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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-04-25T19:29:00
The Treasury Department might propose new regulations for financial institutions aimed at discouraging banks from shutting out large swaths of potential banking customers because of risk concerns, an issue called “de-risking.”
In a report released Tuesday, the agency recommended proposing regulations that would “require financial institutions to have reasonably designed and risk-based AML/CFT (anti-money laundering/countering the financing of terrorism) programs supervised on a risk basis, possibly taking into consideration the effects of financial inclusion.”
The report also recommended clarifying and revising AML/CFT regulations under the Bank Secrecy Act (BSA) and guidance for money service businesses (MSBs) that offer money transferring services, which are among the entities most affected by de-risking actions taken by financial institutions.
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News and analysis for the well-informed compliance or audit exec.
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2023-06-09T13:28:00Z By Kyle Brasseur
The Treasury Department announced steps it is taking to improve its own compliance efforts, including a reassessment of the way it pursues enforcement actions.
2023-04-07T16:14:00Z By Aaron Nicodemus
A new U.S. Treasury report concluded that decentralized finance services are being used by bad actors to launder the proceeds of illegal activity, aided by crypto platforms weak or non-existent in anti-money laundering and sanctions compliance programs.
2023-02-08T20:48:00Z By Aaron Nicodemus
The Treasury Department issued a report regarding the benefits and challenges associated with the use of cloud service providers by financial sector firms, finding shortcomings related to transparency, staff support, and cybersecurity incident response.
2024-07-24T15:50:00Z By Aaron Nicodemus
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.
2024-07-23T12:29:00Z By Ruth Prickett
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.
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.
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