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THE SCANNER: CFPB Orders Navy Federal Credit Union to Pay More Than $95 Million, Capital One Warns of Potential Enforcement Action, CFPB Takes Action Against Unlawful Redlining, What Lies Ahead for the CFPB as Trump 2.0 Takes Shape, and more top news. Catch up on all of the top news from this week: https://hubs.la/Q02Xqc5k0 READER NOTE: If you find this of value, please like, comment, or repost it to your network. #banks #consumerlending #compliance #creditrisk #creditreporting #cfpb #fintech #news #industryupdates #TheScanner

🚨 Business Owners 🚨 Make sure to file your Beneficiary Ownership Information (BOI) report with the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCen). It’s free to e-file (fincen.gov) and it is required as it aims to increase transparency in the financial system. Big civil penalties up to $591/day or even criminal penalties up to two years in prison. Note: Not a tax/legal professional so make sure to speak to your CPA and/or attorney if you have any questions!

MEMBER BENEFIT: NASCUS has just published a summary of FinCEN's proposed rule on Anti-Money Laundering and Countering the Financing of Terrorism Programs. This proposal addresses changes to the existing #AML program requirements, including inserting “countering the financing of terrorism” (#CFT) when describing AML program requirements. The proposed rule applies broadly to any “#financialinstitution". Click here to read more (login required) https://lnkd.in/dcnrJ3gf

Join us for the launch of the groundbreaking Regulation of Illicit Financial Flows (RIFF) dataset—the most comprehensive resource to date tracking long-term change in the global IFF regulatory landscape, with Daniel Haberly and Alex Cobham speaking at the session and chaired by Liz David-Barrett. 📅 11th December 2024 ⏰ 1:00 PM UK Time 🔗 https://lnkd.in/gf8hVvYM Developed with support from the #GIACE program and the Tax Justice Network, the RIFF dataset provides annual data on 23 regulatory indicators across 70 jurisdictions from 1990 to 2020. This session will explore key findings, including trends in anti-money laundering (AML), countering the financing of terrorism (CFT), and beneficial ownership transparency.

📢 Attention business owners: Don’t forget to file your Beneficial Ownership Information (BOI) with Financial Crimes Enforcement Network, US Treasury (FinCEN) by January 1, 2025! The BOI requirement helps enhance transparency and prevents illicit activities by keeping track of individuals with significant ownership or control in a business. It’s a straightforward process that can save you time and hassle down the road. Click the link below to file or learn more about the requirements. Let’s keep our veteran business community proactive and transparent! 👉 https://lnkd.in/dkqEEHjz #businesscompliance #beneficialownership #FinCEN #JaxVCC #Veterans

In this week's Weekly Words of Wisdom, Stephen Hancock highlights MONEYVAL's acknowledgement of Jersey's progress in combating money laundering and the financing of terrorism. Tune in to hear about the steps Jersey has taken and the areas identified for further improvement. Read the full report here: https://buff.ly/3LMsF9e #AML #CFT #MONEYVAL #Jersey #RegulatoryCompliance #AMLA

The Financial Action Task Force, the FATF, is an international standard-setting body on anti-money laundering and counter terrorism financing. To read more about what they do, and to learn about their anti money laundering recommendations, read the recent article written by the Financial Crime Academy. https://lnkd.in/eg8tKz8y

Fifteen items are included in the proposed rule stage, up 1 from the Fall 2023 list. Appearing for the first time on the Agenda, in the proposed list, are proposed rules to include certain investment advisors as “financial institutions” under the Bank Secrecy Act such that these advisors will need to implement procedures to verify the identities of their customers. The proposed rule is an extension of the “know your customer” philosophy but in this case designed to intercept and obstruct terrorism. #SecuritiesLawBlog #SEC #ALCLAW

Fifteen items are included in the proposed rule stage, up 1 from the Fall 2023 list. Appearing for the first time on the Agenda, in the proposed list, are proposed rules to include certain investment advisors as “financial institutions” under the Bank Secrecy Act such that these advisors will need to implement procedures to verify the identities of their customers. The proposed rule is an extension of the “know your customer” philosophy but in this case designed to intercept and obstruct terrorism. #SecuritiesLawBlog #SEC #ALCLAW

Fifteen items are included in the proposed rule stage, up 1 from the Fall 2023 list. Appearing for the first time on the Agenda, in the proposed list, are proposed rules to include certain investment advisors as “financial institutions” under the Bank Secrecy Act such that these advisors will need to implement procedures to verify the identities of their customers. The proposed rule is an extension of the “know your customer” philosophy but in this case designed to intercept and obstruct terrorism. #SecuritiesLawBlog #SEC #ALCLAW