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ICBA told the Financial Crimes Enforcement Network that its proposed rule to update anti-money-laundering and countering-the-financing-of-terrorism programs would create additional burdens on banks without benefitting FinCEN’s efforts to reduce financial crimes.
Details: In a comment letter, ICBA said the proposed rule would likely:
Impede banks’ efforts of achieving an effective, risk-based, and reasonably designed AML/CFT program.
Increase regulatory burden and compliance spending by hindering risk-related resource allocation.
Increase occurrences of subjective exams due to the lack of guidance.
Invalidate the competency, training, and expertise of BSA officers who happen to have other positions in a bank.
Keep in place the practice of robotic and mechanical compliance impeding.
More: ICBA added that banks would face increased enforcement risk that result from technical errors if the rule were adopted.
Background: The FinCEN proposed rule would require AML/CFT programs with certain minimum components to incorporate government-wide AML/CFT priorities.
Previous News
ICBA said the Federal Reserve’s proposed expansion of Fedwire Funds Service and National Settlement Service hours to 22 hours per day, seven days a week would place significant burdens on community banks for what is likely to be a low volume of transactions.
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Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey today issued the following statement after this year’s 15th acquisition of a tax-paying bank by a tax-exempt credit union.
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Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey today issued the following statement on Acting Comptroller of the Currency Michael Hsu’s remarks on evolving bank supervision.
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