Items include
BSA-AML
Aug 24, 2023
It’s not enough to have a robust program to comply with the Bank Secrecy Act and anti-money laundering regulations — CFIs are required by regulation to also routinely audit whether their programs are truly adequate enough to thwart nefarious acts like drug trafficking and terrorism. We share details of an appropriate auditing process.
Jun 27, 2023
Money mule activity is on the rise and CFIs need to be aggressive in their efforts to thwart it, both through initiatives to educate consumers about the risks and internal efforts to identify and crack down on the practice. We discuss precautions to take to protect your customers and your institution from money mules.
May 22, 2023
The broad, complex sanctions imposed on Russia following its second invasion of Ukraine have been very challenging for financial institutions. CFIs may have to choose between managing the sanctions’ complications or simply avoiding relationships that would require navigating them.
Feb 8, 2022
Last year, the FBI reported it had pursued 2x the number of people involved in money mule activities vs. those in 2020. While they were able to recover $3.7MM in fraud funds, money mules are still actively recruited, wittingly and unwittingly. Here are three critical tips to protect your institution.
Feb 22, 2022
Despite an unprecedented need to help victims of natural disasters and wars around the world, humanitarian aid nonprofits and other organizations — along with their financial institutions — often face challenges transferring funds for aid to certain countries. This is primarily due to the risk of money laundering or terrorist financing. We review the government’s findings on how to improve this situation and what this could mean for community financial institutions.
Jul 22, 2021
Recently, the Federal Financial Institutions Examination Council updated four sections of the Bank Secrecy Act/Anti-Money Laundering Examination Manual. We call out the specific sections affected, including CMIRs and reports of foreign financial accounts, and provide you with a short list of the examiner steps so you can stay compliant.
Jun 13, 2019
Community banks will want to take notice that regulators are stepping up enforcement of BSA/AML violations, as evidenced by $2.9B in imposed fines last year. We review the top areas of focus.
Nov 9, 2018
Sharing BSA resources can be helpful for community banks. A recent interagency statement provides some options and steps to stay safe.
Oct 9, 2018
One way to track whether and when it's safe to hook on to blockchain is by monitoring the regulatory and legal world. We provide you with some of the latest activities here.
Oct 4, 2018
Anti Money Laundering Suspicious Activity Alerts at banks are soaring, almost doubling since 2013. We bring you the latest updates on this hot topic.
Sep 18, 2018
Hindsight is often 20/20. So, today we provide some key takeaways from The FinCEN 2018 law enforcement awards ceremony to better prepare you for what may be coming.
Sep 12, 2018
In the past 5Ys, the number of suspicious activity reports filed annually by US financial institutions has soared. Need some tips to help you fight AML? We have some.
Aug 23, 2018
Community banks are on track to comply with FinCEN's new AML beneficial ownership rule. A new survey highlights some of the ways they are doing this.
Jun 19, 2018
Enforcement agencies have successfully used BSA reporting to create financial trails that track criminals. We highlight some of their stories for you.
May 29, 2018
Banks are now complying with new rules for reporting beneficial ownership of 25% or more but regulators can ask for information on owners with as little as 10%. We provide tips to help with this.
May 24, 2018
A recent crackdown on money laundering through marijuana and real estate provides important reminders for banks to carefully and actively manage their risk.
Mar 9, 2018
A recent survey of compliance officers provides insight for your next regulatory exam.
Feb 23, 2018
The challenges in BSA/AML continue to morph and change, so community bankers must adapt. A recent survey highlights some issues and best practices.
Feb 7, 2018
Beginning May 2018, banks will need to follow new Treasury Department rules to identify beneficial owners by both ownership and control. Here's what your bank should know.
Jan 8, 2018
Between $800B and $2T is laundered each year. Next-generation BSA/AML solutions with artificial intelligence could help.
Dec 6, 2017
New Customer Due Diligence requirements go into effect in May of 2018. Learn the four core elements to help your bank stay compliant
Nov 21, 2017
Understanding BSA/AML with merger and acquisition activity. What steps banks can take.
Mar 13, 2019
Seniors lose $2.9B annually to financial abuse. We provide ways you can use your ALM process to help protect these customers.
Sep 21, 2018
Money launderers have found another channel - online games. Although this is an unusual way to launder money, staying in the know is important for all banks.
Apr 8, 2022
Around $90B was withdrawn from over 200K independent ATMs across the country in 2020. As financial institutions continue to merge, close branches, and remove ATMs, these independent ATMs, found in convenience stores among others, are a lifeline to many consumers where banks have closed branches. They are also a revenue generator for many small businesses. Is this an opportunity for community financial institutions?
Jun 28, 2019
Some banks are crypto-friendly these days. We provide a few examples. Yet, banks that accept cryptocurrency-sourced deposits need to be especially vigilant around AML rules.
Jul 16, 2019
The FDIC noted in April that it's seeing gaps in banks' vendor contracts. We provide you with some important reminders to stay compliant.