All in BSA

On October 23, 2024, FinCEN issued an alert to assist financial institutions in identifying and reporting suspicious activity supporting Lebanese Hizballah (Hizballah), a U.S.-designated Foreign Terrorist Organization. The alert builds upon the agency’s May 2024 advisory on Iran-backed terrorist organizations and offers a comprehensive overview of Hizballah’s global criminal financial networks.

VIDEO: Incorporating FinCEN Priorities into Risk Assessment

In this Compliance Clip, Adam discusses the importance of integrating FinCEN's national priorities into financial institutions' BSA/AML/CFT risk assessments, highlighting recent proposals from FinCEN and regulatory agencies aimed at updating compliance requirements. Adam provides ways on how financial institutions can proactively incorporate these priorities into their risk assessments. A transcript of this video is now available.

On October 10, 2024, the OCC announced a cease and desist order and a $450 million civil money penalty against TD Bank, N.A. and TD Bank USA, N.A., for deficiencies in the bank’s BSA and AML compliance program. The OCC determined that the bank failed to develop and maintain a BSA/AML program reasonably designed to assure and monitor compliance with the BSA and its implementing regulations.

On September 17, 2024, FinCEN issued a notice and request for comments on the proposed renewal, without change, of existing information collection requirements found in BSA regulations that require financial institutions to maintain records related to the issuance or sale of bank checks and drafts, cashier's checks, money orders, and traveler's checks when the issuance or sale involves the use of currency in an amount between $3,000 and $10,000, inclusive.