For a long time, AML, cybersecurity and fraud prevention were seen as have-to-dos and cost centers, says Juan C. Zarate. “Today, management of financial crime risk is now a fundamental part of banking.”
Browsing: Financial crimes
Recognizing the crucial role banks can play in combating human trafficking and human smuggling, ABA yesterday launched a new online course on ways bankers can spot the signs of illicit financial activity associated with these crimes.
The Financial Crimes Enforcement Network today issued an advisory to financial institutions on illicit financial schemes related to the trafficking of fentanyl and other synthetic opioids.
At its annual Law Enforcement Awards ceremony today, the Financial Crimes Enforcement Network recognized several state and federal law enforcement agencies for their work using information reported by financial institutions under the Bank Secrecy Act in their criminal investigations.
As anticipated, the Office of Foreign Assets Control today issued compliance guidelines to help banks develop appropriate compliance sanctions programs.
As the House Financial Services Committee today held a hearing on the financial crime, the American Bankers Association joined eight other financial trade organizations in a letter to committee leaders highlighting the need for a national beneficial ownership registry.
As the Federal Trade Commission undertakes a systematic review of all current rules and regulations, the American Bankers Association today offered feedback its identity theft rules.
One bank put its financial intelligence capabilities to work helping law enforcement tackle the Super Bowl sex trafficking surge.
Along with major sporting events like the Super Bowl comes a tragic increase in victims of sexual trafficking in that city.
In the latest episode of the ABA Newsbytes Podcast, taped before a live audience at the ABA/ABA Financial Crimes Enforcement Conference, Evan Sparks interviews former law enforcement official and community bank BSA officer Ryan Rasske about trends in anti-money laundering, Bank Secrecy Act and fraud issues — particularly the growing confluence of these programs within banks.