Pub. 9 2021 Issue 1

Lastly, the NDAA significantly modifies the U.S. BSA/AML program in the following areas: Introduces several studies relating to (i) artificial intelligence, blockchain and other emerging technologies; (ii) beneficial ownership reporting requirements; (iii) trade-based money laundering; and (iv) money laundering by the People’s Republic of China. Modifies various definitions relative to virtual currencies and other non-traditional cash substitutes; Introduces antiquities dealers (but not art dealers) to BSA’s applicable scope; Expands ability to subpoena foreign banks’ records that maintain correspondent accounts in the U.S.; Creates a “FinCEN Exchange” to oversee voluntary public-private information sharing between law enforcement, national security agencies, and financial institutions; and Envisions a no-action letter process for FinCEN. Apart from these topics, the NDAA reincorporates an emphasis on risk-based approaches to AML program requirements and discusses prior proposed rulemaking from FinCEN. It even includes discussions on the Treasury being required to periodically publish on national AML and CTF initiatives. There is no doubt that the NDAA’s initiatives will be extended over several years and require continued efforts by public and private sectors. The cost of these initiatives to the financial industry and small businesses has yet to be determined and remains a cry of protest from those against the reform. But this does appear to be the start of a more globally centric effort to combat financial terrorism and money laundering crimes.

2021 Community Reinvestment Conference

On Jan. 23, 2021, we held our first-ever virtual Community Reinvestment Conference! This year’s conference had over 100 bankers registered from across the state. Because of the virtual format, we were joined by many first-timers who could not attend in person in the past.

This year featured many great speakers and topics. We started with Krista Shonk, American Bankers Association, who spoke on “Where is CRA Modernization Headed.” Krista gave some insight into what we can expect coming down the pike with CRA. Lisa Menninger, RMC Consulting, taught everyone how to relieve stress with her presentation on “Mindfulness.” Kate Nance, Adult Protective Services, gave an excellent presentation on protecting the seniors in our lives from fraudsters and scams. Robert Spendlove, Zions Bank, provided an Economic Outlook, noting that many of the economy’s changes are due to the pandemic. Robert shared with attendees a snapshot of what the economy looked like in the past and what is predicted for the future. James Ballentine, American Bankers Association, spoke to the “Political Landscape — Changing of the Guard.” With newly appointed government officials, James gave us insight into what is happening in D.C and what we might expect with the new Administration.


Along with the featured speakers, breakout sessions with the FDIC and Federal Reserve Bank provided attendees with “Best Practices Workshops” tailored to their individual banks.

We want to thank all those who attended this amazing conference, and we hope to see you all again at our next CRA Conference.

Trevor L. Austin has joined the Bank of Utah to serve as treasury management team lead. Austin is based in Bank of Utah’s City Creek Banking Center and now oversees all treasury management services in the Salt Lake region. Austin, who has a B.S. in business management from the University of Utah, previously served as regional vice president of sales for Allied Services.