Craig Spielmann

The Financial Crimes Enforcement Network (FinCEN) has issued a Notice of Proposed Rulemaking (NPRM) that could significantly alter the landscape of AML/CTF programs for banks, credit unions, and payment vendors. This proposal, aimed at strengthening and modernizing AML/CTF programs, represents one of the most substantial updates to the Bank Secrecy Act (BSA) regulations in recent years. #AML #CTF #FinCEN https://lnkd.in/dNnENANb

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Stay sharp. Stay competitive. Read Labuan IBFC business insights. Be in the know. ✅️ Always get the latest trends ✅️

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iKinetiq RegWatch - OCC Enforcement Actions for September Stay updated on the OCC's latest enforcement actions & learn how iKinetiq's TPOC Risk Framework helps financial services avoid regulatory actions & fines. #finserv #OCC #regenforcement #regrisk #iKinetiq #TPOCrisk

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Wondering if I'm living in a parallel universe sometimes 😀 FinCEN have announced a proposed rule to strengthen and modernize financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs. The proposed rule would amend existing regulations to explicitly require that such programs be effective, risk-based, and reasonably designed, enabling financial institutions to focus their resources and attention in a manner consistent with their risk profiles. https://lnkd.in/gVsRvyni

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Most boardrooms view financial crime risk as regulatory risk, a compliance issue. Lawyers, consultants, vendors, (some) BSA Officers, and the regulators themselves promulgate this idea. Modern boards will focus on efficiency + effectiveness + how managing financial crime risk enables the business. Supervision is nothing more than a guardrail.

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**Attention Consultant Friends!!** Are you aware of the new **Beneficial Ownership Information (BOI) reporting requirements** from FinCEN? If you have an LLC or corporation, you need to file this document. If you created the company before 2024, you have until the end of the year to file. If you created in 2024, I believe you have 90 days from the creation date to file. New companies in 2025 will have 30 days to file. 1. **Reporting Company Information**: You must provide your full legal name, any trade names, a complete U.S. street address, the state where your company was formed, and your IRS Taxpayer Identification Number (TIN) 2. **Beneficial Owner Details**: For each beneficial owner, you need to report their name, date of birth, address, and a unique identifying number from an identification document 3. **Electronic Filing**: Reports must be submitted electronically through FinCEN's secure BOI E-Filing website. #FinCEN #BOI #Compliance #Consulting #Transparency https://fincen.gov/boi

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The California DFPI has released the text of its EWA Final Rule. While the IPA strongly disagrees with the decision to misclassify EWA products as loans, the IPA does agree with the agencies decision to exempt EWA providers who register with the state from the fee restrictions and rate caps normally imposed on lenders in the state of California.  It is important to highlight that DFPI's final rule was initially rejected when they submitted it to the state's administrative agencies. Thus, it is possible additional changes might be made to the final rule. The progress made during the rulemaking process is the result of years of leadership by the members of the IPA. The IPA and our members have been steadfast advocates of EWA since 2019. We thank our members for their diligence on this issue and working with the IPA to speak with one voice. To learn more about EWA please visit www.ipa.org and www.earnwageaccess.info #IPA #EWA #innovation #payments #fintech #banking

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"Unlocking the Power of Three Lines of Defense in Community Banking! 💼🛡️ Community banks face unique compliance challenges. Discover why implementing the Three Lines of Defense model is crucial for robust risk management and regulatory compliance. Learn more at https://buff.ly/3Vfr14i

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