Learn how companies are meeting the accelerating threats and risks associated with Information Technology through engaging a VISO. After this session, you’ll understand how this cost-effective solution can help a company with limited resources.
The latest national and state requirements including R-SAT, FedLine requirements, and other emerging cybersecurity guidelines.
Getting Your AML/CFT Priorities Aligned
On June 30, 2021, the joint agencies published its first list of national AML/CFT Priorities as set forth by the Anti-Money Laundering Act of 2020 (the “AML Act”) which requires the Secretary of the Treasury, in consultation with the Attorney General, Federal functional regulators, relevant State financial regulators, and relevant national security agencies, to establish and make public priorities for anti-money laundering and countering the financing of terrorism policy (AML/CFT Priorities).
What is Section 1071 of the Dodd-Frank Act?
Section 1071 of the Dodd-Frank Act amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile, maintain, and submit to the Bureau certain data on applications for credit for women-owned, minority-owned, and small businesses.
QM Rule Status
On March 3, 2021, the CFPB issued its proposed rule to delay the changes to the QM rule until October 1, 2022. The Bureau is proposing to delay the mandatory compliance date of the General QM Final Rule to help ensure access to responsible, affordable mortgage credit and to preserve flexibility for consumers, particularly those affected by the COVID-19 pandemic.
AML Act of 2020
On December 20, 2020, the National Defense Authorization Act (“NDAA”), was signed by the President and officially became law on January 1, 2020. The Act contains 1,500 pages known as the Anti-Money Laundering Act of 2020 (“AML Act”), significantly reforming the Bank Secrecy Act (“BSA”) and other anti-money laundering laws.
The 1,500 pages contain the most sweeping changes to the BSA since its enactment in 1970. No doubt that this Anti-Money Laundering Act of 2020 will have major impacts on your BSA AML program for
2021 and beyond.