A Year in Review: Success in BSA/AML in 2016
What happened in BSA/AML in 2016?
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.