Links in “BSA/AML”

The U.S. Treasury Department has just released its National Money Laundering Risk Assessment, which is designed to provide information on the latest emerging channels employed by criminals. In this episode AdvisX analyst Barrett Jones explains some of the money laundering schemes exposed in the Risk Assessment. [7/2/15]

A Las Vegas money services business, Lee's Snack Shop, Inc, has been fined $60,000 for willfully violating the Bank Secrecy Act. Strikes against the MSB included failing to file at least 216 CTRs and attempting to conceal transactions. [6/29/15]

From under $1 billion last year to an estimated $1.56 billion in 2019, the global anti-money laundering software market is expected to see steady global growth. [6/25/15]

The Bank of Mingo will have to pay a $4.5 million civil money penalty for its “severe and systemic failures in many aspects of its anti-money laundering program.” Ouch. [6/16/15]

Two new risk assessments, the National Money Laundering Risk Assessment and National Terrorist Financing Risk Assessment, have been released by the Treasury. These assessments are designed to help enable financial institutions to better fight against money laundering. [6/15/15]

The importance of a robust BSA/AML monitoring system is clear. However, an all-encompassing monitoring system often feels beyond the reach of the smaller financial institution. AdvisX analyst Cody Knudsen brings us the second BSA/AML secret weapon in this special two-part Risk Watch episode. [6/5/15]

FinCEN announced a $75 million civil penalty against Hong Kong Entertainment (Overseas) Investments and Tinian Dynasty Hotel & Casino for failure to develop and implement an AML program. The casino went years without an AML program in place, willfully conducted suspicious transactions, and offered advice for avoiding laws in the U.S. [6/4/15]

The BitLicense puts in place guidelines for protecting consumers and preventing money laundering. [6/4/15]

The Wall Street Journal has reported that a confidential FinCEN report identifies more than 50 credit unions as being vulnerable to money laundering.  While not citing any wrongdoing on the part of these credit unions, FinCEN is concerned that these institutions may not have sufficient due diligence and monitoring systems in place to address an increase in the use of smaller institutions by both money services business (that launder money) and drug traffickers. [6/3/15]

FinCEN has fined King Mail & Wireless Inc. $12,000 today for “willful and repeated violations of the Bank Secrecy Act.” [6/2/15]