Skip to main content

Looking for Valuant? You are in the right place!

Valuant is now Abrigo, giving you a single source to Manage Risk and Drive Growth

Make yourself at home – we hope you enjoy your new web experience.

Looking for DiCOM? You are in the right place!

DiCOM Software is now part of Abrigo, giving you a single source to Manage Risk and Drive Growth. Make yourself at home – we hope you enjoy your new web experience.

A Year in Review: Success in BSA/AML in 2016

December 12, 2016
Read Time: 0 min

What happened in BSA/AML in 2016?

2016 year in review

It’s hard to believe that 2016 is coming to an end. Whether you’re new to BSA or have made several trips around the sun as a BSA Officer, doesn’t it seem like each year goes by quicker than the last? As we look back on 2016, here is a ‘Year in Review’ with respect to BSA/AML. (Hint: Click the links for helpful resources or articles on each topic.)

  • The Panama Papers demonstrated the need for greater transparency into beneficial ownership.
  • The long-awaited CDD rule (beneficial ownership) was finalized. 
  • Instances of personal liability stayed top-of-mind with high-profile cases like Raymond James and the annual certification in New York.
  • AML scrutiny tightened on casinos in cases like the $12 million Cantor Gaming civil money penalty.
  • Many states legalized marijuana; the decision on whether (and how) to bank risky businesses remained a challenge.
  • New fraud schemes such as BEC scams, etc. posed threats to financial institutions.
  • FinCEN issued guidance for filing SARs on cyber-security and cyber-related crime.
  • The opening of borders (Iran, Cuba, Burma/Myanmar, etc.) caused major OFAC changes.
  • FinCEN proposed AML requirements for financial institutions lacking a federal regulator.
  • De-risking remained a regulatory hotspot.
  • Former Director Jennifer Shasky Calvery departed FinCEN.
  • 30 years have passed since the Money Laundering Control Act of 1986.

For Banker’s Toolbox, 2016 was a big year. We welcomed new leadership to our team, held our 12th annual user group conference (BUG), and released new products and services to better serve our clients. We look forward to making an impact in 2017, as well. 

These are just a few of the highlights of what happened in the BSA/AML world this year. What would you add to the list? Let us know on Facebook! Also, follow us to see what we’re up to in 2017.

About Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth.

Make Big Things Happen.