- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2021-12-15T19:43:00
The Financial Crimes Enforcement Network has issued a request for information on ways to modernize the Bank Secrecy Act ahead of a report Treasury Secretary Janet Yellen must provide Congress by Jan. 1, 2022.
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The Financial Crimes Enforcement Network launched rulemaking for a no-action letter process, which the agency said might help spur innovation in financial services for anti-money laundering/countering the financing of terrorism and compliance functions.
The Financial Crimes Enforcement Network will likely require banks and other financial institutions to assess their anti-money laundering and countering the financing of terrorism programs to ensure they are “effective and reasonably designed.”
The Financial Industry Regulatory Authority is encouraging member firms to start proactively incorporating new AML/CFT priorities mandated by Congress into their risk-based compliance programs.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
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.
