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BSA Modifications Included in National Defense Authorization Act

On January 2, 2021, the United States Congress enacted the National Defense Authorization Act for 2021 (H.R. 6395) (NDAA of 2021 or the Act), which passed both the House of Representatives and Senate in early December but was vetoed by the President in late December, by voting to override the President’s veto on the legislation. The NDAA of 2021 includes banking industry backed provisions to modernize, enhance, and reform anti-money laundering processes as outlined in […]

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AGENCIES UPDATE BSA/AML ENFORCEMENT STATEMENT

The Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and National Credit Union Association (Federal Banking Agencies or the Agencies), issued a Joint Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements (Statement) updating their 2007 Statement. The Agencies note this Statement does not create any new expectations or standards; rather, it clarifies how the Federal Banking Agencies evaluate enforcement actions when financial institutions fail to meet Bank Secrecy […]

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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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