Transaction laundering could be the money laundering and fraud issue of 2019 and beyond. The Financial Timessays transaction laundering is a $200 billion per year scheme in the United States alone and that number is expected to increase (perhaps exponentially) over the…
The FFIEC started the list of higher-risk products, services, and customers in its BSA/AML Examination Manual: Office of Foreign Assets Control—Overview. Presenting the list (see also 31 CFR Part 501), FFIEC said: In evaluating the level of risk, a bank should exercise…
The New York Department of Financial Services (NYDFS) BSA/AML and OFAC regulations (Part 504) contain 22 separate, specific requirements (with numerous sub-requirements) DFS-regulated institutions’ BSA/AML programs must meet. Then, the individual institution’s directors or senior officer(s) must certify they made “individual…
Is the Risk Assessment Critical, Important, or Just Another Box to Check? The Philadelphia Federal Reserve Bank sounded a warning in a definitive work on requirements for BSA/AML risk assessments: “Many institutions, particularly community banks, simply do not know where…
Here at RegSmart, we want to equip you with as much knowledge as possible. In part 2 of this two-part series, we will review the remaining 9 important facts to consider with regard to Beneficial Ownership (For Part 1, please…
Here at RegSmart, we want to equip you with as much knowledge as possible. In part 1 of this two-part series, we will review 5 important facts to consider with regard to Beneficial Ownership. For most institutions, compliance with the…