OFFICIAL PUBLICATION OF THE UTAH BANKERS ASSOCIATION

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UBA_Pub9-2021-Issue1

Pub. 9 2021 Issue 1

Compliance Corner: The National Defense Authorization Act: BSA/AML Initiatives

By Elizabeth K. Madlem, Vice President of Compliance Operations and Deputy General Counsel, Compliance Alliance
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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

By The Utah Bankers Association
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A-Robust-Recovery

Washington Update: A Robust Recovery Requires Consistent ‘Rules Of The Road’

By Rob Nichols. President and CEO, American Bankers Association
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promontory-interfinancial-network-has-changed-its-name

Promontory Interfinancial Network Has Changed Its Name To IntraFi Network

By Rob Blackwell, Chief Content Officer and Head of External Affairs IntraFi Network (formerly Promontory Interfinancial Network)
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what-international-business-customers-want

What International Business Customers Want From Their Community Bank

By Jay Kenney, SVP and Southwest Regional Manager, PCBB
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bankers-on-the-move

Bankers On The Move

By The Utah Bankers Association
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Bank-Kudos

Bank Kudos

By The Utah Bankers Association
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the-bottom-line

President's Message: The Bottom Line

By Howard Headlee, President and CEO, Utah Bankers Association

Over the last few years, we’ve all heard various theories, some more elaborate than others, about certain events and actions that would contribute to the demise of the world as we know it. They are incubated on both sides of the political spectrum. 

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