Links in “BSA/AML”
- In Pursuit of the Well-Written SAR Narrative
Suspicious Activity Report (SAR) narratives can be one of the more problematic areas of BSA compliance. However, writing a sufficient SAR narrative is a lot easier than it sounds! Read our guide for writing a thorough, FinCEN-worthy SAR narrative. [5/29]
- Your Top Five BSA Questions Answered
AffirmX's Senior Analyst Coppelia Padgett answers the top five most common BSA questions we received after participating in an NCUA BSA webinar. See if your burning BSA question made the list. [5/20]
- International Look at KYC/AML Concerns
Survey finds that Know Your Customer and anti-money laundering regulations continue to dominate banker concerns from all across the globe. [5/19]
- OCC Streamlines Interagency Rules
The OCC is moving to combine rules for National Banks and Federal Savings Banks in effort to achieve oversight uniformity. Rules of focus include consumer protection in insurance sales, Bank Secrecy Act (BSA) compliance, management interlocks, appraisals, disclosure and reporting of Community Reinvestment Act (CRA)-related agreements, and the Fair Credit Reporting Act (FCRA). [5/16]
- Bank Fined $500K for AML Deficiencies
Associated Bank (Wisconsin) was fined $500,000 by the OCC for inadequate training, risk management practices, and an insufficient system for tracking suspicious activity. [5/15]
- NCUA Pumps Up the BSA Volume
NCUA will be hosting a series of free webinars starting May  21, 2014, which will provide an overview of OFAC's and FinCEN's programs, enforcement authority, and relationships with other regulators. Leading experts will include Adam Maddox (OFAC Sanctions Compliance Officer), Andrea Sharrin (Financial Crimes Enforcement Network), and Stephanie Brooker (Financial Crimes Enforcement Network). [5/6]
- Case Study: FinCEN’s New Push on BSA Enforcement
Florida money services business gets hit with civil money penalties for flaws in its anti-money laundering program. Here's a look at what caught FinCEN's attention. [5/2]
- Risk Watch 11: The Waterfall: The Key to Optimizing Your AML System
Many institutions suffer from an overproduction of unnecessary AML alerts. On this episode of Risk Watch, Analyst Cody Knudsen will describe the key to optimizing your AML alert monitoring system: the waterfall model. [5/1]
- You Must Be Mistaken: The Impact of False Positives on the OFAC List
With most hits on the OCAF list being false positives, this article takes a look at the impact on the relationship between the mistaken customer and the bank, which would typically rather lose the customer than risk big regulatory sanctions. [5/1]
- BSA Violations Cost MSB $10K in Fines
Failing to register as a money services business was just one of the Bank Secrecy Act violations that led to a $10,000 civil money penalty for a Florida company. [4/28]
