Daniel P. Stipano extensively quoted in ACAMS article, “Reform bill would give FinCEN authority over federal AML supervision”
ACAMSDaniel P. Stipano
Daniel P. Stipano was extensively quoted on October 3, 2019 in an ACAMS article, “Reform bill would give FinCEN authority over federal AML supervision,” which discussed a Senate bipartisan group’s introduction of an AML reform bill to propose data sharing and compliance-related innovation under the Bank Secrecy Act and require legal entities to disclose their beneficial owners at the time of incorporation to FinCEN. The article stated, “FinCEN … would issue rules that reflect those priorities while federal examiners would assess industry’s compliance with them. Under the current system of federal supervision, FinCEN largely delegates its authority to assess financial institutions for compliance with the BSA to the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Federal Reserve.”
Stipano noted, “The banking agencies are not beholden to FinCEN at all when they do exams … but this legislation would have FinCEN basically telling them what they will be examining for.