A bipartisan group of U.S. senators proposed the "ILLICIT CASH Act," which would establish federal reporting requirements to help federal and local law enforcement officials more easily access beneficial ownership information.
The Financial Crimes Enforcement Network asked FinTech and RegTech companies and financial institutions to present their new innovative products and services.
The U.S. Senate Committee on Banking, Housing and Urban Affairs considered testimony on the advantages of collecting beneficial ownership information for combating financial crime.
The Office of the Comptroller of the Currency reported on risks facing the federal banking system that include credit, operational, strategic, compliance and interest rate risks.
SEC Office of Compliance Inspections and Examinations Director Peter Driscoll urged firms to establish and maintain strong compliance programs that address AML, microcap securities, paying agents and cybersecurity.
FDIC Chair Jelena McWilliams "challenged" the agency to increase its efforts to understand and address "the needs of our communities and the banks that serve them."
Treasury Department Undersecretary for Terrorism and Financial Intelligence Sigal Mandelker described risks and responsibilities associated with money laundering and financing of terrorism in distributed ledger technologies.
The Financial Crimes Enforcement Network provided guidance on the application of Bank Secrecy Act money transmission regulations to business models involving convertible virtual currencies.
