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News

Home » FinCEN

Articles Tagged with ''FinCEN''

NCUA exam priorities: What to expect in 2020
Policy & Issues

Compliance: FinCEN issues government-wide AML/CFT priorities

FinCEN issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism policy Wednesday. The priorities identify and describe the most significant AML/CFT threats currently facing the United States.
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2020-02_BSA_issues_
Policy & Issues

BSA/AML expectations must be tied to institution’s risk

CUNA filed comments Friday with FinCEN and NCUA regarding the use of the Model Risk Management Guidance for BSA/AML compliance. NCUA has not adopted the guidance to date, so it does not explicitly apply to federally insured credit unions.
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NCUA exam priorities: What to expect in 2020
Policy & Issues

Compliance: FinCEN seeks input on new CDD proposals

FinCEN is soliciting public comment on questions pertinent to the implementation of the Corporate Transparency Act, enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021 Jan. 1. Comments are due by May 5. 
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Treasury
Policy & Issues

FinCEN announces acting director and new deputy director

FinCEN Director Kenneth A. Blanco Friday announced several leadership changes impacting the bureau. Blanco announced he will depart FinCEN on April 9, after serving as the organization’s director since December 2017.
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Treasury
Policy & Issues

FinCEN extends comment deadline for CVC proposal

The Financial Crimes Enforcement Network (FinCEN) extended the comment period for its recent convertible virtual currency (CVC) proposal as requested by CUNA and other commenters. The proposal was initially issued Dec. 23 with a 15-day comment period.
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Treasury
Policy & Issues

Virtual currency proposal lacks justification, reasonable comment period

FinCEN's proposal on convertible virtual currency transactions does not provide sufficient justification or a proper notice-and-comment period, CUNA wrote Monday. It seeks to address certain AML threats posed by certain convertible virtual currency and legal tender status digital asset transactions.
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Treasury
Policy & Issues

Add’l efforts could help FinCEN collect most accurate cost estimates

CUNA supports FinCEN’s efforts to update burden estimates in order to more accurately understand the regulatory compliance costs to financial institutions and agrees that certain burdens are relevant calculating the true costs of complying with CIP regulations.
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Treasury
Policy & Issues

Compliance: Treasury issues ransomware advisories to thwart attacks

FinCEN issued advisory designed an assist U.S. individuals and businesses in efforts to combat ransomware scams and attacks, which continue to increase in size and scope, while OFAC issued an advisory on potential sanctions risks for facilitating ransomware payments. 
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Treasury
Policy & Issues

Compliance: New BSA rule affects non-federally insured CUs

The Treasury’s Financial Crimes Enforcement Network issued a final rule last week amending Bank Secrecy Act/Anti-Money Laundering regulations for non-federally insured credit unions. The rule is effective Nov. 16 of this year and has a compliance date of March 15, 2021.
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Treasury
Policy & Issues

FinCEN issues statement on enforcement of Bank Secrecy Act

FinCEN set forth its approach to enforcing the rules and regulations within the Bank Secrecy Act, aiming to provide clarity and transparency to its approach when contemplating compliance or enforcement actions against institutions that violate the BSA. 
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Credit Union Magazine: Spring 2022

Spring 2022

Credit Union Magazine’s Spring 2022 edition profiles four Credit Union Heroes and examines CUNA's advocacy priorities, the advocacy army, and financial well-being for all.
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