FinCEN alerted financial institutions to indicators of COVID-19-related cybercrime. The alert concerns (i) the exploitation of remote platforms, particularly against financial and healthcare systems, (ii) phishing, malware and extortion schemes, and (iii) business email compromise fraud.
SIFMA, the Institute of International Bankers, the American Bankers Association and others urged the House Financial Services Committee to amend the "outdated" and "inefficient" Bank Secrecy Act regulatory framework.
The U.S. Treasury Department stated that it expects U.S. financial institutions to ignore the European Commission's list of jurisdictions with strategic Anti-Money Laundering / Countering the Financing of Terror deficiencies.
U.S. Treasury Under Secretary Sigal Mandelker highlighted the Department's efforts to ensure that the framework for Anti-Money Laundering/Combating the Financing of Terrorism is aligned to match the constantly changing nature of financial crime.
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.
New York Department of Financial Services Superintendent Maria Vullo reminded all DFS-regulated entities covered by DFS's cybersecurity regulation that the third transitional period of New York's "first-in-the-nation" cybersecurity regulation terminates on September 4, 2018.
A House Financial Services Subcommittee considered testimony on the implications of "de-risking," wherein financial institutions end relationships and close the accounts of "high-risk" clients and merchants to avoid legal liability and regulatory scrutiny.
The Financial Crimes Enforcement Network ("FinCEN") expanded its efforts to combat money laundering in the luxury residential real estate market. FinCen also issued guidance on the risks associated with "all-cash" transactions in that market.
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.