Company: BPOPM
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001193125-25-043848
Chunk: 62

Company: POPULAR, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 5
Chunk 62
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laundering
and
countering
the
financing
of
terrorism
policy;
requires
the
development
of
standards
for 
testing technology and
internal processes for BSA
compliance; expands enforcement-
and investigation-related authority,
including 
a
significant
expansion
in
the
available
sanctions
for
certain
BSA
violations;
and
expands
BSA
whistleblower
incentives
and 

  19 
protections.
Many
of
the
statutory
provisions
in
the
AMLA
require
additional
rulemakings,
reports
and
other
measures,
and
the 
impact
of
the
AMLA
will
depend on,
among
other
things,
rulemaking and
implementation guidance.
In
June
2021,
the
Financial 
Crimes Enforcement Network, a bureau of
the U.S. Department of the
Treasury,
issued the priorities for anti-money laundering
and 
countering the
financing of
terrorism policy
required under AMLA.
The priorities
include: corruption, cybercrime,
terrorist financing, 
fraud, transnational crime, drug trafficking, human trafficking and
proliferation financing. 
Federal regulators
regularly examine BSA/Anti-Money
Laundering and sanctions
compliance to
enhance their
adequacy 
and effectiveness, and the frequency and extent of such examinations
and related remedial actions have been
increasing. 
Community Reinvestment Act
The
CRA
requires
banks
to
help
serve
the
credit
needs
of
their
communities,
including
extending
credit
to
low-
and 
moderate-income individuals
and geographies.
Should
Popular
or our
bank
subsidiaries
fail
to
serve
adequately
the community, 
potential penalties may include regulatory denials of applications to expand branches, relocate offices or branches, add subsidiaries 
and affiliates, expand
into new financial activities
and merge with or
purchase other financial institutions.
On October 24, 2023,
the 
OCC,
the
Federal
Reserve
Board,
and
the
FDIC
jointly
issued
a
final
rule
to
modernize
the
federal
banking
agencies’
C