In an administrative ruling, FinCEN clarified that broker-dealers were required to collect information when opening new accounts for customers who receive assets as the beneficiary of an estate.
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A firm settled FINRA charges for failing to implement adequate systems to review suspicious activity in customer accounts, conduct independent testing of its AML program and provide reasonable training to employees responsible for implementing the program.
The Treasury Department issued the 2024 National Terrorist Financing Risk Assessment and the 2024 National Proliferation Financing Risk Assessment. The assessments are intended to assist both public and private sectors in understanding the current illicit finance environment and developing appropriate risk mitigation strategies.
In a newly issued Fact Sheet, Treasury highlighted recent efforts to fight corruption and enhance its AML efforts.
NFA notified futures commission merchants and introducing brokers of the Financial Action Task Force's adoption of a report on crowdfunding techniques used by terrorist groups to raise money for attacks.