- 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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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.
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.
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.
The Department of Justice (DOJ) has proposed a new rule that would regulate the use of Americans’ personal information by foreign companies and foreign persons in six “countries of concern,” prohibiting and restricting the sale of data to thwart the use of data for cyber-enabled activities, espionage, coercion, influence and ...
New York financial institutions are expected to address cybersecurity risks posed by artificial intelligence (AI), and new guidance from the New York Department of Financial Services is aimed at helping firms do just that.
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