Compliance into the Weeds The CSBS and State-Level Enforcement Actions in AML
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Jan 22, 2025 Delve into the significant enforcement action by the Conference of State Bank Supervisors against Block Inc., which resulted in an $80 million fine and extensive compliance reforms. Explore the evolving role of state regulators in anti-money laundering and consumer protection, and the implications for compliance professionals navigating a complex regulatory landscape. Gain insights on how to bolster transparency and form compliance committees amidst potential shifts in federal priorities.
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CSBS Enforcement Action Against Block, Inc.
- The Conference of State Bank Supervisors (CSBS) levied an $80 million fine against Block, Inc. for AML deficiencies.
- This highlights the increasing importance of state-level enforcement in areas like AML and data privacy.
Rise of State-Level Enforcement
- State-level enforcement actions, like the one against Block, Inc., may become more common.
- This is especially true if federal regulatory priorities shift or enforcement actions decrease.
CSBS Action Against Bayview Asset Management
- The CSBS also recently took action against Bayview Asset Management for cybersecurity failings leading to a privacy breach.
- This demonstrates the CSBS's broader reach beyond AML, extending to data privacy and cybersecurity.