The Federal Reserve Board, the FDIC, FinCEN, the OCC and the Conference of State Bank Supervisors clarified the legal status of hemp and Suspicious Activity Report obligations for banks under the Bank Secrecy Act.
The Financial Crimes Enforcement Network invited the public "to nominate financial institutions, trade groups, and non-federal regulators or law enforcement agencies for membership on the Bank Secrecy Act Advisory Group."
In testimony before the Senate Banking Committee, FinCEN, Office of the Comptroller of the Currency and FBI officials described efforts to improve the Bank Secrecy Act/Anti-Money Laundering regulatory and supervisory regime.
In an interagency statement, several banking agencies addressed instances in which banks may decide to enter into collaborative arrangements to share resources to manage their Bank Secrecy Act and anti-money laundering obligations.
In a Report to the House Committee on Small Business, the Government Accountability Office found that changes in the regulatory environment had a modest impact on community banks and credit unions, despite limitations in the data collected by regulators.
The Government Accountability Office identified deficiencies in rule reviews conducted by U.S. financial regulators pursuant to the Regulatory Flexibility Act and the Economic Growth and Regulatory Paperwork Reduction Act.
FinCEN made technical changes to a final rule relating to customer due diligence standards for banks, brokers or dealers in securities, mutual funds, futures commission merchants and introducing brokers in commodities.
The Chief Compliance Officer of MoneyGram International agreed to settle fraud charges brought by FinCEN and the United States Attorney that included failures to develop and implement adequate anti-money laundering programs as required by the Bank Secrecy Act.