Links in “BSA/AML”

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 first BSA/AML secret weapon in this special two-part Risk Watch episode. Check back next week for part II! [5/22/15]

When regulators talk about the root causes of the problems in a financial institution's Bank Secrecy Act and Anti-Money Laundering programs, invariably the cause that comes out at the top of their list is a weak culture of compliance. FinCEN has highlighted six hallmarks of an institution with a sound compliance culture. [5/19/15]

FinCEN honored law enforcement agencies that use BSA reporting in criminal investigations in a first-ever ceremony held at the U.S. Department of the Treasury. [5/13/15]

FinCEN hits Ripple Labs with a $700,000 fine for BSA violations, alleging that the San Francisco-based startup operated in its early days as an unregistered money service business and neglected to comply with anti-money laundering rules. [5/6/15]

If you often wonder whether those SARs and CTRs you submit ever lead to investigations, the IRS annual report sheds some light. According to the report, the IRS opened 1,312 cases involving money laundering and 809 cases involving BSA issues with the majority of those investigations leading to prosecution and indictments. [4/9/15]

The World Council of Credit Unions is speaking out in support of the actions under consideration by the Financial Action Task Force (FATF), which forms the basis for most FFIEC AML guidance,  to address financial institution customer “de-risking.”  Credit unions have reported that they face pressure from examiners not to open accounts for MSBs and that it is becoming increasingly difficult for credit unions to open and maintain bank accounts. [4/2/15]

The NCUA has liquidated the $3 million North Dade Community FCU in Miami Gardens, FL making it the second federally-insured credit union to be liquidated in 2015.  The credit union was fined $300,000 last year for BSA violations resulting from an astounding volume of cash transactions processed for money services businesses. [4/1/15]

Spring training for Major League Baseball is winding to a close, which means opening day will soon be upon us. Over the course of a long season, the teams that have used their spring training wisely frequently find that it makes the difference between being a playoff contender and an also-ran. In a similar fashion, efforts to thoroughly validate an anti-money laundering system can pay off in the long run. How do you achieve a strong AML system? Here are four areas to work on to get you closer to post-season form. [3/24/15]

A vital part of the AML process is to conduct a periodic validation of your system. AdvisX President Ken Agle discusses four common trouble areas to pay attention to. To learn more about the upcoming AdvisX Webinar: The Four Corners of BSA AML Investigation on April 15, click here. [3/20/15]

The Taj Mahal Casino Resort was fined $10 million dollars for failing to maintain and implement an effective AML program. [3/9/15]