Links in “BSA/AML”

The FFIEC has completed a translation of the Bank Secrecy Act/Anti-Money Laundering Examination Manual into Spanish. The manual is available to the public and can be accessed on the FDIC website. [10/15/15]

A former auditor of Bank of Internet alleges that his former employer has been making loans to borrowers who may have been off-limits under federal anti-money laundering laws and that many of its accounts lack tax identification numbers. He is suing the bank for violation of whistle-blower protection laws. [10/14/15]

The fight against money laundering and terrorist financing in the U.S. is an ongoing and evolving battle. That’s why every year FinCEN produces a new National Money Laundering Risk Assessment from the Department of the Treasury. In an analysis of more than 5,000 law enforcement cases and financial reports from both the private and government sectors, the 2015 Risk Assessment exposes trouble spots and emerging trends all financial institutions should analyze. Financial institutions are put in a vulnerable position when individuals and entities attempt to disguise the nature, purpose, or ownership of their accounts. This can occur through several avenues, but we’ll address the top three. [10/6/15]

FinCEN’s directer pulled the public eye when she announced data that showed many small credit unions have not filed any Bank Secrecy Act-mandated Suspicious Activity Reports or Currency Transaction Reports in nearly two years. AdvisX regulatory affairs counsel, Chris McCullock, explains what this finding means, and discusses a plausible explanation for such a lack of SAR and CTR reports. [10/2/15]

What must your small financial institution do to determine whether its BSA/AML monitoring system is as sound as those applied by their far larger counterparts? In Part 1 of this two-part post, we discussed the first secret weapon vital to the smaller financial institution's BSA/AML monitoring systems: sufficiency. This week, we'll examine the second and final essential element. [9/29/15]

The ever-increasing importance of a robust BSA/AML monitoring system has become more than clear in recent years. However, an all-encompassing monitoring system often feels beyond the reach of the smaller financial institution. Resources are finite, and some institutions are left floundering when attempting to cover all their bases. What must your small financial institution do to determine whether its BSA/AML monitoring system is as sound as those applied by their far larger counterparts? In this two-part blog post, we’ll break down two essential elements that smaller financials must have in their BSA/AML monitoring systems. [9/22/15]

Proposed FinCEN rules would require investment advisers to establish written anti-money laundering programs, report suspicious activity and follow recordkeeping requirements. How might this impact your credit union? [9/11/15]

The investigation is linked to accounts tied to four businesses affiliated with Mexican billionaire Carlos Hank Rhon, a businessman involved in banking and other industries. Citigroup says it is expanding its regulatory and compliance functions, with plans in place to have 30,000 people working in those areas by the end of the year, a 15% increase from the end of 2014. [8/17/15]

Everyone who drives a car knows that the cost of ownership doesn’t end when you walk out of the dealership with the keys in your hand. Cars require constant care and tuning up (not to mention that dreaded emissions test every year). Similarly, your anti-money laundering (AML) system can’t be merely turned on and then left to its own devices. These systems also require constant care and tuning up in the form of validation and optimization. [8/11/15]

Congratulations! You’ve just been made head coach of a major college basketball team and are now responsible for improving their ranking. All anyone will tell you is the number of wins and losses from last year. Based on this information alone, you have one mission: improve the team. Can you do it? Probably not (unless you’re Coach K). Without further information, like current ranking or player stats, your evaluation of your new team’s strengths and weaknesses would be rudimentary at best. Yet, such is often the case when evaluating a Bank Secrecy Act Anti-Money Laundering (BSA/AML) automation system. [7/21/15]