All by Paula Parras

FATF Updates Guidance on Beneficial Ownership of Legal Persons

Paula Parras
BSA, Regulatory Update

On March 10, 2023, the FATF issued the updated Guidance on Beneficial Ownership of Legal Persons will help countries implement the revised requirements of Recommendation 24. In March 2022, the FATF adopted amendments to Recommendation 24, or the Beneficial Ownership of Legal Persons, and its Interpretive Note which require countries to prevent the misuse of legal persons for money laundering or terrorist financing and to ensure that there is adequate, accurate and up-to-date information on the beneficial ownership and control of legal persons.

FDIC on the Changes to HMDA’s Loan Origination Threshold

Paula Parras
Regulatory Update, HMDA

On February 3, 2023, the FDIC issued a Financial Institution Letter to inform supervised institutions of recent changes regarding the Home Mortgage Disclosure Act (HMDA) reporting threshold for closed-end mortgage loans and the FDIC’s supervisory approach for enforcing related requirements. According to the FDIC, it does not intend to initiate enforcement actions or cite HMDA violations for certain failures to report closed-end mortgage data collected in the last three years.

FTC Sues Walmart for Money Transfer Fraud

Paula Parras
Regulatory Update, BSA

On June 28, 2022, the FTC sued Walmart for allowing its money transfer services to be used by fraudsters, who swindled consumers out of hundreds of millions of dollars. In its lawsuit, the FTC alleges that the company turned a blind eye while scammers took advantage of its failure to properly secure the money transfer services offered at Walmart stores. The FTC is asking the court to order Walmart to return money to consumers and to impose civil penalties for Walmart’s violations.