More data, more problems with FinCEN international transfer proposal?
By 
Martin Woods2020-11-12T18:10:00
A recent international wire transfer rule change proposed by U.S. regulators could go a long way toward combatting terrorist financing, but the increased transaction reporting may overwhelm an already taxed system, writes Martin Woods.
Related articles
-
ArticleSEC fines broker-dealer $1.5M for SARs filing failures
GWFS Equities will pay $1.5 million as part of a settlement with the SEC for lapses in the filing of suspicious activity reports related to the threat of cyber-breaches.
-
ArticleBanks filing more SARs amid pandemic; is this the right approach?
An increase in the submission of suspicious activity reports for cash values that fall under the mandatory $10,000 transaction reporting threshold last year is a proactive step by banks, but more can always be done, writes Martin Woods.
-
ArticleCompliance should consider a well-balanced information diet
In comparing information to food, the outcome might be considered to be the same when too much is consumed, writes Martin Woods.
More from Opinion
-
OpinionHow to make the business case to upgrade records management systems
Companies are giving their records management programs a makeover, and not for the reasons you may think. What used to be a sleepy back-office legal department function is now front and center, often driven by compliance teams. Organizations are discovering that a “save everything, forever” de facto policy doesn’t ...
-
OpinionWhy the EU’s new Machinery Regulation is a wake-up call on cybersecurity
The European manufacturing industry is on the cusp of a regulatory shift that promises to reshape how machines are designed and operated.
-
OpinionWrite supply chain resilience into the contract
The only thing constant is change. Shouldn’t we be ready for that in our contracts?