Are Banks Implementing BSA Risk Based Adjustments related to COVID-19 circumstances?

October 2020

The Office of the Comptroller of the Currency (OCC) Semiannual Risk Perspective Report highlights how the Covid-19 Pandemic has elevated  operational risks for banks as they are challenged with the implementation of new processes/procedures, business continuity plans and a steep

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GAFILAT Identifies Money Laundering/Terrorist Financing Emerging Threats

October 2020

GAFILAT (Financial Action Task Force of Latin America) published a Second Update to the Money Laundering Regional Threat Report (2017-2018) that includes:  ANNEX VI: THREATS RELATED TO THE COVID-19 PANDEMIC.   Considered to be a regional money laundering threat analysis, the

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Erroneous FACTA Withholding?

October 2020

What if a U.S. Withholding Agent  of a Foreign financial Institution (FFI) erroneously applies a 30% Internal Revenue Code (IRC) Chapter 4 FATCA Withholding to a payment to the FFI? What can be done to recover the funds?      Who

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Did you know that the IRS is Involved with Investigating and Prosecuting Bribery?

September 2020

In 1977, the United States enacted the Foreign Corrupt Practices Act (FCPA).  The FCPA prohibits an offer, payment, promise or the authorization of a payment of money or anything of value (a/k/a bribery) to a foreign official for the purpose

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What is being done to improve the Communication with Non-U.S. Users of FATCA and QI Systems?

September 2020

On November, 2019, the Internal Revenue Service Advisory Council (IRSAC) published its Public Report.  The purpose of IRSAC is to serve as an advisory body to the Commissioner of the IRS and to organize a public forum between IRS officials

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¿Sabías que la OFAC y el IRS tienen un Entendimiento?

September 2020

En Noviembre del 2019, el IRS y la Oficina de Control de Activos Extranjeros (“OFAC”) firmaron un Memorando de Entendimiento (“MOU”).  El MOU describe un entendimiento entre el IRS y la OFAC con respecto a las revisiones realizadas por el

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Is the “FinCEN Query” a Gateway to Convergence?

September 2020

FinCEN’s (a bureau of the U.S. Department of the Treasury) primary purpose is  protecting the financial system from illicit use, combating money laundering, and promoting national security through the collection, analysis, and dissemination of financial intelligence and the strategic use

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¿Es el FinCEN “Query” la Puerta de Entrada a la Convergencia?

September 2020

FinCEN es una oficina del Departamento del Tesoro de los EE. UU. Su propósito principal es proteger el sistema financiero del uso ilícito, combatir el lavado de dinero y promover la seguridad nacional a través de la recopilación, análisis y

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An Interagency Statement from Regulators and a FinCEN Statement provide clarity Regarding Enforcement Actions

September 2020

On August 13, 2020, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency issued a  JOINT STATEMENT ON ENFORCEMENT OF BANK

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Violating the FCPA may Trigger other U.S. Laws such as the Travel Act

September 2020

There are other U.S laws that intersect with the FCPA.   A violation of the FCPA may also constitute a violation of the characteristics of another U.S. Law – in this case the Travel Act.  If the conduct of an Entity

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Financial Institutions Continue to have CDD Questions and FinCen Responds

August 2020

On August 3, 2020, FinCEN issued responses to three frequently asked questions (FAQs) regarding Customer Due Diligence (CDD) requirements for covered financial institutions.  FinCEN’s responses were done in consultation with federal regulators.   Under the Bank Secrecy Act (BSA), FinCEN issued

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Are Financial Institutions Creating a Corporate Governance Strategy to handle to End of Libor?

August 2020

The London Interbank Offered Rate (LIBOR) expires at the end of 2021.  Used since the early 1980s, LIBOR is the most referenced global short-term interest rate, and a “standard benchmark”.  It is the pricing benchmark for an estimated $350 Trillion

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