Links in “BSA/AML”
- Risk Watch Episode 7: In Pursuit of the Well-Written SAR Narrative (Part 2)
Writing the Suspicious Activity Report narrative is arguably the most challenging part of many financial institutionâs BSA programs. From the AffirmX Operations Center, where SARs from financial institutions all across the country are constantly reviewed, Analyst Rachel Osborn presents some examples of bad and good SAR narratives. (Part 2 of 2.)
- Risk Watch 6: In Pursuit of the Well-Written SAR Narrative (Part 1)
Writing the Suspicious Activity Report narrative is arguably the most challenging part of many financial institution's BSA programs. From the AffirmX Operations Center, where SARs from financial institutions all across the country are constantly reviewed, Analyst Rachel Osborn describes the common characteristics of a well-written SAR narrative. [3/31]
- FATF Updated List of Deficient Jurisdictions
Financial Action Task Force (FATF) updated its list of jurisdictions (countries) with strategic AML/counter-terrorist financing deficiencies. New list impacts FI obligations and risk-based approach to working with such jurisdictions. [3/26]
- What Do AML Rule Arrays and Fire Pit Pagodas Have in Common?
In an article for CU Insight, our own Ken Agle discusses AML rule arrays and fire pit pagodasâtwo things you don't want to build "off the cuff." [3/24]
- Risk Watch 4: Anti-Money Laundering Rule Parameters
Regulators are moving beyond just checking for accuracy when evaluating anti-money laundering screening rules and considering whether the rules themselves make sense for the institution. AffirmX's Ken Agle discusses what this means your institution should be doing now to prepare. [3/21]
- Vendor Management: Protecting the Core
A few tough questions to ask your core automation system, one of the most mission critical vendors your institution has. [3/20]
- OCC Goes Hollywood and Speaks on BSA
Speech today by OCC Comptroller to ACAMS (Association of Certified AML Specialists) in Hollywood (Florida) touches on key BSA points, including strong efforts in the industry, noted deficiencies that warrant additional attention, overcoming "de-risking" using increased risk management practices, and the continued importance of sound management principles to guide an FI's AML program. [3/17]
- NCUA Hosting Free BSA Training Webinar
NCUA is hosting a free BSA Compliance Training webinar on Wednesday, March 19Â at 2:00 pm EST. The webinar, which will be conducted by Jane Pannier, Esq., SVP and In-House Counsel for AffirmX (formerly NeighborBench), and Judy Graham, Program Officer with NCUAâs Office of Examination and Insurance, will include a testing component for which attendees can receive a certificate of training.
- “Why Didn’t Your AML Monitoring Catch This?”
Regulators aren't looking for money laundering, they're looking for faults with controls in place. [3/7]
- Could Be Worse: A Look Inside Citi’s Anti-Money-Laundering Headaches
Citigroup discloses it has received a subpoena from federal prosecutors and the FDIC related to anti-money-laundering compliance involving a banking affiliate. This account looks back at some of the history of Citi's problems stemming in part from improvements gone awry. [3/4]
