All BSA compliance articles
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News BriefBanks reported more than $1 B in suspicious activity–much of it fentanyl linked
Banks alerted authorities to $1.4 billion in suspicious transactions in 2024, a big assist in the nation’s fight against crime and fentanyl trafficking, according to the Financial Crimes Enforcement Network.
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News BriefCash App parent to pay $40 million for alleged BSA/AML violations in New York
Block Inc., maker of the popular Cash App, has been hit with a $40 million fine by New York for its alleged failure to report suspicious activity. The move marks the latest in a string of recent state and federal enforcement actions against the company.
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News BriefTrump’s pivot on crypto leads SEC to seek settlement with Gemini
The Securities and Exchange Commission (SEC)’s pivot in favor of crypto took another step as the agency indicated it wants to resolve a long-standing lawsuit against the crypto exchange Gemini.
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News BriefKuCoin latest crypto firm to pay hefty price for violating BSA with $297M penalty
The Seychelles-based owner of cryptocurrency exchange KuCoin has agreed to pay nearly $300 million in penalties–and cease doing business in the U.S. for two years–to settle charges that it failed to properly monitor potential criminal activity on its network.
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News BriefFinCEN finalizes AML rules for investment advisers, cash real estate transactions
The Treasury Department’s Financial Crimes Enforcement Network released new anti-money laundering requirements for U.S. investment advisers and real estate professionals that attempt to close loopholes that criminals and kleptocrats have long exploited.
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PremiumTreasury official slams Florida ‘anti-woke’ law for ‘undermining’ BSA compliance
Brian Nelson, Treasury Department under secretary for terrorism and financial intelligence, warned in a letter that Florida’s “anti-woke” banking bill may “materially undermine” financial institutions’ compliance with federal AML/CFT laws and U.S. sanctions.
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News BriefDOJ latest agency to charge crypto platform BitMEX for BSA/AML failures
The parent company of crypto-trading platform BitMEX is again facing charges of violating the Bank Secrecy Act, the latest in a string of punishments against the company and its founders for failing to implement adequate know your customer and anti-money laundering programs.
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News BriefEx-Paxful co-founder pleads guilty to violating BSA/AML regulations
The co-founder and former chief technology officer of crypto peer-to-peer network Paxful faces charges related to violating the anti-money laundering requirements of the Bank Secrecy Act.
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News BriefSilvergate Bank to pay $63M to Fed, California over BSA/AML deficiencies
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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News BriefFinCEN proposes additional risk assessments for AML/CFT programs
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
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ResourceWhite paper: BSA/AML Compliance: A Growing Consensus for Change
Serving a vital purpose for the U.S. financial system, the Bank Secrecy Act (BSA) protects its individual members from being used to finance illegal activity. But at 50 years old, its ability to achieve that purpose has not kept pace with an ever-evolving world, as the law remains largely unchanged ...
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ArticleRecent OCC case shows widespread liability when a BSA program fails
Who faces liability when a Bank Secrecy Act program is deemed to be deficient? A series of recent enforcement actions taken by the OCC against individuals at a now-defunct New Jersey bank provides a case study.