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Aug31 - 23

August 2023 Monthly Recap

House Financial Services Committee Votes in Favor of Crypto, Blockchain Bills

The House Financial Services Committee advanced several crypto bills, including the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act, despite concerns about CFTC power. Meanwhile, the Senate added anti-money laundering provisions for the crypto industry to a defense bill, aiming to assess risks and enhance regulatory clarity. Read more here.

Wondering if your organization complies with regulations? A valuable method involves undergoing an independent review. In this brief video, we’ll clarify the concept of an independent review, identify potential reviewers, and illustrate how they contribute to maintaining your organization’s compliance. Watch here!

Federal and State Regulators Release Updates to the BSA/AML Examination Manual

Federal and state regulators have issued updates to sections of the BSA/AML Examination Manual, including information-sharing procedures, due diligence programs, and reporting obligations. These updates aim to enhance transparency in the examination process and support risk-focused examinations. More details can be found here.

SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures

The SEC has fined multiple firms, including Wells Fargo and BNP Paribas, a total of $289 million for failing to maintain electronic communications. Employees often used personal messaging platforms for work discussions, and the firms didn’t retain these communications, breaching securities laws. The SEC stressed the importance of compliance with recordkeeping rules. Read the full story here.

FinCEN and IRS CI issued a notice to financial institutions about increasing payroll tax evasion and workers’ comp fraud in the construction industry, often involving shell companies. The notice provides red flags and instructions for SAR filings to combat these schemes, aligning with national priorities. It also builds on FinCEN’s efforts to tackle the illicit use of shell companies, reinforced by last year’s beneficial ownership reporting requirement. Learn more here.

Federal Reserve Board provides additional information on its program to supervise novel activities in the banks it oversees

The Federal Reserve is enhancing supervision of novel activities in banks, like tech-driven partnerships and crypto-assets. The goal is to balance innovation benefits with risk management. State banks supervised by the Federal Reserve must demonstrate safeguards for certain activities. These actions promote clarity and fairness in evolving financial services. Read more here.




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