TOPIC: FinCEN

Blog | Analysis & Commentary: FinCEN’s Proposed Burden Estimate for Preparing and Filing SARs

Blog
Analysis & Commentary: FinCEN’s Proposed Burden Estimate for Preparing and Filing SARs
May 29, 2020 by Jim Richards

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On May 26, 2020, FinCEN published a ground-breaking Notice — the first requesting private sector feedback on estimating the burden of preparing and filing SARs.

With the Agency proposing to capture time and cost across several SAR categories, filing types, process stages and more, financial institutions should provide FinCEN with tangible, publicly available data to improve public- and private-sector decision making.

Read our latest blog from former top banking executive Jim Richards as he provides insights and commentary on this landmark Notice, and learn how institutions can submit input and feedback.

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    Blog | Industry Advisory: Detecting and Reporting COVID-19-Related Medical Scams

    Blog
    Industry Advisory: Detecting and Reporting COVID-19-Related Medical Scams
    First of multiple FinCEN Advisories to be released with additional Notice to Financial Institutions

    May 25, 2020 by Verafin

    FinCEN has released the first of several upcoming advisories to assist financial institutions in combating COVID-19-related financial crimes. This Advisory on COVID-19 Medical Scams outlines red flags for evolving fraud schemes and was published with an accompanying Notice with critical information on BSA obligations and reporting of COVID-19-related criminal and suspicious activity.

    In this informative blog, we review highlights from this latest guidance and accompanying Notice, and outline how Verafin can help you rise to the challenge of meeting compliance demands and countering COVID-19 crime today.

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      FinCEN released long-awaited guidance for banking hemp-related businesses

      FinCEN released their much anticipated guidance around providing banking services to hemp-related businesses. This new guidance encourages financial institutions to provide banking services to hemp-related businesses and outlines BSA/AML expectations around customer due diligence (CDD) and suspicious activity reporting. This new guidance is the first to enhance the December 3, 2019 interagency statement on providing financial services to customers engaged in hemp-related businesses. 

      Read the full blog that breaks down the new guidance here.