Links in “BSA/AML”
- When a $50/Month Account Becomes a $50 Million Account: Suspicious?
A small cattle-breeding business that had about $50 a month coming in suddenly had an influx of $7 million and eventually shuttled nearly $60 million through the account. Banamex USA didn't file a suspicious activity report. Here's a sometimes gruesome look inside a money laundering scheme that this Citigroup bank overlooked for years. [11/20/15]
- 5 Steps to an Examination-Ready BSA Risk Assessment
A thorough BSA program is becoming more essential than ever. What five steps can you take to make sure your BSA Risk Assessment is ready for your next examination? Scrutiny of Bank Secrecy Act compliance at financial institutions everywhere is surging. Fines and enforcement orders are all over the headlines. Regulators, as well as board members, want to know that banks and credit unions have taken a good look at what their exposure is and have a solid plan in place to address those risks. [11/17/15]
- Paris Attacks: What AML Professionals Can Do
While recognizing that the private sector is limited in what it can do to combat terrorism, it is clear that there are things AML professionals can do. [11/16/15]
- Fed Orders California Bank to Beef Up AML
East West Bank in Pasadena, CA, was ordered to gather more information about its customers, including those who are overseas, and to change how it judges the risk of customers. [11/13/15]
- Risk Watch 77: Kickstart My Money Laundering Scheme? Crowdfunding and SARs
Though the relative number of SARs associated with crowdfunding is still low, a 171% rate of increase canât be ignored. Ken Agle, president of AdvisX, gives us the lowdown of what attracts money launderers and fraudsters to these crowdfunding campaigns, and clues us in on how to spot and report such unsavory practices. [11/6/15]
- Money Laundering Concerns Cloud Dutch Bank with 119 Branches in California
Rabobank's tiny outpost operating on the Mexican border in a plain, white building was taking in a lot of cash for years. Now prosecutors are wondering if the bank was vigilant enough against money laundering. [10/26/15]
- Risk Watch 75: Making SARs Work for You
Ever wonder what becomes of your Suspicious Activity Report once itâs submitted? Ken Agle of AdvisX takes a look at the FinCENâs 2015 SAR Stats, which breaks down how SARs are used by various federal, state, and local agencies. Whatâs more, it offers some helpful tools your financial institution can use to make sure its Bank Secrecy Act program is proactively meeting emerging threats. [10/23/15]
- Two Foreign Banks Sue FinCEN for Section 311
Used to playing offense, FinCEN finds itself on the defense against two foreign banks that are fighting back against being designated under Section 311 of the USA PATRIOT Act as "primary money-laundering concerns." [10/19/15]
- “Helping Other People” Helped into Conservatorship
New Jersey's Helping Other People Excel Federal Credit Union, with $290,000 in assets and 96 members, was placed into conservatorship. Two Florida men who controlled the credit union have been accused of running a phony company to operate an unlicensed Bitcoin exchange to launder money. [10/19/15]
- FinCEN Reports Huge Rise in Funnel Accounts
According to FinCEN, the standout trend in 2014 SAR filings was the large increase in the use of funnel accounts for money laundering purposes. A funnel account is an account that receives multiple cash deposits, often in amounts below the cash-reporting threshold, and from which funds are withdrawn in a different geographic area with little time between deposits and withdrawals. [10/15/15]
