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.
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.
2025-10-22T18:22:00Z By Adrianne Appel
The New York State Department of Financial Services (NYDFS) wants financial firms to step up their game when it comes to third parties and cybersecurity.
2025-10-15T19:43:00Z By Jaclyn Jaeger
Under the Trump administration, the Department of Health and Human Services and the Food and Drug Administration have been hellbent on eliminating synthetic food dyes from food and beverage products, forcing a jarring and costly overhaul with cascading impacts on the operations of the entire industry.
2025-10-08T20:08:00Z By Ruth Prickett
Private companies that are keen to trade their shares but do not wish to become listed have gained another way to trade their shares. The U.K. government completed its initial review and published rules for the system in June.
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