Financial Crime Enforcement News

Most Recent Financial Crime Enforcement Compliance Points

In a press release the Financial Crimes Enforcement Network (FinCEN) has announced its intention to retire the BSA Magnetic Media Filing Program. Current Magnetic Media filers must transition to BSA Electronic Filing (E-Filing) no later than December 31, 2008.

The FTC has updated its website with a reminder that all financial institutions are covered by the Red Flags Rules.  According to Lydia Parnes, Director of the Bureau of Consumer Protection at the Federal Trade Commission, "We encourage all organizations that have ongoing accounts or relationships with consumers to keep an eye out for red flags that signal identity theft.”

Check out the Red Flag Resource Center for information and solutions on implementing an ID theft prevention program.

FinCEN has issued administrative ruling FIN-2008-R008 which clarifies:  (1) whether a fully disclosed clearing agreement between a U.S. clearing firm and a foreign introducing firm is a correspondent account for the purposes of regulations implementing section 312 of the USA PATRIOT Act (the "correspondent account rule"); (2) whether a clearing firm is obligated to regard the fully disclosed accounts of a foreign introducing firm as its own accounts for the purposes of complying with the customer identification program regulations (the "CIP rule"); and (3) whether a clearing firm is expected to obligate the foreign introducing firm to comply with the obligations of the CIP rule, the correspondent account rule, and other U.S. anti-money laundering regulations respecting any accounts it may introduce to the clearing firm on a fully disclosed basis.

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