FinCEN fined a South Dakota-chartered trust company for failing to accurately and timely report hundreds of suspicious transactions in violation of the Bank Secrecy Act. This is the first ever FinCEN enforcement action involving a trust company.
News & Insights
The Federal Reserve Board, the FDIC, FinCEN, the NCUA and the OCC reminded banks to apply a risk-based approach when assessing customer relationships and conducting customer due diligence on anti-money laundering risks.
In a joint statement, the Federal Reserve Board, the FDIC and the OCC, in consultation with FinCEN and the National Credit Union Administration, described how the agencies' "Supervisory Guidance on Model Risk Management" relates to Bank Secrecy Act / Anti-Money Laundering systems.
FinCEN Director Kenneth Blanco described the agency's implementation efforts since the enactment of the Anti-Money Laundering Act of 2020.
FinCEN, the Federal Reserve Board, the FDIC, the National Credit Union Administration and the OCC issued new guidance on suspicious activity reporting for covered financial institutions.