Links in “BSA/AML”
- Madoff (and Regulators) Strike JPMC for $461 Million in Fines
FinCEN and OCC combine for $461 million in fines of JPMorgan Chase for willfully violating BSA by failing to report suspicious transactions arising out of Bernard L. Madoffâs decades-long, multi-billion dollar fraudulent investment scheme. Financial institutions could benefit from a consideration of the key weaknesses cited by regulators. [1/8]
- Question on Form of Identification for CTRs
Questioner asks if a letter from the IRS granting non-profit status is sufficient for Currency Transaction Report (CTR) identification purposes. Here's a response. [1/6]
- A Look at the Gap Between Bitcoin’s Innovation and Threat
While it is important to recognize that innovation is a vital part of U.S. economy, the financial system must also address the money laundering or terrorist finance concerns of Bitcoin. [12/27]
- OCC Gives Perspective
Fall 2013 outlook notes overall strategic risk as elevated, noting focus on individual bank's strategic business plans for growth, cyber security threat management, competition impact, BSA/AML dynamic shifting towards new money laundering methods, and market volatility and price risk. [12/20]
- Half of Community Banks Still Doing AML Monitoring Manually
One of a community bank's greatest strengths, relationship banking, can also be one of its biggest downfalls when it comes to anti-money laundering monitoring. [12/18]
- Symitar Still Dominant in Credit Union Market
In the past year, Harland Financial Services purchased the UltraData platform. Fiserv purchased Open Solutions and then announced it was discontinuing its Acumen initiative. Still, Jack Henryâs Symitar platform continues to dominate the market for credit union operating systems. [12/17]
- Cuckoo Smurfing: Beware this Complex Money Laundering Scheme
Named for the cuckoo bird, which lays its eggs in the nest of other bird species who unwittingly take care of them believing them to be their own, cuckoo smurfing is a complex money laundering scheme that looks to transfer funds through the bank accounts of innocent customers. Here are four steps in the cuckoo scheme process. [12/11]
- FDIC Issues Consent Order to Florida Bank to Fix AML Controls
Banesco USA told to fix its anti-money laundering issues, including creating a BSA committee on its board, adding compliance staff, increasing training, hiring consultants to review controls, improving its AML risk-rating method, and reviewing procedures for wire transfers and new accounts. [12/9]
- FinCEN and Fed’s Fund Transfer Rule Goes Final
Regulatory definitions for "funds transfer" and "transmittal of funds" under BSA finalize. Keeps information on international funds transfers and remittances under BSA purview by carving out former exemption under EFTA. Impact should be minimal. [12/4]
- Don’t Expect Easing of Iran Sanctions to Reduce AML Monitoring Anytime Soon
While there are still some hurdles to jump before Iranian sanctions are eased, for now compliance officers will need to ensure their compliance programs are fully vigilant in looking for "bad" activities. [12/2]
