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New BSA Blast discusses AML whistleblower awards, Russian sanctions
A new edition of NAFCU’s BSA Blast is now available on the association’s website in its user-friendly digital format with direct links to each section. The first quarter issue features articles from NAFCU’s award-winning Compliance Team on implementation of whistleblower awards and Russian oligarchs’ attempts to evade sanctions.
In the first article, Senior Regulatory Compliance Counsel Rebecca Tetreau breaks down Congress’ Anti-Money Laundering Whistleblower Improvement Act (AML WIA), an amendment to the Anti-Money Laundering Act of 2020. In the original AML law, there were concerns “that whistleblowers could be denied any amount, since the AMLA did not guarantee any amount.” The article explains that the amendment creates a minimum award amount for whistleblowers of money laundering.
The second article discusses attempts by Russian oligarchs to use the American financial system to evade sanctions. Director of Regulatory Compliance Nick St. John focuses on the Financial Crimes Enforcement Network’s (FinCEN) financial trend analysis, which notes that of 7,000 reports, 454 of them had transactions linked to sanctioned Russians.
Additionally, the BSA Pulse highlights remarks by FinCEN’s Acting Deputy Director Jimmy Kirby on the increased risks of fraud in a digital age.
The BSA Blast is a NAFCU member-only, quarterly e-newsletter offering coverage and analysis of credit union compliance issues and industry activity concerning the BSA and related issues.