Articles

FinCEN Highlights BSA FAQs for Paycheck Protection Program

June 10, 2021 - 3 min read

FinCEN recently updated its Frequently Asked Questions regarding the implementation of the Paycheck Protection Program (PPP), established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). The Small Business Administration (SBA) has issued FAQs regarding implementation of the PPP, some of which involve explaining the requirements under the Bank Secrecy…

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Recordkeeping/Travel Rule: Proposed Amendments

February 11, 2021 - 2 min read

The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board (FRB) issued proposed rules that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act. FinCEN and the Board, pursuant to their shared authority, are proposing amendments to the recordkeeping rule jointly, while FinCEN, pursuant to its sole authority, is proposing amendments…

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CDD & Politically Exposed Persons

December 9, 2020 - 4 min read

The agencies (FinCEN, FDIC, FRB, OCC, and NCUA) (collectively, the Agencies) issued a joint Statement on BSA Due Diligence Requirements for Customers Who May Be Considered Politically Exposed Persons (PEPs) on August 21, 2020 (the PEP Statement). The PEP Statement addresses questions raised by banks on how to apply a risk-based approach to PEPS consistent with…

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FinCEN Issues Guidance for Hemp-Related Business Customers

December 7, 2020 - 3 min read

The Financial Crimes Enforcement Network (FinCEN) issued FIN-2020-G001, FinCEN Guidance Regarding Due Diligence Requirements under the Bank Secrecy Act for Hemp-Related Business Customers (the “Guidance”), to address questions related to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements for hemp- related business customers. The Guidance explains how financial institutions can conduct due diligence for hemp-related…

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FinCEN Issues Guidance Regarding Due Diligence Requirements for Hemp-Related Customers

September 1, 2020 - 1 min read

On June 29, 2020, the Financial Crimes Enforcement Network (FinCEN) issued guidance to address questions related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) regulatory requirements for hemp-related business customers. The guidance explains how financial institutions can conduct due diligence for hemp-related businesses, and identifies the type of information and documentation financial institutions can collect from hemp-related…

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Joint Statement on Risk-Focused BSA/AML Supervision

December 18, 2019 - 1 min read

In July 2019, the OCC, FDIC, Federal Reserve, the NCUA, and FinCEN issued a joint statement to emphasize their risk-focused approach to examinations of banks’ Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance programs. This statement is being issued as part of a broader effort to reinforce and enhance the effectiveness and efficiency of the BSA/AML regime….

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FinCEN Advisory Updates AML/CFT Jurisdictions

August 14, 2019 - 3 min read

Earlier this year, FinCEN issued Advisory FIN-2019-A001, Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combatting the Financing of Terrorism Deficiencies to reflect the Financial Action Task Force’s (FATF)1 recent updates to its list of jurisdictions with strategic anti-money laundering and combatting the financing of terrorism (AML/CFT) deficiencies. As part of the…

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