The US financial regulator is warning firms across the country to watch for signs of sex and labor trafficking amid heightened local economic activity from the event.
SAR
FINRA's complaint outlines a detailed list of alleged violations, ranging from AML failures to electronic communications archiving shortcomings.
Voluntarily adoption of semi-annual financial reporting (SAR) as part of a multi-year pilot is inline with SEC Chair Atkins supporting a shift from quarterly reporting.
"Without real-time collaboration between banks, law enforcement, and tech platforms, preventative tools alone cannot be effective," says Martin Kenney.
The agency's clarification on suspicious activity reporting reflects movement toward a strategic, risk-based approach.
The Department of the Treasury regulator cites potential cost savings and lack of industry readiness as it looks to rework the rule.
New rulemaking is being developed to apply Bank Secrecy Act standards to stablecoin issuers and digital asset platforms.
The notice warns of scammers exploiting cryptocurrency ATMs for fraud and money laundering and urges stricter compliance with the Bank Secrecy Act.