FATF to Update Guidance on Virtual Assets

Adam Witmer
BSA, Regulatory Update

On March 19, 2021, the Financial Action Task Force (FATF) announced plans to update its existing guidance on the risk-based approach to virtual assets (VAs) and virtual asset service providers (VASPs). The FATF originally published this Guidance in June 2019 when the FATF finalized changes to its Standards to clearly place anti-money laundering and countering the financing of terrorism (AML/CFT) obligations on VAs and VASPs. In July 2020, the FATF committed to update this Guidance as set out in its 12-month review report and report to G20 on so-called stablecoins.

FinCEN Advisory on Updated Deficient Countries

Adam Witmer
BSA, Regulatory Update

On 3/11/21, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to inform financial institutions of updates to the FATF list of jurisdictions with strategic anti-money landing and combating the financing of terrorism and counter-proliferation financing deficiencies.

Remaining on the list are Albania, Barbados, Botswana, Burma (Myanmar), Cambodia, Ghana, Jamaica, Mauritius, Nicaragua, Pakistan, Panama, Syria, Uganda, Yemen, and Zimbabwe. The Bahamas were removed from the list while Burkina Faso, Cayman Islands, Morocco, and Senegal were all added to the list.

CFPB Rescinds Abusiveness Policy Statement from 2020

Adam Witmer
UDAAP, Regulatory Update

On 3/11/21, the CFPB announced that it is rescinding a policy statement that was just over a year old. Specifically, the CFPB has rescinded its January 24, 2020 policy statement titled “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” In their release, the CFPB explains that they intend to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act and these changes help to better protect consumers and the marketplace from abusive acts or practices.

FAIR LENDING BOOTCAMP - Discount Ends Today!

Adam Witmer

Today is the last day to get our new Fair Lending Bootcamp at $100 off with our “early bird” discount, so be sure to take advantage of this opportunity before it is gone. This program is a full day virtual seminar and takes a deep dive into fair lending rules, including Regulation B and the Fair Housing Act. If you or someone in your organization is looking for a comprehensive review of the fair lending expectations for financial institutions, the Fair Lending Bootcamp will walk you through four parts, including and introduction to fair lending, Regulation B, the Fair Housing Act, and fair lending risk indicators and hot topics. This program includes 6 hours of video instruction and comes with a downloadable reference manual. You can view the full curriculum of the Fair Lending Bootcamp at:

FinCEN Guidance on Art Trade

Adam Witmer
BSA, Regulatory Update

On 3/9/21, the Financial Crimes Enforcement Network (FinCEN) issued a notice (FIN-2021-NTC2) to inform financial institutions about (1) the Anti-Money Laundering Act of 2020 (the AML Act)1 efforts related to trade in antiquities and art, (2) select sources of information about existing illicit activity related to antiquities and art, and (3) provide specific instructions for filing Suspicious Activity Reports (SARs) related to trade in antiquities and art. This release encourages financial institutions to continue filing SARs regarding these topics and provides additional guidance.

FATF Guidance on Risk-Based Supervision

Adam Witmer
BSA, Regulatory Update

On 3/4/21, the Financial Action Task Force (FATF) released guidance titled “Guidance on Risk-Based Supervision” to help financial industry supervisors address the full spectrum of risks and focus resources where the risks are highest. In their release, FATF explains that a risk-based approach will make supervisors efforts to detect and prevent the financial flows that fuel crime and terrorism more effective. This is crucial, they explain, because it is better to detect and prevent money laundering and terrorist financing than to prosecute it after a crime has occurred.

OCC Revises SCRA Handbook

Adam Witmer
SCRA, Regulatory Update

On 3/4/21, the Office of the Comptroller of the Currency (OCC) issued a revised “Servicemembers Civil Relief Act” booklet, which is part of their larger Comptroller’s Handbook. This revised booklet provides information and procedures for examiners in connection with the consumer protections that servicemembers are eligible for under the Servicemembers Civil Relief Act (SCRA).

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