Earlier this week, the Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National...more
12/6/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
ECOA ,
Elder Abuse ,
Elder Issues ,
Exploitation ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Fraud and Abuse ,
FRB ,
Joint Statements ,
NCUA ,
OCC ,
Suspicious Activity Reports (SARs) ,
Unfair or Deceptive Trade Practices ,
Vulnerable Victims
As discussed here, on June 28, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed significant amendments to the anti-money laundering and countering the financing of terrorism...more
7/29/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Regulators ,
Consumer Financial Products ,
Credit Unions ,
Financial Crimes ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
Money Laundering ,
Notice of Proposed Rulemaking (NOPR) ,
Proposed Rules ,
Risk Assessment ,
Suspicious Activity Reports (SARs) ,
Terrorist Financing Regulations ,
U.S. Treasury
On June 28, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule aimed at strengthening and modernizing financial institutions’ anti-money laundering and countering the...more
7/3/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Customer Due Diligence (CDD) ,
Customer Identification Program (CIP) ,
Financial Crimes ,
Financial Institutions ,
Financial Regulatory Reform ,
FinCEN ,
Proposed Rules ,
Regulatory Agenda ,
Risk Assessment ,
Terrorist Financing Regulations ,
U.S. Treasury
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently announced a Notice of Proposed Rulemaking (NPRM) aimed at keeping bad actors from exploiting the U.S. financial system and assets...more
2/16/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Comment Period ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Investment Adviser ,
Money Laundering ,
NPRM ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
As reported in more detail on our Regulatory Oversight blog, the Securities and Exchange Commission’s Division of Examinations recently released its 2024 Examination Priorities report. The report underscores the SEC’s intent...more
10/31/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Broker-Dealer ,
BSA/AML ,
Cryptocurrency ,
Customer Identification Program (CIP) ,
Digital Assets ,
Emerging Technologies ,
Financial Institutions ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
The Securities and Exchange Commission’s Division of Examinations has outlined its 2024 Examination Priorities, with a significant focus on cryptocurrency, emerging technology, and Anti-Money Laundering (AML) laws. This has...more
10/31/2023
/ Anti-Money Laundering ,
Broker-Dealer ,
BSA/AML ,
Consumer Privacy Rights ,
Customer Identification Program (CIP) ,
Financial Institutions ,
Financial Services Industry ,
Investment Adviser ,
Regulatory Agenda ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
On October 16, the Securities and Exchange Commission’s Division of Examinations (the Division) released its 2024 Examination Priorities report. The report highlights that future examinations will focus on “risk areas...more
10/31/2023
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Broker-Dealer ,
BSA/AML ,
Cryptoassets ,
Cryptocurrency ,
Emerging Technology Companies ,
Financial Institutions ,
Investment Adviser ,
Regulatory Agenda ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Technology
In this episode of The Consumer Finance Podcast, Troutman Pepper Partners Chris Willis and Matthew Orso discuss lessons learned from bank internal investigations. They explore the trigger points that give rise to these...more
Join Troutman Pepper Partner Chris Willis and fellow Partner Matthew Orso as they discuss the Bank Secrecy Act, anti-money laundering, and countering the financing of terrorism rules, as they pertain to financial institutions...more
On September 8, the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) issued an alert warning financial institutions to be vigilant against a prominent virtual currency investment scam called...more
9/13/2023
/ Cryptocurrency ,
Electronic Fund Transfer Act ,
Financial Crimes ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Money Laundering ,
Red Flags Rule ,
Risk Management ,
U.S. Treasury ,
Virtual Currency
In the realm of financial crime prevention, the adoption of generative artificial intelligence (AI) technologies has the potential to revolutionize Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance. AI offers...more
8/23/2023
/ Algorithms ,
Anti-Money Laundering ,
Artificial Intelligence ,
Bank Secrecy Act ,
BSA/AML ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
Machine Learning
On August 9, the Securities and Exchange Commission (SEC) sent a letter to U.S. District Judge Analisa Torres requesting leave to file an interlocutory appeal in SEC v. Ripple Labs, Inc. as to the two adverse liability...more
8/17/2023
/ Appellate Courts ,
Cryptoassets ,
Digital Currency ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
Howey ,
Interlocutory Appeals ,
Leave to Appeal ,
Ripple ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Transactions ,
Token Sales ,
Trading Platforms
On July 13, U.S. Senators Cynthia Lummis (R-WY), Kirsten Gillibrand (D-NY), Elizabeth Warren (D-MA), and Roger Marshall (R-KS) introduced an amendment to the National Defense Authorization Act (NDAA) that seeks to examine the...more
7/26/2023
/ Amended Regulation ,
Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
CFTC ,
Cryptoassets ,
Cryptocurrency ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
NDAA ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Stablecoins