The Federal Reserve Board, the FDIC, FinCEN, the National Credit Union Administration and the OCC clarified customer due diligence requirements for customers that may be "politically exposed persons."
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The Federal Reserve Board, FDIC, National Credit Union Administration and OCC (each, an "Agency") explained the circumstances under which an Agency will issue a mandatory cease and desist order or initiate an enforcement action for violating Bank Secrecy Act and AML requirements.
FinCEN issued new guidance on customer due diligence requirements for covered financial institutions.
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.
The OCC confirmed that state and national banks and thrifts may provide cryptocurrency and digital asset custody services, including by holding "unique cryptographic keys."