BSA/AML Covid-19 Resources
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Treasury issues 2022 national illicit finance strategy
On May 13, the U.S. Treasury Department issued the 2022 National Strategy for Combatting Terrorist and Other Illicit Financing (2022 Strategy). As required by federal law, the 2022 Strategy describes current U.S. government efforts to combat domestic and international illicit finance threats from...
Financial Crimes, Of Interest to Non-US Persons, Department of Treasury, Illicit Finance, Risk Management, Anti-Money Laundering, Combating the Financing of Terrorism, Covid-19
InfoBytesFed, OCC report on health of MDIs
Recently, the Federal Reserve Board and the OCC issued reports pursuant to Section 367 of the Dodd-Frank Act generally detailing the health of Minority Depository Institutions (MDIs) and the agencies’ efforts taken to assist MDIs as the Covid-19 pandemic disproportionately affected low- and...
Federal Issues, Minority Depository Institution, Federal Reserve, OCC, Covid-19, CRA, Dodd-Frank, Compliance, Bank Secrecy Act, Anti-Money Laundering, Bank Regulatory
InfoBytesFinCEN recognizes law enforcement agencies for use of BSA data
On June 24, the Financial Crimes Enforcement Network (FinCEN) honored the recipients of its 2021 Law Enforcement Awards Program, which recognizes agencies that use Bank Secrecy Act (BSA) data provided by financial institutions to successfully pursue and prosecute criminal investigations. The awards...
Financial Crimes, Digital Assets, FinCEN, Of Interest to Non-US Persons, Bank Secrecy Act, Enforcement, Investigations, Anti-Money Laundering, Covid-19, SBA, Cryptocurrency, Fraud
InfoBytesOFAC issues Covid-19 related general license and FAQs
On June 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued three general licenses, Iran GL N , Syria GL 21 , and Venezuela GL 39 , (referred to as the “COVID-19-related GLs”) to expand upon Treasury’s existing authorizations for Covid-19-related transactions and...
Financial Crimes, OFAC, Sanctions, Of Interest to Non-US Persons, Department of Treasury, Covid-19, Iran, Syria, Venezuela
InfoBytesU.S.-EU release statement on Joint Financial Regulatory Forum
On March 24 and 25, EU and U.S. participants, including officials from the Treasury Department, Federal Reserve Board, CFTC, FDIC, SEC, and OCC, participated in the U.S.-EU Joint Financial Regulatory Forum to discuss topics of mutual interest, including those related to (i) “next steps” for Covid-...
Financial Crimes, Department of Treasury, OFAC, EU, Of Interest to Non-US Persons, Covid-19, Climate-Related Financial Risks, Fintech, Anti-Money Laundering, Combating the Financing of Terrorism, LIBOR, Bank Regulatory, Federal Reserve, CFTC, FDIC, OCC, SEC
InfoBytesFinCEN updates AML/CFT deficiencies list
On March 11, the Financial Crimes Enforcement Network (FinCEN) issued an advisory identifying updates to the Financial Action Task Force’s (FATF) list of jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) and counter-proliferation financing...
Financial Crimes, FinCEN, Of Interest to Non-US Persons, FATF, Anti-Money Laundering, Combating the Financing of Terrorism, Covid-19
InfoBytesFinCEN issues warning about fraud targeting Covid-19 economic impact payments
On February 24, the Financial Crimes Enforcement Network (FinCEN) issued an advisory alerting financial institutions to potential fraud and other financial crimes targeting Covid-19 economic impact payments (EIP). The advisory is based on FinCEN’s analysis of Covid-19 related information obtained...
Federal Issues, FinCEN, Covid-19, Financial Crimes, SARs, CARES Act
InfoBytesSBA addresses BSA compliance obligations in updated PPP FAQs
On January 29, the Small Business Administration (SBA) updated its Paycheck Protection Program (PPP) frequently asked questions to further address borrower and lender questions. Among other things, the updated FAQs clarify that FinCEN’s April 2020 PPP FAQs are applicable to Second Draw PPP loans...
Federal Issues, SBA, Covid-19, CARES Act, Economic Aid Act, Bank Secrecy Act, FinCEN, Anti-Money Laundering
InfoBytesFATF adopts new proliferation financing standards, addresses Covid-19 cybercrime
On October 23, the U.S. Department of Treasury announced that the Financial Action Task Force (FATF) concluded its plenary meeting , in which it adopted new standards on proliferation financing. Specifically, FATF adopted amendments to Recommendation 1 and its Interpretive Note that require...
Federal Issues, Covid-19, FATF, Financial Crimes, Department of Treasury
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