Links in “BSA/AML”
- Question: Is Bank Required to Make Any Portion of Suspicious Check Available Per Reg. CC?
Customer wants to deposit a suspicious check for $15,000. Is bank required to make any of the funds available per Reg. CC? [8/26]
- Florida Bank Emerges from Two-Year, $11M AML Cloud
After a fine of $11 million and successful completion of a two-year fix-it window for its anti-money laundering compliance program, Ocean Bank in Florida sees DOJ charges dropped. [8/23]
- Inserting Compliance Personnel into Questionable Transactions on a Real-time Basis
Among three IT tools to drive compliance is working to be able to seamlessly bring AML personnel into the workflow to approve or reject questionable transactions. [7/29]
- Question on Including Non-present Joint Account Holder on CTR
Banker poses question about whether to report both account holders' names on a CTR for a cash withdrawal in excess of $10,000 from a joint account, and only one of the account holders was present. [7/22]
- Best Practices for Improving AML Screening
Whitepaper addresses six best practices for improving the quality of AML screening. [7/22]
- Survey: AML and OFAC Budgets and Staffing on the Rise
If you're feeling a bit strained by AML and OFAC compliance, you're not alone: 66% of survey respondents report AML and OFAC compliance budget increases over past 3 years, with 32% reporting their budgets were either inadequate or severely inadequate, and only 8% saying that they were devoting enough resources. [7/16]
- Employee Recommends Structuring to a Customer: Now What?
If you overhear a fellow bank employee recommend to a customer to avoid a CTR by splitting a deposit over two different days, how big is your problem? (Hint: it's pretty big.) [7/15]
- FinCEN Takes Aim at Armored Car and CTR Issues
The ever challenging arena of what role an armored car plays in the conductor & beneficiary issues of CTR is addressed. [7/12]
- IFCPA Results in Significant Expansion of OFAC List
Banks will see a significant expansion of activities and entities potentially subject to sanctions due to the Iran Freedom and Counter-Proliferation Act of 2012; expansion includes key Iranian industries such as energy, shipping, shipbuilding and automotive. [7/3]
- Judge Approves $1.9B Money Laundering Agreement
Judge approves agreement between HSBC, Europe's largest bank, and U.S.; HSBC has agreed not to contest criminal charges of failing to maintain an effective antiâmoney-laundering program, failing to conduct due diligence, and violating the Trading with the Enemy Act and the International Emergency Economic Powers Act. [7/3]
