Page 11 - Compliance Monthly - September 2019
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Compliance News
FFIEC Encourages Standardized Approach to Assessing Cybersecurity Preparedness
The Federal Financial Institutions Examination Council (FFIEC) members today emphasized the benefits of using a standardized approach to
assess and improve cybersecurity preparedness. The members note that firms adopting a standardized approach are better able to track their
progress over time, and share information and best practices with other financial institutions and with regulators.
Institutions may choose from a variety of standardized tools aligned with industry standards and best practices to assess their cybersecurity
preparedness. These tools include the FFIEC Cybersecurity Assessment Tool, the National Institute of Standards and Technology Cybersecurity
Framework, the Financial Services Sector Coordinating Council Cybersecurity Profile, and the Center for Internet Security Critical Security
Controls.
FFIEC members welcome collaborative approaches to advance and support cyber preparedness and enhance the efficiency and effectiveness
of the supervisory process. While the FFIEC does not endorse any particular tool, these standardized tools support institutions in their self-
assessment activities. The tools are not examination programs and the FFIEC members take a risk-focused approach to examinations. As cyber
risk evolves, examiners may address areas not covered by all tools.
Source: FFIEC, Publication Date August 28, 2019
FinCEN Advisory Alerts Financial Sector to Fentanyl Trafficking schemes
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and Treasury’s Financial Crimes Enforcement Network (FinCEN)
announced coordinated actions to bring additional financial pressure upon those who manufacture, sell, or distribute synthetic opioids or their
precursor chemicals.
Additionally, FinCEN issued an advisory to alert financial institutions to financial schemes related to the trafficking of fentanyl and other
synthetic opioids. Information in the advisory will assist them in detecting and reporting related criminal activity.
Source: U.S. Department of the Treasury, Publication Date: August 21, 2019
Prepared Remarks of FinCEN Director Kenneth A. Blanco
FinCEN Director, Kenneth A. Blanco, discussed the following as part of prepared remarks delivered at the 12 Annual Las Vegas Anti-Money
th
Laundering Conference:
1.) His perspective on how new technologies are impacting AML/CFT and financial crime detection, particularly sports betting and mobile
gaming;
2.) How FinCEN’s recent guidance on Convertible Virtual Currency is something that casinos need to pay attention to;
3.) A revisit the importance of a strong culture of compliance within c asinos; and
4.) An overview of our ongoing work related to regulatory reform, innovation, and BSA value.
Source: FinCEN, Publication Date: August 13, 2019.
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