCEN Proposes Rules to Enhance Customer Due Diligence Requirements for Financial Institutions

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) has issued proposed amendments to existing Bank Secrecy Act (“BSA”) regulations. The proposed amendments would add a new requirement to...more

FinCEN Advisory to US Financial Institutions: Create Culture of Compliance - Senior Management, Leadership and Owners of...

On Aug. 11, 2014, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued FIN-2014-A007 (the "Advisory"). Among other things, the Advisory highlights the importance of maintaining a strong...more

FINCEN Issues Proposed Revisions to its Regulations That Would Enhance Financial Institutions’ Customer Due Diligence Requirements

The U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) has proposed revisions (the “Proposal”) to its rules implementing the Bank Secrecy Act (the “BSA”) that would spell out specific anti-money...more

FinCEN Proposes Customer Due Diligence Rule

On July 30, FinCEN released a proposed rule that would amend BSA regulations to clarify and add customer due diligence (CDD) obligations for banks and other financial institutions, including brokers or dealers in securities,...more

FinCrimes Update - July 2014 Summary, Volumn 1, Issue 5

FINCEN PROPOSES CUSTOMER DUE DILIGENCE RULE - On July 30, FinCEN released a proposed rule that would amend BSA regulations to clarify and add customer due diligence (CDD) obligations for banks and other financial...more

FinCEN Proposes to Expand Financial Institution Customer Due Diligence Requirements

The proposal would require financial institutions to identify beneficial owners of legal entities and codify existing customer due diligence guidance....more

NY Regulator Releases First Regulatory Framework For Virtual Currency

It happened: Benjamin Lawsky, Superintendent of New York’s Department of Financial Services (DFS) announced the release of the DFS’s much-anticipated proposal for a BitLicense, stating “We have sought to strike an appropriate...more

Treasury Issues Proposed Rules to Enhance Financial Transparency

On July 30, the Financial Crimes Enforcement Network of the U.S Department of the Treasury proposed rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for banks and other financial...more

Orrick's Financial Industry Week in Review

Bank of England Publishes Statement on Enforcement Action Against Lloyds Bank PLC and Bank of Scotland PLC - On July 28, the Bank of England published a statement on Financial Conduct Authority enforcement action...more

AML BSA and Sanctions Compliance Part II of II June 24, 2014  [Video]

The Department of Justice and the Treasury Department have stepped up AML/BSA and Sanctions Enforcement. With the ever-increasing expansion and modification of sanctions, risks for all businesses, not just financial...more

AML BSA and Sanctions Compliance I of II June 10 2014 [Video]

The Department of Justice and the Treasury Department have stepped up AML/BSA and Sanctions Enforcement. With the ever-increasing expansion and modification of sanctions, risks for all businesses, not just financial...more

Fannie Mae Advises Sellers Of Bank Secrecy Act Obligations

On July 1,Fannie Mae issued Selling Guide Announcement SEL-2014-09 to remind lenders and originators—as it recently did for servicers—of their obligations to be in compliance with applicable provisions of the Bank Secrecy...more

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