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.
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.
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.
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.
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.
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.
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.
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.
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.
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.