BSA/AML Examiner School - October 2023

Internal Use Only

Emerging Issues

• • • • • •

Beneficial Ownership

FinCEN Priorities

AI & Machine Learning

CRBs

Human Trafficking

Elder Financial Exploitation

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Internal Use Only

Corporate Transparency Act (CTA)

• Law enacted on January 1, 2021 • Part of the National Defense Authorization Act • Aims to enhance transparency & combat ML, TF, corruption, tax fraud, and other illicit activities.

Requirements: • Certain companies in the U.S. to report their BOI to FinCEN. • Reporting requirement will begin on January 1, 2024.

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