A controversial proposed rule from the Financial Crimes Enforcement Network would bring bank-like regulation of virtual asset transactions, including the first broadly-applied AML reporting requirement in at least two...more
1/7/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Cryptocurrency ,
Currency Transaction Reports (CTR) ,
Digital Assets ,
FinCEN ,
Money Services Business ,
NPRM ,
Patriot Act ,
Proposed Regulation ,
Proposed Rules ,
Recordkeeping Requirements ,
Virtual Currency
On September 16, the US Financial Crimes Enforcement Network (FinCEN) issued an advance notice of proposed rulemaking (ANPRM) seeking to update the US anti-money laundering (AML) regime. This is an historic opportunity for...more
11/5/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Proposed Amendments ,
Public Comment ,
Risk Assessment ,
Suspicious Activity Reports (SARs)
On December 3, 2019, in a rare public statement regarding the provision of banking services to cannabis- or hemp-related businesses, the Federal Banking Agencies, including the Board of Governors of the Federal Reserve...more
12/11/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banks ,
Controlled Substances Act ,
Farm Bill ,
Federal Bank Regulatory Agencies ,
Financial Services Industry ,
FinCEN ,
Hemp ,
Hemp Related Businesses ,
Interagency Guidance ,
Joint Statements ,
NCUA ,
Risk Management ,
Suspicious Activity Reports (SARs) ,
USDA
On September 25, 2019, the US House of Representatives ("House") passed, by a vote of 321 to 103, the Secure and Fair Enforcement Banking Act ("SAFE Banking Act"), bipartisan legislation designed to secure and regulate...more
10/9/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Canada ,
Cannabis Products ,
Cannabis-Related Businesses (CRBs) ,
Cole Memorandum ,
Controlled Substances Act ,
Cross-Border Transactions ,
Department of Justice (DOJ) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Harmonization Rules ,
Hemp ,
Marijuana Related Businesses ,
Medical Marijuana ,
NYDFS ,
Popular ,
Proposed Legislation ,
Rohrabacher-Farr Amendment ,
Suspicious Activity Reports (SARs) ,
USDA
In recent months, support for Bank Secrecy Act/anti-money laundering ("BSA/AML") reform has gained momentum in the US Congress as more than 20 pieces of reform-related legislation circulate the financial services committees....more
9/12/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Criminal Prosecution ,
Financial Institutions ,
Financial Regulatory Reform ,
FinCEN ,
Legislative Agendas ,
Money Laundering ,
Money Laundering Control Act (MLCA) of 1986 ,
Suspicious Activity Reports (SARs)
Financial firms play an integral role in preventing, identifying, investigating and reporting criminal activity, including terrorist financing, money laundering, and many other finance-related crimes. It is a critical role...more
2/2/2019
/ Anti-Money Laundering ,
Artificial Intelligence ,
Bank Secrecy Act ,
Banking Sector ,
Confidentiality Policies ,
Distributed Ledger Technology (DLT) ,
EU ,
Financial Institutions ,
FinCEN ,
General Data Protection Regulation (GDPR) ,
Information Sharing ,
Innovative Technology ,
Money Laundering ,
Patriot Act ,
Privacy Laws ,
Suspicious Activity Reports (SARs) ,
Technology Sector ,
Terrorist Financing