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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FINCEN UPDATES CTR FILING INSTRUCTIONS

The Financial Crimes Enforcement Network (FinCEN) updated the Currency Transaction Reporting (CTR) Electronic Filing Instructions, FinCEN XML Schema 2.0 User Guide,  on October 1, 2019. The version 1.4 update to the instructions includes technical corrections, changes how reporters should complete Part I of the CTR when multiple Item 2 roles apply to the person identified in Part I, and clarify when to complete Item 3 for multiple transactions involving multiple Part I sections with different […]

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US HOUSE PASSES SAFE BANKING ACT CANNABIS BILL

Wednesday evening, in a bipartisan vote of 321 to 103, the United States House of Representatives passed the Safe and Fair Enforcement (SAFE) Banking Act of 2019 – H.R. 1595. The banking industry supported SAFE Banking Act, if enacted, would provide a safe harbor for financial institutions serving stated licensed cannabis related businesses (CRB). Although many states have legalized marijuana (cannabis), it remains illegal under federal law, specifically the Controlled Substances Act where it is […]

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AGENCIES AND FINCEN ISSUE STATEMENT ON RISK-FOCUSED BSA/AML EXAMS

On July 22, 2019, the Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency (banking agencies), and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) are issued a joint statement highlighting their risk-focused approach to Bank Secrecy Act/Anti-Money laundering (BSA/AML) compliance exams. It is important to note that this statement from the Agencies and FinCEN does not institute new requirements; rather, it is […]

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CFPB PROVIDES RESOURCES ON ELDER ABUSE

On May 6, 2019, the Consumer Financial Protection Bureau (CFPB) released an identity theft protection guide entitled “Protect Your Identity: What Older Customers Should Know” (Protection Guide) and on July 17, 2019 released “Reporting of Suspected Elder Financial Exploitation by Financial Institutions” (an update to the Advisory and Recommendations issued in 2016). Through the release of these tools for consumers the CFPB is hoping to educate elder consumers on preventative actions they can take to […]

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