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Home » Keywords » FinCEN

Items Tagged with 'FinCEN'

ARTICLES

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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COVID
Policy & Issues

Compliance: FinCEN addresses cybercrime exploiting COVID-19

FinCEN issued an advisory July 30 to alert financial institutions to potential indicators of cybercrime and cyber-enabled crime observed during the COVID-19 pandemic. Many illicit actors are engaged in fraudulent schemes that exploit vulnerabilities created by the pandemic, according to FinCEN.
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Lending compliance: Focus on three top priorities
Policy & Issues

Proposal would lead to greater accuracy on cost of filing SAR

CUNA supports FinCEN updating the Paperwork Reduction Act requirements for complying with the BSA regulation that requires financial institutions to file SARs Adjustment to the PRA burden calculatio because it will lead to greater accuracy in detailing the true cost to a financial institution for filing a SAR.
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COVID
Policy & Issues|Operations

FinCEN issues advisory on COVID-19 impostor, money mule scams

FinCEN has issued an advisory on COVID-19 related impostor scams and money mule schemes. The advisory is based on FinCEN’s analysis of COVID-19-related information obtained from Bank Secrecy Act data, open source reporting and law enforcement partners
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Treasury
Policy & Issues

Adjustments would bring add’l accuracy in determining CTR costs

CUNA supports the FinCEN updating the Paperwork Reduction Act burden estimates from complying with a BSA requirement for financial institutions to report transactions in currency of more than $10,000 using a CTR. The proposed updates change the PRA analysis for new CTR rulemakings.
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More Articles Tagged with 'FinCEN'
Credit Union Magazine - Spring 2021

Spring 2021

Credit Union Magazine’s Spring 2021 edition features CUNA's 2021 advocacy agenda, strategic planning guidance, and labor market insights.
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Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

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