El 9 de abril de 2021, las agencias reguladoras bancarias federales (la Reserva Federal, “FDIC” y “OCC”) junto con FinCEN y la Administración Nacional de Cooperativas de Crédito emitieron una declaración conjunta que aborda...more
On April 9, 2021, the federal banking regulatory agencies (the Federal Reserve, FDIC and OCC) together with FinCEN and the National Credit Union Administration issued a joint statement addressing how risk management...more
5/6/2021
/ Bank Secrecy Act ,
Banks ,
BSA/AML ,
Cooperative Compliance Regime ,
FDIC ,
Federal Reserve ,
Financial Crimes ,
FinCEN ,
Joint Statements ,
Money Laundering ,
NCUA ,
OCC ,
Request For Information ,
Risk Management ,
Supervisory Guidance
The “Travel Rule” is a Bank Secrecy Act (BSA) rule [31 CFR 103.33(g)] that requires financial institutions to pass certain information on to the next financial institution, in certain funds transmittals involving more than...more
El 19 de enero del 2021, FinCEN emitió respuestas a preguntas frecuentes sobre informes de actividades sospechosas y otras consideraciones contra el lavado de dinero. FinCEN proporcionó las respuestas a siete preguntas en...more
On January 19, 2021, FinCEN issued Answers to Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering Considerations. The answers to seven questions were provided by FinCEN in...more
El “Travel Rule” es una regla de la Ley de Secreto Bancario (“BSA”) regla [31 CFR 103.33(g)] y requiere que todas las instituciones financieras transmitan cierta información a la siguiente institución financiera, en ciertas...more
2/17/2021
/ Bank Secrecy Act ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Money Laundering ,
Money Transfer ,
Money Transmitter ,
NPRM ,
Regulatory Requirements ,
Travel Rule
Section 314(b) of the USA PATRIOT Act (Sec 314) was drafted by Congress in 2001 to allow financial institutions to work with law enforcement agencies and with each other to support the common goal of deterring money...more
On September 15, 2020, FinCEN issued a Final Rule stating that Banks lacking a Federal Functional Regulator will be required to establish and implement AML programs including policies and procedures, a dedicated compliance...more
11/5/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
BSA/AML ,
CIP ,
Currency Transaction Reports (CTR) ,
Final Rules ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
Policies and Procedures ,
Regulatory Agenda ,
Suspicious Activity Reports (SARs)
FinCEN has more than 400 data-access MOUs with federal, state, and local law enforcement regulatory agencies relating to BSA data. It consolidates the information that it receives and shares the consolidated reports with...more
The Office of the Comptroller of the Currency (OCC) Semiannual Risk Perspective Report highlights how the Covid-19 Pandemic has elevated operational risks for banks as they are challenged with the implementation of new...more
10/6/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Coronavirus/COVID-19 ,
Financial Institutions ,
Infectious Diseases ,
Money Laundering ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Risk Assessment ,
Risk Mitigation
FinCEN’s (a bureau of the U.S. Department of the Treasury) primary purpose is protecting the financial system from illicit use, combating money laundering, and promoting national security through the collection, analysis,...more
FinCEN es una oficina del Departamento del Tesoro de los EE. UU. Su propósito principal es proteger el sistema financiero del uso ilícito, combatir el lavado de dinero y promover la seguridad nacional a través de la...more
9/4/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Data Collection ,
Data Management ,
Financial Crimes ,
FinCEN ,
IRS ,
Memorandum of Understanding ,
Money Laundering ,
Tax Planning
On August 13, 2020, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency issued a JOINT...more
El 15 de abril de 2020, los miembros del Consejo de Examen de Instituciones Financieras Federales (“FFIEC”) publicaron secciones actualizadas y procedimientos de examen relacionados con el Manual de Examen de la Ley de...more
On April 15, 2020, the members of the Federal Financial Institutions Examination Council (FFIEC) released updated sections and related examination procedures to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML)...more
On April 13, 2020, FinCEN, as the administrator of the BSA, re-published FAQs on how borrowers and lenders may rely on the guidance provided for the SBA’s interpretation of the CARES Act and of the PPP (Paycheck Protection...more
5/1/2020
/ Bank Secrecy Act ,
BSA/AML ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
FinCEN ,
Good Faith ,
Lenders ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Risk Management
