- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-06-28T17:00:00
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism (AML/CFT) programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
The proposed rule would “explicitly require that such programs be effective, risk-based, and reasonably designed, enabling financial institutions to focus their resources and attention in a manner consistent with their risk profiles,” FinCEN said Friday in a press release.
The new requirements were included in the AML Act of 2020, which became law in 2021 as part of the National Defense Authorization Act for FY2021. The law comprehensively updated the Bank Secrecy Act (BSA) for the first time in decades, according to FinCEN.
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2024-07-29T19:00:00Z By Aaron Nicodemus
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.
2024-07-22T19:09:00Z By Jeff Dale
The Federal Reserve Board of Governors fined financial technology and bank holding company Green Dot $44 million for numerous unfair and deceptive practices and a deficient consumer compliance risk management program.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
2025-05-21T14:11:00Z By Aaron Nicodemus
Securities and Exchange Commission Chair Paul Atkins indicated he favors changing the agency’s requirement that only the wealthy can invest in so-called “closed-end” private equity funds and hedge funds.
2025-05-19T14:33:00Z By Adrianne Appel
The Department of Justice (DOJ) has shuttered a special Federal Bureau of Investigation (FBI) unit that focused on public corruption and whose legwork led to the special counsel investigation of President Donald Trump for trying to overturn the 2020 election results.
2025-05-19T14:09:00Z By Aaron Nicodemus
The Trump administration is preparing to ask the European Union to alter or water down its rules on content moderation on social media, claiming that they hurt the competitiveness of American technology companies.
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