News & Analysis as of September 21, 2024

Bank Secrecy Act

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

FinCEN and Banking Agencies Propose AML Program Rule Updates for Banks and Other Financial Institutions

Goodwin on 9/19/2024

Earlier this summer, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Proposed Rule revising its regulations under the Bank Secrecy Act (BSA) requiring financial institutions to...more

FinCEN Proposes Changes to Anti-Money Laundering Program Requirements for Financial Institutions: 5 Things to Know

Orrick, Herrington & Sutcliffe LLP on 7/24/2024

The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed a rule to counter money laundering and the financing of terrorism that would add significant compliance requirements for financial...more

FinCEN Proposes Rule Reinforcing Financial Institutions’ Duty to Design and Maintain Risk-Based AML/CFT Programs

Mayer Brown on 7/15/2024

On June 28, 2024, the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking (“June 2024 NPRM”) to crystalize its long-held expectation that financial institutions use...more

FinCEN and Federal Banking Agencies Propose Amendments to Anti-Money Laundering Rules

Cadwalader, Wickersham & Taft LLP on 7/11/2024

On June 28, 2024, The U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) released a notice of proposed rulemaking (the “Proposed Rule”) that would amend FinCEN’s anti-money laundering (“AML”) program rules for...more

FinCEN Seeks To Expand Reach of the BSA and Modernize Customer Identification Regulations

Skadden, Arps, Slate, Meagher & Flom LLP on 5/30/2024

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has recently taken steps to expand the reach of the Bank Secrecy Act (BSA) and related customer identification regulations. These steps build on...more

Client Alert: A Second Wave: FinCEN and SEC Further Extend Investment Advisers’ AML Obligations with New CIP Requirements

Jenner & Block on 5/20/2024

In a sequel to FinCEN’s proposal earlier this year to extend anti-money laundering and Bank Secrecy Act regulations to investment advisers (AML/BSA Proposal), on May 13, 2024, FinCEN and the SEC jointly issued a new Notice of...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

Nutter Bank Report: December 2023

Nutter McClennen & Fish LLP on 12/29/2023

A recent OCC report identified key issues facing the federal banking system, including increasing credit risk due to higher interest rates, increasing risk in commercial real estate lending, prolonged inflation, declining...more

FinCEN Issues Updated Geographic Targeting Order Expanding the List of High-Risk Jurisdictions in Which Title Insurers Must Report...

Cranfill Sumner LLP on 10/31/2023

The Financial Crimes Enforcement Network (“FinCEN”) is statutorily entitled to impose recordkeeping and reporting requirements on domestic financial institutions or nonfinancial trades or business groups when it deems such...more

Banking and Consumer Regulatory Digest - October 2023

Davis Wright Tremaine LLP on 10/16/2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Client Alert: New multi-front Enforcement Action Emphasizes Key AML Compliance Requirements

Jenner & Block on 10/12/2023

Shinhan Bank America (“Shinhan”), a New York-based subsidiary of a Korean bank, faced coordinated enforcement actions on September 29 from the Financial Crimes Enforcement Network (“FinCEN”), Federal Deposit Insurance...more

Practical Lessons Learned Regarding the Bank Secrecy Act and Anti-Money Laundering for Financial Institutions - The Consumer...

Troutman Pepper on 10/5/2023

Join Troutman Pepper Partner Chris Willis and fellow Partner Matthew Orso as they discuss the Bank Secrecy Act, anti-money laundering, and countering the financing of terrorism rules, as they pertain to financial institutions...more

A Simpler Approach To Expanding Banking Access

Farella Braun + Martel LLP on 9/6/2023

While the cannabis community anxiously awaits what feels like Congress’ hundredth attempt to pass the SAFE Banking Act, there is one simple step that can be taken today to improve access to banking services for certain...more

[Podcast] Blockchain University: Relationship Drama: Cryptocurrencies, Blockchain and the Law

BakerHostetler on 3/30/2022

Our fifth episode provides an overview of the key legal issues facing cryptocurrencies and blockchain in the U.S....more

Stress Test Scenarios Released for 2022

Goodwin on 2/18/2022

In This Issue. The Federal Reserve Board of Governors (Federal Reserve), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released stress test scenarios to assess...more

Agencies Launch Digital Identity Tech Sprint

Goodwin on 1/17/2022

In This Issue. The Federal Deposit Insurance Corporation (FDIC), the FDIC Tech Lab (FDITECH) and the Financial Crimes Enforcement Network (FinCEN) launched a digital identity Tech Sprint; FinCEN published a 60-day notice to...more

SEC Proposes New Round of Money Market Fund Reforms

Goodwin on 12/17/2021

In This Issue. The U.S. Securities and Exchange Commission (SEC) voted to propose money market fund reforms; the SEC also proposed amendments to Rule 10b5-1 trading plans and to modernize and improve share repurchase...more

FinCEN Considers New Anti-Money Laundering Reporting Requirements For All-Cash Real Estate Transactions

Kramer Levin Naftalis & Frankel LLP on 12/15/2021

The Financial Crimes Enforcement Network (FinCEN) of the Treasury Department announced last week an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a proposed rule that would address the...more

Real Estate and Money Laundering: FinCEN Issues Advanced Notice of Regulations for the Real Estate Industry

Ballard Spahr LLP on 12/14/2021

On December 6, FinCEN announced that it was issuing an Advanced Notice of Proposed Rulemaking (“AMPRM”) to solicit public comment on potential requirements under the Bank Secrecy Act (“BSA”) for certain persons involved in...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

Federal Agencies Issue Joint Statement on Management of LIBOR Transition

Goodwin on 10/22/2021

In This Issue. Federal agencies issued a joint statement regarding an orderly transition away from the London Interbank Offered Rate (LIBOR); the Office of the Comptroller of the Currency (OCC) issued an updated...more

BSA, OFAC, KYC, and CIP – What do they mean to me? [More with McGlinchey, Ep. 29]

McGlinchey Stafford on 9/16/2021

The Bank Secrecy Act (BSA) and parts of the U.S. Patriot Act’s Office of Foreign Asset Control (OFAC) requirements have seemingly similar goals: to prevent money laundering and the funding of terrorist activities. Yet a...more

Nutter Bank Report: July 2021

Nutter McClennen & Fish LLP on 7/29/2021

CFPB Amends Mortgage Rule to Protect Borrowers Affected by COVID-19 The CFPB issued a final rule to amend its Regulation X—which implements the Real Estate Settlement Procedures Act—to assist home mortgage loan borrowers...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

FinCEN Sets Out Anti-Money Laundering Priorities, With Implementing Regulations To Follow

Skadden, Arps, Slate, Meagher & Flom LLP on 7/22/2021

On June 30, 2021, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued its first government-wide priorities (Priorities) for combatting money laundering and the financing of terrorism.1...more

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