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FINRA’s 2023 Report on Examination and Risk Monitoring Program

The Report introduces a new Financial Crimes section, consisting of three topics – AML, Fraud and Sanctions; Cybersecurity and Technological Governance; and Manipulative Trading that highlight FINRA’s increased focus on protecting investors and safeguarding…

FinCEN proposes rulemaking on access to beneficial ownership information

The proposed regulations specify how govt officials would access beneficial ownership information to support law enforcement, national security, and intelligence activities. They also describe how certain financial institutions and their regulators would access…

MONEYVAL issues report on AML/CFT in Georgia

Georgia has achieved full compliance with six of the 40 FATF recommendations constituting the international AML/CFT standard and retains minor deficiencies in the implementation of 22 recommendations where it has been found “largely compliant”…

US House on major AML reform

House of Representatives passes bill requiring that trust companies, lawyers and art dealers report suspicious activity, according to ICIJ. The Enablers Act was first proposed shortly after ICIJ’s Pandora Papers investigation exposed widespread exploitation of lax financial disclosure…

Board of Governors Joint Statement on RBA & CDD

Banks must apply a risk-based approach to CDD, including when developing the risk profiles of their customers. More specifically, banks must adopt appropriate risk-based procedures for conducting ongoing CDD that, among other things, enable banks to: (i) understand the nature…

OFAC Fact Sheet on Digital Assets

OFAC issues fact sheet on the framework for international engagement on digital assets. The EO directs the Administration to promote development of digital asset and central bank digital currencies (CBDC) technologies consistent with our values and legal requirements…

US DoJ on money transfer company on AML failures 

US DoJ announces guilty plea of money transfer company, Ping Express, in relation to AML failures. The company – which was licensed to transmit money but was not licensed to conduct currency exchange – charged U.S. customers a fee to remit money to beneficiaries…

FinCEN on RBA to assessing customer relationships & conducting CDD

FinCEN issues statement on the risk-based approach to assessing customer relationships and conducting CDD. Banks must adopt appropriate risk-based procedures to understand the nature and purpose of customer relationships for the purpose of developing…

FinCEN on BSA due diligence for ATM owners

FinCEN issued a statement to provide clarity to banks on how to apply a RBA to conducting CDD on independent ATM owners or operators. Some independent ATM owners and operators have reported difficulty in obtaining and maintaining access to banking services…

US and UK Govt on tackling global financial crime

US & UK Govt collaborate to develop prize challenges to generate technology innovation to help tackle the global challenge of financial crime. Privacy-enhancing technologies (PETs) could play a transformative role in addressing these financial crimes…

FinCEN rulemaking for no-action letter process 

The Report noted several potential benefits of a no-action letter process, including encouraging a robust and productive dialogue with the public, promoting a culture of compliance, and enhancing transparency in the application and enforcement of the Bank Secrecy Act…

Wells Fargo Advisors fined by U.S. SEC for AML lapses

US SEC charges Wells Fargo Advisors $7million for failing to file at least 34 SARs in a timely manner. Due to Wells Fargo Advisors’ deficient implementation and failure to test a new version of its internal AML transaction monitoring and alert system…