On October 15, 2020, the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) released its Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity (Supplemental Advisory). The last time FinCEN provided guidance on identifying trafficking in anti-money laundering (AML) processes was in Guidance on Recognizing Activity that May be Associated with Human Smuggling and Human Trafficking – Financial Red Flags on September 11, 2014. The evolving tactics of human traffickers and behaviors of victims required ...
By Barbara Meeks and Kristina Whittaker. Last month the Financial Crimes Enforcement Network (FinCEN) and the federal bank regulators issued a Joint Statement aimed at improving transparency into their risk-focused examination and supervision of banks’ compliance with Bank Secrecy Act/Anti-money Laundering (BSA/AML) requirements.
The statement outlines common supervisory practices for assessing a bank’s BSA/AML risk profile, scope and planning of examinations and evaluating the adequacy of BSA/AML compliance programs. The risk-focused approach enables federal ...
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MVA White Collar Defense, Investigations, and Regulatory Advice Blog Updates
- The Corporate Transparency Act is about to matter. Here’s what it means for you.
- NEW SUSTAINABILITY STANDARDS BOARD TO DEVELOP GLOBAL SUSTAINABILITY DISCLOSURE STANDARDS
- Ed Ivey’s article published by Thomson Reuter’s Futures & Derivatives Law Report
- UPDATED: Term SOFR vs BSBY vs Ameribor in the Loan Market