Links in “BSA/AML”

With any AML system it can be tempting to look the other way and let things slide, especially when closer inspection can mean a ton of work. However, letting things slide has many potential negative results, from employment termination to closure or acquisition. In this video, Analyst Cody Knudsen explains how quality control and quality assurance factor into your AML efforts. [11/14/14]

Consider your BSA program as one of the wheels that supports the vehicle that is your compliance program. Within this wheel, there are several smaller components—the rim, axle, and spokes could perhaps be considered due diligence, training, and suspicious activity monitoring. For BSA, one of these crucial pieces is the suspicious activity report (SAR) narrative. In this blog post, Analyst Rachel Osborn has prepared a good and a bad example of SAR narratives so you can see the guidance in action. [11/12/14]

The AML Task Force, made up of eight government agencies, has taken upon itself the task of bettering the world of AML. During the ABA Conference, Under Secretary Cohen detailed the efforts that have been taken as well as future efforts, with an emphasis on the handling of money services businesses. [11/10/14]

Ever since the increased regulatory scrutiny on money services businesses, financial institutions everywhere have been shutting down MSB accounts or refusing to open accounts in the first place. This has not gone unnoticed as FinCEN made an official statement today in favor of MSBs. [11/10/14]

How should you walk the line between protecting your member’s information and satisfying information requests by law enforcement and the courts? Understanding the information sharing requirements and limitations under the SAR safe harbor provisions and the Right to Financial Privacy Act can help. [10/29/14]

Are you prepared for how virtual currencies may impact your BSA monitoring requirements?  FinCEN has issued two administrative rulings that deal with virtual currencies. The first addresses virtual currency payment systems and the second addresses the application of regulations to a virtual currency trading platform. [10/28/14]

As credit unions struggle to build their loan portfolios, many are turning to loan participations. To do this successfully, you must understand the regulatory and due diligence requirements. [10/24/14]

The OCC will host two workshops focused on compliance and consumer protection risk surrounding BSA, TILA, CRA, and more. Attendees will come away with an understanding of best practices and what examiners look for in evaluating institutions. Find a full list of upcoming workshops here. [10/15/14]

While financial institutions deal more with money than with morals, there are several mistakes with currency transaction reports that can reflect unfavorably on your entire BSA program. Take a look at this list to see if your institution is guilty of one or more of these “deadly CTR sins,” and find out what is needed for penitence. [10/14/14]