Regulatory Initiatives Archives

AFC Challenges, Exclusive, Global Financial Crime Review, Regulatory Initiatives

Due Diligence and Preventing the Illicit Use of the Financial System

September 23, 2024September 25, 2024 /Leave a comment

The U.S. is one of the leading, most stable and secure economies in the world. As a result, huge numbers of entities want to place their money in U.S. financial institutions (FIs). This includes legitimate individuals and businesses, but it also includes money launderers, fraudsters,...

AFC Policy, Compliance, Regulatory Initiatives

Insights from FinCEN’s Year in Review 2023

September 12, 2024 /Leave a comment

Whether or not certain customer activity or behavior results in a crime, financial institutions (FIs), in fulfilling their legal obligations, must report/alert authorities about potential concerns so that they get investigated. Each year, the Financial Crimes Enforcement Network (FinCEN) publishes its Year in Review report,...

Regulatory Initiatives, September – November 2024

Understanding the Foreign Extortion Prevention Act

September 5, 2024 /Leave a comment

On January 1, 2024, the U.S. Congress enacted the Foreign Extortion Prevention Act (FEPA), a law that “criminalizes the demand side of foreign bribery by prohibiting foreign officials from demanding, seeking, receiving, accepting, or agreeing to receive or accept anything of value from certain individuals...

Regulatory Initiatives, September – November 2024

FinCEN and BIS: Joint Alerts Put Export Compliance Focus on FIs

September 5, 2024 /Leave a comment

On November 6, 2023, the Department of Commerce’s Bureau of Industry Security (BIS) and the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published the latest in a series of joint alerts and notices bringing export compliance fully into focus for financial institutions (FIs).1...

AFC Challenges, Exclusive, Regulatory Initiatives

Trade Surveillance: The Complexity of Modern Market Manipulation

July 16, 2024 /Leave a comment

Recent expensive enforcements involving major financial institutions (FIs) like JPMorgan Chase & Co. (JPM) and Goldman Sachs (GS) underscore the profound risks associated with incomplete data reporting and inadequate surveillance mechanisms that are not capable of adapting to the strategies in use today. In the...

June – August 2024, Regulatory Initiatives

Basel III Endgame: Preventing Another Recession

June 14, 2024 /Leave a comment

U.S. banks are feeling pressure from all sides. The emergency Bank Term Funding Program, launched on March 10, has concluded. In addition, the Financial Crimes Enforcement Network’s beneficial ownership reporting rules became active in 2024. The Basel III endgame, previously introduced in Europe under the...

March – May 2024, Regulatory Initiatives

FedNow Is Here

March 1, 2024June 3, 2024 /Leave a comment

First announced by the Federal Reserve Bank (Fed) in August of 2019, the first phase of FedNow, a new settlement product, went live on July 20, 2023. FedNow joins similar platforms that are already in existence across Europe and Asia, such as Single Euro Payments...

December 2023 – February 2024, Regulatory Initiatives

AI and the FDIC’s Disaster-related Regulatory Adjustment

December 13, 2023June 3, 2024 /Leave a comment

In September, the Federal Deposit Insurance Corporation (FDIC) decided to ease regulatory restrictions on banks and financial institutions (FIs), particularly in the context of disaster relief, an important and needed practice.1 Essentially, the FDIC extended the reporting time for risk conditions and the overall health...

December 2023 – February 2024, Regulatory Initiatives

The ISO 20022 Payment Standard: A Paradigm Shift

December 13, 2023June 3, 2024 /Leave a comment

Editor’s note: Survey distribution, analysis and results were compiled by the author. The views and results expressed are solely those of the author and are not meant to represent the opinions of ACAMS. The cross-border payments market was estimated to be worth $150 trillion in...

ACAMS Connection, ACAMS Today Europe 2022, Regulatory Initiatives

Harmonisation of the EU AML Framework

June 6, 2022February 2, 2023 /1 Comment

Whilst the EU’s anti-money laundering (AML) directive has been in existence since 1991,1 the framework has continued to evolve over the past 30 years. The European Commission has implemented the Financial Action Task Force (FATF) recommendations whilst increasingly adopting its own standards and best practices...

ACAMS Today

The Magazine for Career-Minded Professionals in the Anti-Financial Crime Field

Why Continuous Learning Is Critical for AFC Professionals

FinCEN’s Beneficial Ownership Reporting for Community Banks

Celebrating Veteran Excellence in AFC: ACAMS Veteran’s Scholarship Reception

The Use of AI and Machine Learning in Financial Crime Compliance

Fraudulent Companies: Avoid the Trap

Scanned and Scammed: QR Code Fraud

Regulatory Initiatives