Financial institutions across the United States have grappled with compliance requirements under the Customer Identification Program (CIP) Rule for more than two decades. A new exemption, approved in June 2025, promises...more
7/10/2025
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Customer Identification Program (CIP) ,
Data Collection ,
Data Security ,
Enforcement ,
Financial Institutions ,
FinCEN ,
FinTech ,
New Regulations ,
Patriot Act ,
Regulatory Reform ,
Risk Management
On Nov. 19, 2024, the Federal Deposit Insurance Corp. issued a notice of assessment finding that between December 2018 and August 2020, CBW Bank — a single-branch bank in Weir, Kansas — failed to maintain an adequate...more
1/28/2025
/ Administrative Procedure Act ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Compliance ,
Constitutional Challenges ,
Enforcement Actions ,
FDIC ,
Financial Institutions ,
Regulatory Authority ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Seventh Amendment ,
Trump Administration
On Oct. 10, Attorney General Merrick Garland announced that TD Bank pled guilty to conspiracy to commit money laundering and agreed to pay over $1.8 billion in penalties to resolve the U.S. Department of Justice's...more
11/22/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
BSA/AML ,
Criminal Conspiracy ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Money Laundering ,
Settlement
On October 10, 2024, Attorney General Merrick Garland announced that TD Bank agreed to pay over $1.8 billion in penalties to resolve the U.S. Department of Justice’s (DOJ) investigation into money laundering and Bank Secrecy...more
10/17/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Clawbacks ,
Compliance ,
Department of Justice (DOJ) ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
OCC ,
Penalties ,
Popular ,
Remediation ,
Self-Disclosure Requirements ,
Voluntary Disclosure