Links in “BSA/AML”
- Chasing Your SAR into the Black Hole
After you click submit, it can seem like your Suspicious Activity Report disappears into a black hole; here's what happens to them and what your institution can do to improve the process. [6/27]
- Key Takeaway from FinCEN Reorganization: Creation of an Enforcement Division
Reading between the lines: With Financial Crimes Enforcement Network announcing shift in organizational structure that moves enforcement from a function within each division to its own division, greater attention to enforcement seems likely. [6/25]
- OCC Report Highlights FI Risks
Report targets ERM, Cyber, Underwriting, Earnings & BSA/AML risks. That'll keep you busy. [6/19]
- Next Stop for AML/Fraud Attention: Virtual Currencies
Regulators figuring out how to handle virtual currency providers. [6/17]
- FinCEN on the Virtual Economy
FinCEN Director delivers insightful speech on virtual currency and impact on BSA and other areas. [6/14]
- CTR FAQs: Entity v. Person Distinction Clarified
When all references in an item are to a person, here's guidance on what selection should you make when filing on an entity. [5/30]
- FinCEN Updates FAQ on SARs
Nothing short of a must-read for BSA/AML Departments. [5/24]
- Assistance Now Available for Use of the New Online CTRs and SARs
FinCEN has published two sets of FAQs that provide guidance and information about completing and submitting the new online CTR and SAR forms, including how to aggregate multiple transactions when they occur at different locations. [5/29]
- Worthwhile Reading: New FAQs on SARs and CTRs
Two key takeaways from FinCEN's latest FAQs on Suspicious Activity Reports and Currency Transaction Reports. [5/29]
- Fall Out Begins from $6B Money Laundering Case
Proposed rule, impacting about 5,000 banks, seeks to cut off Liberty Reserve from the U.S. banking system. [5/29]
