The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule raising statutory fines for violating the Bank Secrecy Act (BSA). In some cases the maximum penalty amounts or ranges have…
Suspicious Activity Reporting (“SAR”) forms the cornerstone of the Bank Secrecy Act (“BSA”) reporting system. Broadly speaking, federal regulations require all banks and financial institutions to…
The new Customer Due Diligence Final Rule announced by FinCEN last week was less radical than some anticipated. It has been called both…
The unpredictability of five US bureaus governing financial institutions are nothing compared to the complexity 50 states can introduce. As complicated as the regulatory Olympics already are, rules are getting even more complex as…
Eradicating transaction laundering from your portfolio is a group effort. Disconnected teams will not suffice. A well trained risk management organization, working cohesively, will be best prepared when violators strike. To defeat savvy fraud rings, today’s risk professionals need to…
Numerous states — 23 and counting — have legalized distribution of medicinal and recreational marijuana. A growing number of cannabis businesses seek access to financial institutions (FIs). How should banks approach this opportunity?
As if to finish the year on a watchful note, FinCEN announced December assessments against two businesses that operated in ways that could conceal the flow of dirty money. They both violated the Bank Secrecy Act (BSA), yet neither one was a bank.
Excellent MAC Midwest Training Event in Dallas on October 1, 2015! The program featured experts from across the industry on topics ranging from EMV to new trends in fraud.
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