FinCEN announced the launch of its Global Investigations Division, which will investigate and target terrorist finance and money laundering threats and work more closely with foreign counterparts to coordinate actions against such threats.
Federal financial regulators have issued a statement on risk-focused BSA/AML supervision intended to improve transparency into the risk-focused approach used for planning and performing BSA/AML examinations.
FinCEN issued guidance and an advisory relating to virtual currencies last week, affirming its regulatory frameworks, warning of threats posed by virtual currency misuse and consolidating current guidance, regulations and administrative rulings.
FinCEN joined federal financial regulators, including NCUA, last week to issue a joint statement on sharing BSA resources that addresses the benefits of financial institutions entering into collaborative BSA/AML arrangements.
FinCEN has issued a ruling to provide a 90-day limited exceptive relief to covered financial institutions from the obligations of the beneficial ownership requirements for for certain accounts, effective as of May 11.
FinCEN's customer due diligence rule became effective Friday, and both CUNA and FinCEN have resources available for credit unions. The final rule clarifies and strengthens customer due diligence requirements for financial institutions..