Links in “BSA/AML”

Comptroller of the Currency Thomas Curry stressed to members of the IIB the importance of all financial institutions understanding BSA/AML risk. Curry also emphasized the need to combat money laundering, stating that "money is like water for terrorists; they need it to survive." [3/3/15]

First National Community Bank gets fined $1 million for willfully violating the Bank Secrecy Act and not catching suspicious activity related to judicial corruption. [3/2/15]

With Bank Secrecy Act compliance, it’s tempting to become careless in collecting information due to repetitive nature of the process unless we keep the end purpose in mind: catching suspicious activity. Because of this, it’s a good idea for compliance personnel to take a step back every now and then and see how something as small as a proverbial nail factors into the overall security of the institution. [2/10/15]

A recent speech by the OCC's Curry before the Federal Agencies and Branches Outreach Meeting highlights BSA & OFAC requirements and OCC expectations for a sound, dynamic response to risks. [2/6/15]

Sullivan & Cromwell, LLP, provide an insightful end-of-2014 review of U.S. BSA/AML and sanctions developments and their importance to financial institutions in. [1/30/15]

CUNA has asked NCUA to clarify whether the recently signed bill that expanded share insurance coverage to IOLTA accounts at credit unions would also cover other types of escrow accounts, such as prepaid funeral expenses accounts and realtor escrow accounts. In addition, CUNA has asked for guidance on other issues related to IOLTA accounts, such as recordkeeping requirements and BSA implications. [1/29/15]

FinCEN fined Oppenheimer & Co., a broker-dealer, $20 million for failing to perform adequate due diligence on a foreign correspondent account and failing to comply with Section 311 of the USA PATRIOT Act. This is the third and largest fine Oppenheimer & Co. has experienced in the past 10 years. [1/28/15]

Our most popular blog post of last year was about writing a knockout SAR narrative (you can find part one here and part two here). But when reviewing suspicious activity reports, we’ve noticed a large number of issues associated with those troublesome beasts known as continuing SARs. That's why AffirmX Analyst Rachel Osborn has provided a guide to writing a knockout continuing SAR narrative. [1/27/15]

Perhaps not surprisingly, the most common questions we receive aren’t broad, general questions having to do with BSA in the abstract, but specific questions about the nitty gritty details. Because let’s face it, BSA can be complicated. Join AffirmX Senior Analyst Coppelia Padgett to get answers to your burning BSA questions. [1/23/15]

NCUA has provided federally-insured credit unions with a copy of the guidance it recently sent to its examiners and field staff. The guidance addresses the due diligence measures that are expected from credit unions that have accounts owned by money services businesses. [12/29/14]