Suspicious activity report writing and filing is arguably one of the most important responsibilities of financial crimes professionals. In 2018, FinCEN Director Kenneth A. Blanco testified that Bank Secrecy Act reporting, particularly through CTRs (currency [...]
CUNA urged the Treasury’s Financial Crimes Enforcement Network (FinCEN) to ensure any regulatory changes it pursues relating to the collection of information filings be as minimally burdensome on credit unions as possible. CUNA’s [...]
Good compliance officers know that just reading the text of a regulation is not enough to actually understand the requirements, nor to meet examiner expectations. That’s because the world of regulation presents a lot [...]
“Suspicious activity reporting forms the cornerstone of the Bank Secrecy Act (BSA) reporting system” and is critical to combating terrorist financing, money laundering, and other financial crimes. So says the Federal Financial Institutions Examination Council’[...]
This is the second in a series of articles on generating non-interest revenue from cash intensive businesses with an emphasis on legal Marijuana Related Businesses (MRB’s). In the first article, I discussed evaluating if [...]
Although the USA PATRIOT Act was legislated more than a decade ago, it is interesting to note that one particular section – 314(b) information sharing – has become the subject of renewed focus. Numerous regulatory and [...]
The Financial Crimes Enforcement Network has issued two sets of frequently asked questions on the use of the new online suspicious activity report and currency transaction report – the only acceptable forms of SAR and CTR [...]
