Links in “BSA/AML”
- NCUA Promotes BSA Knowledge
March 19, 2014 webinar from NCUA on BSA-MSB Issues provided to aid credit union managers and compliance staff understand both risks associated with such entities and the failure to properly monitor related activities. Features AffirmX's own Jane Pannier. [2/28]
- FinCEN Goes Official on GSEs
Federal Register provides details on FinCEN new requirements for GSEs (Fannie Mae, Freddie Mac, etc.) to require AML-program-like requirements and monitoring. Impact on mortgage lending to be seen. [2/25]
- FinCEN Focuses on Mortgage Fraud
FinCEN finalizes anti-money laundering (AML) regulations regarding SAR filing issues as they relate to mortgage fraud and money laundering. [2/21]
- Marijuana “Limited” and “Priority” SARs: Not Very Comforting to Banks
Recent guidance describes the "marijuana limited" Suspicious Activity Report that banks must file on businesses engaged legally in the marijuana trade and the "marijuana priority" SAR that banks must file on businesses they think are in violation of the federal priorities, such as preventing distribution to minors, preventing revenue going into criminal organizations, and others. [2/19]
- FinCEN Offers Guidance on Marijuana and Banking
FinCEN guidance focuses on due diligence expectations and reporting requirements for the mostly cash marijuana industry. Challenges remain inherent given expectations for monitoring of entity for violations of Federal Law and new DOJ priorities. [2/17]
- FinCEN Shuts Down MSB Operations
FinCEN files CMPs against Michigan MSB for serious and willful BSA violations involving failure to implement anti-money laundering efforts involving wires to Yemen. [2/10]
- FinCEN Sets Sights on Virtual Currency
Article highlights expanding targeted focus of Financial Crimes Enforcement Network (FinCEN) on virtual currency with reach expanding to those directly involved in the currency. Key tool is Suspicious Activity Reporting failure. [2/6]
- Question: OFAC Check on Vendors?
Questioner has difference of opinion with account payable department about when to run an OFAC check on vendors. Here's the response. [1/31]
- Basketballs and Waterfalls: Optimizing Your AML System
NB Risk's Ken Agle shares how a waterfall model and an analogy to coaching a major college basketball program can help financial institutions seeking to optimize their anti-money laundering systems to reduce noise and increase efficiencies. [1/27]
- JPM’s AML and SAR Failures with Madoff Accounts Lead to $1.7 Billion Settlement
Failure to maintain an effective Anti-Money Laundering program and failure to file a Suspicious Activity Report played a role in facilitating Bernard Madoff's ponzi scheme, resulting in a $1.7 billion settlement between JPMorgan Chase and the government. [1/8]
