Regulatory Initiatives Archives - Page 2 of 3

December 2014 - February 2015, Regulatory Initiatives

Basel Committee Guidance on How to Manage ML and TF risk: Part II, Managing AML at the Enterprise Level and the Role of Supervisors

December 9, 2014March 6, 2015 /Leave a comment

This is the second of two articles addressing the Basel Committee on Banking Supervision's (BCBS) Sound Management of Risks Related to Money Laundering and Financing Terrorism guidance.1 The previous article addressed the essential elements of sound money laundering (ML) risk management. This article focuses...

December 2014 - February 2015, Regulatory Initiatives

FinCEN’s Advisory on a Culture of Compliance: A Wake Up Call to FI Management

December 8, 2014March 6, 2015 /Leave a comment

On August 11, 2014, the Financial Crimes Enforcement Network (FinCEN) issued FIN-2014-A007, an advisory to U.S. financial institutions on promoting a culture of compliance.1 This advisory is meant to be shared with the senior management of all U.S. financial institutions. Many of the banking...

Regulatory Initiatives, September - November 2014

Basel Committee Guidance on How to Manage ML and FT Risk: Part I, Essential Elements

August 28, 2014March 6, 2015

In January 2014, the Basel Committee on Banking Supervision (BCBS), the international standard setter for banking supervisors, issued Sound Management of Risks Related to Money Laundering and Financing of Terrorism, guidance1 to banks on how to manage the risks of money laundering (ML) and...

June - August 2014, Regulatory Initiatives

FinCEN Lends Support to Medical Marijuana Business

June 4, 2014March 6, 2015

For years, the cornerstone of a strong Bank Secrecy Act/anti-money laundering (BSA/AML) program was its ability to detect and prevent the sale of illicit narcotics by identifying revenues derived from criminal enterprise. With the legalization of retail marijuana in Colorado and Washington, a cautious experiment...

Features, Regulatory Initiatives, Special for the Web

The CFPB Issues Proposed International Money Transfer Larger Participant Rule

February 5, 2014March 16, 2015 /Leave a comment

Proposed rule would subject international money transmitters with at least one million aggregate annual transfers to the CFPB's supervision and examination of compliance with federal consumer financial laws On January 23, 2014, the Consumer Financial Protection Bureau (CFPB) proposed a new rule to define "larger...

— December 2013 – February 2014, Europe, Features, Regulatory Initiatives

Reining in Tax Evasion

December 18, 2013September 9, 2015 /Leave a comment

The road to FATCA and the Fourth EU Directive – Customer Due Diligence Requirements Revisited Offshore tax evasion is widely recognized as a global issue requiring global solutions. Some of the regulation emerging from ongoing discussions on an international level will impact directly upon financial...

June – August 2013, Regulatory Initiatives

Dealing with financial sanctions – The Libyan asset freeze regime

May 30, 2013March 16, 2018 /Leave a comment

The obligations placed upon the financially regulated sector are many and various, and most are governed by the risk-based approach, in which the risk of dealing with a particular person, company or transaction must be assessed, and the level of due diligence to be applied...

March 2012 – May 2012, Regulatory Initiatives

Revenue Enhancing Legislation: FATCA or Fiction

February 29, 2012September 4, 2015 /Leave a comment

The U.S. Foreign Account Tax Compliance Act (FATCA) is designed to stop the flow of money from the United States into untaxed offshore accounts and raise revenue by collecting unreported earnings. But, while FATCA takes a giant step in closing the loophole through which tax...

March 2012 – May 2012, Regulatory Initiatives

Iran Sanctions: A Big Deal

February 29, 2012April 6, 2015 /Leave a comment

Those who have visited the northern Tehran suburb of Lavizan can attest to the magnificent beauty of its park. Lavizan is home to one of the finest parks in Iran's capital city. But its natural beauty belies its military significance: Lavizan is the epicenter of...

Regulatory Initiatives, September 2011 – November 2011

Analyzing the Impact of FinCEN Rules for Foreign MSBs

September 2, 2011April 9, 2015 /Leave a comment

On July 18, 2011, the U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) issued a final rule clarifying the definition of a Money Services Business (MSB) and applying Bank Secrecy Act (BSA) regulations to foreign entities doing business in the United States. Under the rule,...

ACAMS Today

The Magazine for Career-minded Professionals in the Anti-Money Laundering Field

Preparing for FinCEN’s Latest Rulemakings and Beyond, With Daniel Stipano and Jamal El-Hindi

Human Trafficking: Detection and Investigations

FinCEN’s Human Trafficking and Human Smuggling Priorities

Why Terrorist Organizations Use Human Trafficking

The Importance of Regular Independent AML Audits

The Nexus Between Terrorism and Human Trafficking

Regulatory Initiatives