Archive

AGENCIES ISSUE GUIDANCE ON SERVING HEMP RELATED BUSINESSES

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), and the Office of the Comptroller of the Currency in consultation with the Conference of State Bank Supervisors (the Agencies) have released a joint statement titled Providing Financial Services to Customers Engaged in Hemp-Related Businesses.  The Agencies note the following: Hemp may be grown in compliance with one of the following: 1) Valid USDA-issued license; […]

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AGENCIES RELEASE STATEMENT ON USE OF INNOVATION IN BSA/AML PROGRAMS

On December 3, 2018, the Federal Banking Agencies, including the Federal Reserve Board, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network, National Credit Union Administration, and Office of the Comptroller of the Currency, issued a joint statement to encourage banks to consider, in appropriate circumstances, implementing innovation in complying with the Bank Secrecy Act/anti-money laundering (BSA/AML) requirements. The Agencies noted such innovation (e.g. new ways of using existing tools, adopting new technologies, etc.), where appropriate, […]

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AGENCIES AUTHORIZE SHARING OF BSA RESOURCES

On October 3, 2018, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) (the Agencies), issued a statement giving certain financial institutions the ability to collaborate on Bank Secrecy Act (BSA)/Anti- Money Laundering (AML) requirements. The Agencies believe increased collaboration would be […]

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FinCEN and AGENCIES ISSUE CIP EXEMPTION FOR PREMIUM FINANCE LENDING

On September 28, 2018, the Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (Federal Banking Agencies or FBAs), in conjunction with FinCEN, announced an order exempting premium finance loans, made by banks to commercial customers, from the Customer Identification Program (CIP) requirements implementing section 326 of the USA Patriot Act (31 U.S.C. § 5318(l)). This is in line with FinCEN’s earlier exemption of these […]

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TEN NEW AREAS IDENTIFIED AS HIGH INTENSITY DRUG TRAFFICKING AREAS

On September 24, 2018, the Office of National Drug Control Policy designated ten new areas across Kentucky, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, and West Virginia as High Intensity Drug Trafficking Areas (HIDTAs). The High Intensity Drug Trafficking Areas (HIDTAs) program, which was established with the enactment of the Anti-Drug Abuse Act of 1988, provides assistance to Federal, state, local, and tribal law enforcement agencies operating in areas determined to be critical drug-trafficking […]

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