News
After Passage of E-Filing Deadline, Some Institutions Struggle to Catch Up
By Brian Monroe
printAs a deadline for the implementation of electronic Bank Secrecy Act reporting approached earlier this month, hundreds of financial institutions questioned whether they had too little time to comply with the requirements. In September 2011, the department's Financial Crimes Enforcement Network (FinCEN) finalized new technical requirements for the filing of anti-money laundering (AML) reports, including currency transaction reports (CTRs) and suspicious activity reports (SARs). Under the rule, banks and money services businesses (MSBs) had until April 1 to discontinue any paper reporting and adopt XML-based electronic filing. As part of the upgrade, financial institutions must choose from an expanded list...
TO READ THE FULL STORY
Subscribe
Learn More
Related News
The U.S. Treasury Department's financial intelligence unit fined a now-defunct New Jersey money transmitter $125,000 for repeatedly and willfully violating Bank Secrecy Act requirements.
Mexican officials will extend until February an upcoming deadline for nonbank companies to implement anti-money laundering controls, according to sources with knowledge of the matter.
Lawmakers should expand financial safe harbor protections to allow banks to better share their suspicions about money laundering and its predicate crimes, a top U.S. regulatory official said Sunday.
The New York County District Attorney's Office is creating a financial intelligence unit in an effort to expand its use of Bank Secrecy Act reports, the agency's highest official said Monday.
The U.S. Treasury Department and Federal Reserve Board disclosed long-awaited enforcement actions against JPMorgan Chase for Bank Secrecy Act failures Monday - the same day the regulators punished the company for trading violations.
Hundreds of money services businesses and other small financial institutions will miss the U.S. Treasury Department's June 30 deadline to file all of their anti-money laundering reports electronically, say sources.
U.S. Treasury Department guidance on when banks should link accounts for regulatory reporting purposes will prompt some financial institutions to bolster their know-your-customer procedures, say compliance officers.
The Manhattan District Attorney's Office has opened dozens of financial crime investigations since the 2010 formation an internal team that reviews suspicious activity reports, a New York official said Monday.
It's a message that has been hammered home repeatedly by the U.S. Treasury Department: the confidentiality of data included in suspicious activity reports is sacrosanct.
Divergences in international lists of predicate offenses to money laundering have hampered the fight against financial criminals, according to a report by the Australian government.
The chief self-regulatory organization examining broker-dealers for anti-money laundering compliance is again allowed to have direct access to suspicious activity reports, the U.S. Securities and Exchange Commission confirmed Thursday.
Hundreds of banks and credit unions are likely to miss a June deadline to comply with federal rules mandating that they file all anti-money laundering regulatory reports electronically.
A Miami bank already on the hook with federal regulators for a lax compliance program was fined $7 million Thursday for failing to address multiple Bank Secrecy Act violations.
Countries should ease their privacy restrictions that hinder cross-border data-sharing on suspicious transactions, according to a Toronto-based intergovernmental group of financial intelligence units.
A former loss mitigation specialist at Chase Bank accepted $10,000 in bribes and illegally disclosed a suspicious activity report to the client it was filed on, a California jury said Monday.
Financial institutions must keep a tight lid on investigations of suspicious account activity, even when transactional alerts don't merit federal regulatory reporting, the U.S. Treasury Department said Tuesday.
A U.S. Treasury Department proposal to amend suspicious activity reporting forms could mean hundreds of thousands of dollars in one-off expenses for some financial institutions, even as the plan streamlines report filing.
A judges decision Tuesday to allow discussion of alleged suspicious activity at a Miami bank is likely to draw the attention of financial regulators, according to current and former examiners.
The U.S. Treasury Department and the Federal Reserve issued separate enforcement actions Thursday against HSBC North America Holdings Inc. for systemic Bank Secrecy Act compliance violations.
Few small financial firms in the U.K. have adequate anti-money laundering and sanctions compliance programs, including enhanced due diligence controls for high-risk clients, Britain's top financial regulator said Monday.