BSA/AML Examiner School eBook

Internal Use Only

Emerging Issues

• • • • • • •

Beneficial Ownership FinCEN Priorities BaaS – Banking as a Service AI & Machine Learning

CRBs

Human Trafficking

Elder Financial Exploitation

Internal Use Only

Corporate Transparency Act (CTA)

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

• 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.