Links in “BSA/AML”

The government is constantly seeking ways to eliminate terrorism, drug use, and money laundering, and they believe that limiting international money transfers can put these activities in check. Many banks are reducing the ease and increasing the cost of these transfers, which puts a huge strain on immigrant populations typically categorized as low-income. [7/7/14]

Governor Cuomo announced the launch of a new database and the cooperation of Bank of America, which will work with the NY's Department of Financial Services to protect consumers against payday lenders. The database serves multiple functions such as providing an additional resource for financial institutions to use as part of their KYC searches. [7/3/14]

A recent OCC report notes an intensifying competition for limited lending opportunities resulting in loosening underwriting standards. The report also noted the growing challenges associated with the evolving cyber-threats and risks associated with BSA due to rapidly changing money-laundering methods. [6/26/14]

As any health-conscious person knows, regular physical exams are the key to identifying potential problems while they are still manageable in order to stay at the top of their game. Similarly, for financial institutions to do the same, a “physical” is needed for every aspect of compliance, especially the regulatory behemoth: the Bank Secrecy Act. Recently, AffirmX's Senior Vice President Jane Pannier had an opportunity to spend some time at the NCUA headquarters, and was able to discuss top concerns related to BSA with some of their principal people. She shares three areas that she believes will be crucial in your 2014-2015 BSA exam. [6/24/14]

Worried about your anti-money laundering (AML) program? You're not alone. While the regulatory heat is turning up on AML  compliance, a new survey finds that only half (48%) of respondents say their bank has a “strong culture of compliance” in AML, with the top identified impediment being gaps in their banks’ AML strategy, with 47% calling it their most pressing concern for the next 6-12 months. [6/20/14]

Bancorp Bank's consent order with the FDIC calls for the Delaware bank to fix its BSA program, including appointing a qualified BSA/OFAC officer, addressing its suspicious activity monitoring, enhancing customer due diligence, completing a look-back project, establishing an independent testing program, and bolstering its training program. [6/16/14]

Because Know Your Customer (which includes CIP/MIP, CDD/MDD, and EDD) is such a critical part of compliance, we've put together a "Director's Briefing," a high-level overview of important areas of risk presented in 5 minutes or less. Join AffirmX Analyst Cody Knudsen to gain a better understanding of the history and important elements of KYC. [6/13/14]

How much data from the 15 million CTRs and 1.5 million SARs filed annually by U.S. banks reaches the spy agencies? According to FinCEN's director, "we think we've gotten that balance right." [6/10/14]

European regulators promote enforcement by shining a spotlight on financial institutions with weak anti-money laundering systems. [6/5]

Secretary Lew spoke at the Center For Strategic and International Studies' event Monday, mainly highlighting the Treasury's Office of Terrorism and Financial Intelligence (TRI). Lew gave a brief history of this institution and the role it has played in recent years by combating terrorist efforts without compromising the safety of individuals. This organization identifies and analyzes dangerous financial transactions, and seeks to shut down terrorist funding, harmful money laundering schemes, and more. [6/3]