On February 13, 2024, FinCEN issued a Financial Trend Analysis (FTA) reflecting an increase in BSA reporting associated with the use of convertible virtual currency (CVC) and online child sexual exploitation (OCSE) and human trafficking, covering the period from January 2020 to December 2021. According to FinCEN, they received a total of 2,311 BSA reports referencing CVC in connection with OCSE and human trafficking, totaling over $412 million in reported suspicious activity.

Feb 13
Feb 13 FFIEC Issues Statement on Examination Principles Related to Residential Lending Valuation Discrimination and Bias

Adam Witmer

Regulatory Update, Fair Lending

On February 12, 2024, the FFIEC on behalf of its member entities, issued a statement related to valuation discrimination and bias for member entities to consider in their consumer compliance and safety and soundness examinations. The statement provides principles for the examination of supervised institutions’ residential property appraisal and evaluation (valuation) practices to mitigate risks that may arise due to potential discrimination or bias in those practices, and to promote credible valuations.

Feb 12
Feb 12 FinCEN Proposes AML Rule for Residential Real Estate Transfers

Adam Witmer

Regulatory Update, BSA

On February 7, 2024, FinCEN issued a proposed rule to require certain persons involved in real estate closings and settlements to submit reports and keep records on identified non-financed transfers of residential real property to specified legal entities and trusts on a nationwide basis. Transfers made directly to an individual would not be covered by this proposed rule.

Feb 7
Feb 7 NCUA Chairman's Remarks on Agenda for Credit Union Regulation

Adam Witmer

Regulatory Update

On February 6, 2024, National Credit Union Administration (NCUA) Chairman Todd M. Harper delivered a speech at the Brookings Institution, where he addressed the current key issues in the credit union industry. Chairman Harper’s remarks focused on the credit union performance, vendor authority, central liquidity facility, and consumer financial protection.

Feb 5
Feb 5 FinCEN Seeks Comments on the Renewal of CTR Requirements

Adam Witmer

BSA, Regulatory Update

On February 5, 2024, FinCEN issued a notice and request for comments regarding the renewal, without change, of existing information collection requirements relating to reports of transactions in currency. Under Bank Secrecy Act, financial institutions are required to report transactions in currency of more than $10,000 using FinCEN Form 112 or the Currency Transaction Report (CTR)

Feb 5
Feb 5 FinCEN Issues Alert on Israeli Extremist Settler Violence Against Palestinians

Adam Witmer

BSA, Regulatory Update

On February 1, 2024, FinCEN issued an alert related to the financing of Israeli extremist settler violence against Palestinians in the West Bank. The alert provides select red flags to assist U.S. financial institutions in identifying and reporting suspicious activity that finances such violence.

Feb 1
Feb 1 FinCEN Fines an AML Officer $100,000 for BSA Violations

Adam Witmer

BSA, Regulatory Update

On January 31, 2024, FinCEN assessed a $100,000 civil money penalty on Gyanendra Kumar Asre (Asre) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. In addition, FinCEN imposed a five-year ban on Asre’s participation in the conduct of the affairs of any financial institution subject to the BSA.

Feb 1
Feb 1 OCC Fines City National Bank $65 Million

Adam Witmer

Regulatory Update

On January 31, 2024, the OCC assessed a $65 million civil money penalty against City National Bank related to systemic deficiencies in the Bank’s risk management and internal controls. The agency also issued a cease-and-desist order requiring the bank to take broad and comprehensive corrective actions to improve its strategic plan, operational risk management, compliance risk management, strategic risk management, and investment management practices.

Jan 31
Jan 31 FinCEN Requests Comments for BOI Requests

Adam Witmer

BSA, Regulatory Update

On January 30, 2024, FinCEN issued a notice and request for comments on the proposed information collection associated with requests made to FinCEN, by certain persons, for beneficial ownership information, consistent with the requirements of the Beneficial Ownership Information Access and Safeguards final rule. The BOI Access Rule implements CTA's strict data protection rules for sensitive personal information sent to FinCEN.

Jan 30
Jan 30 FinCEN Proposes Rule and Identifies Al-Huda Bank as Primary Money Laundering Concern

Adam Witmer

BSA, Regulatory Update

On January 29, 2024, FinCEN issued a finding and notice of proposed rulemaking that identifies Al-Huda Bank, an Iraqi bank that serves as a conduit for terrorist financing, as a foreign financial institution of primary money laundering concern. Along with its finding, FinCEN proposed imposing a special measure that would sever the bank from the U.S. financial system by prohibiting domestic financial institutions and agencies from opening or maintaining a correspondent account for or on behalf of Al-Huda Bank.

Feb 14
Feb 14 FinCEN Issues Financial Trend Analysis on the Use of CVC on Online Child Exploitation

Feb 13
Feb 13 FFIEC Issues Statement on Examination Principles Related to Residential Lending Valuation Discrimination and Bias

Feb 12
Feb 12 FinCEN Proposes AML Rule for Residential Real Estate Transfers

Feb 7
Feb 7 NCUA Chairman's Remarks on Agenda for Credit Union Regulation

Feb 5
Feb 5 FinCEN Seeks Comments on the Renewal of CTR Requirements

Feb 5
Feb 5 FinCEN Issues Alert on Israeli Extremist Settler Violence Against Palestinians

Feb 1
Feb 1 FinCEN Fines an AML Officer $100,000 for BSA Violations

Feb 1
Feb 1 OCC Fines City National Bank $65 Million

Jan 31
Jan 31 FinCEN Requests Comments for BOI Requests

Jan 30
Jan 30 FinCEN Proposes Rule and Identifies Al-Huda Bank as Primary Money Laundering Concern

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