The Future of Compliance Will Require Clean Data Sets
Consolidation over the last several decades has led to disparate sources of raw data locked up in legacy systems and proprietary formats.
Browsing: Anti-money laundering
Treasury, State Report Highlights Bank Efforts to Stop Human Trafficking
The Treasury and State Departments today issued a report analyzing efforts to prevent human trafficking and highlighting the role that banks and other financial institutions play in these efforts.
Agencies Grant ABA-Requested Exemption for Premium Finance Loans
The federal banking agencies and the Financial Crimes Enforcement Network today announced an exemption from customer identification program rules for bank loans to all customers to facilitate the purchase of property and casualty insurance policies, otherwise known as premium finance loans.
ABA, Groups Call for Inclusion of AML Reform Bill in Final Defense Spending Bill
ABA joined a broad coalition of advocacy groups from different industries in a letter urging House and Senate Armed Services Committee leaders to include the Corporate Transparency Act in the final National Defense Authorization Act for fiscal year 2021.
Staying Ahead of the Criminals: Fighting Money Laundering in a Global Pandemic
By implementing a few changes, banks’ financial crime and compliance teams can become more agile, efficient and effective in a challenging time.
FinCEN’s Blanco Urges Banks: Be Specific When Filing COVID-19 Related SARs
Banks filed more than 64,000 Suspicious Activity Reports referencing COVID-19 and related stimulus programs—about 71% of all coronavirus-related SAR filings, Financial Crimes Enforcement Network Director Ken Blanco said today.
How COVID-19 Is Accelerating the Demand for Efficiency and Automation in Risk Management
The siloed and slow, often manual, processes of the past are giving way to new efficiencies of automation and cloud-based solutions.
GAO Estimates Bank Costs for AML/BSA Compliance
Banks in a Government Accountability Office study spent between 0.4% and 2.4% of total 2018 operating expenses on anti-money laundering activity and Bank Secrecy Act compliance, the GAO said today.
Managing an AML Program During COVID-19
Effective anti-money laundering compliance processes during challenging times require team collaboration, committing to communication and paying attention to guidance.
FinCEN Considering BSA Changes to Improve Effectiveness of AML Programs
The Financial Crimes Enforcement Network is seeking public feedback on potential changes to the Bank Secrecy Act that would enhance the overall effectiveness of banks’ anti-money laundering programs.