The Financial Crimes Enforcement Network (FinCEN), the bureau of the US Department of the Treasury responsible for oversight and enforcement of the Bank Secrecy Act (BSA), has issued an interim final rule (Rule) that significantly increases the statutory penalties for various violations of the BSA and its applicable regulations.
On May 5, the Financial Crimes Enforcement Network (FinCEN) announced final rules under the Bank Secrecy Act that enhance the customer due diligence obligations of banks, broker-dealers, mutual funds, futures commission merchants, and introducing brokers in commodities (collectively, Covered Financial Institutions).
The recent disclosure of the so-called “Panama Papers” has brought customer due diligence of nominee companies into renewed focus.
The Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and National Credit Union Administration, together with the US Department of the Treasury’s Financial Crimes Enforcement Network (the Agencies), yesterday issued interagency guidance (Guidance) discussing the applicability of Customer Identification Program (CIP) requirements to holders of prepaid cards issued by banks.
In the spirit of the new year, we decided to take our Ouija board out of the attic and venture a few predictions for 2016 in financial services regulation.
On December 1, New York Governor Andrew Cuomo announced the proposal of a new Department of Financial Services (DFS) regulation that will require bank and nonbank financial institutions that are licensed to do business in New York to adopt and maintain a comprehensive transaction monitoring and filtering program (TMFP).