La Ley de Prácticas Corruptas en el Extranjero (“Foreign Corrupt Practices Act – FCPA”) prohíbe el pago de sobornos a funcionarios extranjeros para ayudar a obtener o retener negocios. Exige que las empresas cuyos valores se...more
1/10/2020
/ Anti-Bribery ,
Anti-Money Laundering ,
Bank of New York (BNY) Mellon ,
Bank Secrecy Act ,
Books & Records ,
Bribery ,
BSA/AML ,
Compliance Management Systems ,
Corruption ,
Credit Suisse ,
Criminal Investigations ,
Criminal Prosecution ,
Enforcement Actions ,
FCPA Guidance ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Hiring & Firing ,
Internal Controls ,
Internships ,
Middle East ,
Money Laundering ,
Policies and Procedures ,
Politically Exposed Person (PEPs) ,
Publicly-Traded Companies ,
SAFE Act ,
Securities and Exchange Commission (SEC) ,
Sons And Daughters ,
Sovereign Wealth Funds ,
Statutory Violations ,
Strict Compliance ,
Tax Planning ,
Third-Party Relationships ,
Third-Party Risk ,
Truth in Lending Act (TILA) ,
Vendor Contacts ,
White Collar Crimes
The Foreign Corrupt Practices Act (FCPA) prohibits payment of bribes to foreign officials to assist with obtaining or retaining business. It requires companies whose securities are listed in the US to maintain books and...more
1/10/2020
/ Anti-Bribery ,
Anti-Money Laundering ,
Bank of New York (BNY) Mellon ,
Bank Secrecy Act ,
Banking Sector ,
Books & Records ,
Bribery ,
BSA/AML ,
Compliance Management Systems ,
Corruption ,
Credit Suisse ,
Criminal Investigations ,
Criminal Prosecution ,
Enforcement Actions ,
FCPA Guidance ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Official ,
Hiring & Firing ,
Internal Controls ,
Internships ,
Middle East ,
Money Laundering ,
Policies and Procedures ,
Politically Exposed Person (PEPs) ,
Publicly-Traded Companies ,
SAFE Act ,
Securities and Exchange Commission (SEC) ,
Sons And Daughters ,
Sovereign Wealth Funds ,
Statutory Violations ,
Strict Compliance ,
Tax Planning ,
Third-Party Relationships ,
Third-Party Risk ,
Truth in Lending Act (TILA) ,
Vendor Contacts ,
White Collar Crimes
FinCEN defines a Money Service Business (MSB) as any person DOING BUSINESS, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities...more
7/22/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Bitcoin ,
Civil Monetary Penalty ,
Enforcement Actions ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Money Services Business ,
Money Transmitter ,
Peer-to-Peer ,
Risk Management ,
Suspicious Activity Reports (SARs) ,
Tax Planning ,
Virtual Currency
The Suspicious Activity Report (SAR) was created by five federal financial agencies and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN)....more
6/3/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Financial Abuse ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Regulatory Requirements ,
Reporting Requirements ,
Suspicious Activity Reports (SARs)
A GTO is a Geographic Targeting Order issued by the Financial Crimes Enforcement Network (FinCEN) under the Bank secrecy Act (BSA) for a specific geographic area. ...more
8/22/2018
/ Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
Covered Business Method Proceedings ,
Covered Transactions ,
Financial Transactions ,
FinCEN ,
GTO ,
Legal Entities ,
Money Laundering ,
Money Transfer ,
Real Estate Investments ,
Real Estate Market ,
Recordkeeping Requirements ,
Reporting Requirements ,
Tax Planning ,
Threshold Requirements ,
Title Insurance ,
Wire Transfers
There is a Bill (H.R. 6068), originally drafted on November 14, 2017, called the Counter Terrorism and Illicit Finance Act (CTIFA). The Bill intended to propose a substantial overhaul to the Bank Secrecy Act (BSA). ...more
7/27/2018
/ Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Financial Crimes ,
Financial Regulatory Reform ,
Legislative Agendas ,
Money Laundering ,
Proposed Legislation ,
Regulatory Requirements ,
Tax Haven
Since 1985, Casinos that have Gross Annual Gaming Revenues in excess of $1,000,000 are considered to be Financial Institutions and are subject to the requirements of the Bank Secrecy Act (BSA). ...more
6/8/2018
/ Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Casinos ,
Currency Transaction Reports (CTR) ,
Financial Institutions ,
Gambling ,
Gaming ,
Money Laundering ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management ,
Tax Planning
There is a new Bill drafted on November 14, 2017 called the Counter Terrorism and Illicit Finance Act (CTIFA). The Bill is currently in a committee in the Senate and it proposes a substantial overhaul to the Bank Secrecy Act...more
The National Taxpayer Advocate Report for 2017 (Purple Book) is a summary of legislative recommendations that the Office of Taxpayer Advocate (OTA) believes will strengthen taxpayers rights and improve tax administration. ...more