On January 19th FinCEN released new FAQs on suspicious activity reporting and while there wasn’t necessarily anything new, they are worthwhile to review. Don’t get too comfortable though, there is more change coming to BSA/AML. Have you started looking into the BSA/AML reform that was recently passed by Congress? If not, you should. This is a major piece of legislation and it will likely be the biggest change to BSA compliance in decades. It’s important that your BSA Officer and your Board understand what’s coming down the pipe in 2021.
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