March/April 2018 AML & Regulatory Compliance News

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RSM

 




Regulatory compliance news, ideas, education and updates for financial institutions

 




For more information on the topics in this newsletter or to learn more about our services, contact Rob Farling, national leader of AML & regulatory compliance.

 




















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ACAMS International AML and Financial Crimes Conference


RSM will be heading the ACAMS International AML and Financial Crimes Conference April 9-11 in Hollywood, Florida. Stop by and visit us at booth 317. Learn more.

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Beneficial ownership…ready or not, here it comes!


The May 11 deadline to comply with FinCEN’s final rule on customer due diligence is rapidly approaching. Will you be ready? Read more.

Bank Secrecy Act and anti-money laundering

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US Senate Committee hearings focus on anti-money laundering and Bank Secrecy Act issues


The U.S. Senate Committee on the Judiciary and the U.S. Senate Committee on Banking, Housing and Urban Affairs held hearings in the first week of February focused, in part, on anti-money laundering (AML) and the Bank Secrecy Act (BSA).


Read more.

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Multistate licensing agreement for money service businesses


State regulators have implemented a multistate licensing process for money service businesses.


Read more.

Regulatory Updates

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FTC releases paper on financial issues of military consumers


The Federal Trade Commission (FTC) issues a paper on the financial issues that can affect military consumers, veterans and their families.


Read more.

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CFPB releases new HMDA reporting tool


Updated 2018 HMDA LAR Formatting Tool includes regulation changes and new reporting fields.


Read more.

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Courts rule in favor of CFPB’s structure, against RESPA interpretation


D.C. Circuit Court rules CFPB’s view of RESPA was wrong, but its structure is constitutional.


Read more.

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CFPB reorganizes and asks for supervision input


Director Mulvaney and the CFPB reorganize Fair Lending Office and ask for public input on supervision techniques.


Read more.

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Bankers, ABA staff meet with OCC on CRA modernization


A delegation of bankers, regulators and industry advocates met to discuss updating the Community Reinvestment Act.


Read more.

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OCC report discusses key risks for federal banking system


On Jan. 18, 2018, the Office of the Comptroller of the Currency shared their report on key concerns for the federal banking system in its Semiannual Risk Perspective for Fall 2017 report.


Read more.

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2018 examination priorities for SEC Office of Compliance Inspections and Examinations


SEC’s OCIE to focus on FINRA and MSRB, AML, market infrastructure, retail investors—especially seniors and cybersecurity for 2018.


Read more.

 

Cryptocurrency and FinTech

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New mobile banking bill


New bill proposes streamlining identification requirements for consumers who open accounts online or via mobile devices.


Read more.

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Key risks for federal banking systems


The Office of the Comptroller of the Currency (OCC) addressed key concerns for the federal banking systems within the Semiannual Risk Perspective for Fall 2017 report.


Read more.

   

 





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