Insurancenewsnet.com

FinCEN Issues Statement on Sharing of Bank Secrecy Act Resources

The banks involved in the collaborative arrangement need to ensure that the shared resource conducting the BSA/AML independent testing is qualified and not involved in other BSA/AML functions at the ...
JD Supra

OCC Targets BSA/AML Compliance by Anchorage Digital Bank – Only 15 Months After Granting National Trust Bank Charter to the Crypto Custodian

The Office of the Comptroller of the Currency (“OCC”) entered into a Consent Order (available here) with Anchorage Digital Bank (“Anchorage”), which requires Anchorage to create a compliance committee ...
JD Supra

FFIEC BSA/AML Examination Manual Updates Reveal Exam Process and Expectations

On April 15, 2020, the Federal Financial Institutions Examination Council (“FFIEC”) released updates to the Bank Secretary Act/Anti-Money Laundering (“BSA/AML”) examination manual (the “Manual”). As ...
American Banker

PPL Gold CU Adds Edcomm Banker s Academy s BSA, AML Training

ALLENTOWN, Penn. – PPL Gold Credit union has signed with Edcomm Banker’s Academy to use the company’s Bank Secrecy Act and Anti Money Laundering online training for the next three years. The credit ...
Compliance Week

USAA fined $140M for AML compliance failures

USAA Federal Savings Bank (FSB) must pay $140 million as part of two separate consent orders reached with the Financial Crimes Enforcement Network (FinCEN) and Office of the Comptroller of the ...
Law

FinCEN's Advance Notice of Proposed Rulemaking: How Financial Institutions Can Enhance AML Programs and Prepare for Changes Ahead

On Sept. 16, 2020, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (ANPRM) to strengthen the national anti-money ...