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.
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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.
Treasury announced that, after the necessary consultation with the FDIC and the SEC, it is providing a retail broker-dealer with a conditional exemption from certain Dodd-Frank recordkeeping requirements for certain of its qualified financial contracts.
The Federal Financial Institutions Examination Council added one section and updated three sections along with their respective examination procedures in its Bank Secrecy Act / AML Examination Manual.
The Federal Financial Institutions Examination Council updated four sections and respective examination procedures in its Bank Secrecy Act / AML Examination Manual.