Phantom AML Alerts: Dealing with the Stuff of BSA Officers’ Nightmares

For many Bank Secrecy Act officers and their boards of directors, the thing that haunts their dreams most is their examiners finding some suspicious transactions that should have been investigated, but weren't. If such transactions are found, what typically follows are two questions along the lines of: Why weren't these transactions identified by the institution [...]

By |2020-02-11T18:18:39+00:00February 11th, 2020|Bank Secrecy Act/Anti-Money Laundering, Blog, Compliance Tips|Comments Off on Phantom AML Alerts: Dealing with the Stuff of BSA Officers’ Nightmares

Suspicious Activity Reporting and Business Email Compromise

FinCEN, the Financial Crimes Enforcement Network, doesn't publish too many alerts. In fact, for the first half of 2019, it had published only nine news items. So when it published three on a single day in July 2019 on one subject alone, it's clear that one subject had gotten its attention. The focus of this [...]

By |2019-08-23T15:15:16+00:00August 23rd, 2019|Bank Secrecy Act/Anti-Money Laundering|Comments Off on Suspicious Activity Reporting and Business Email Compromise

True Beneficiaries and BSA

FinCEN recently highlighted the work of a financial institution that involved Suspicious Activity Reporting and Currency Transaction Reporting as it pertains to true beneficiaries. In this case, the bad actors recruited heroin addicts to steal certain types of goods from stores in the Chicago area. They exchanged their stolen goods for cash from small stores [...]

By |2019-08-14T19:48:14+00:00August 14th, 2019|Bank Secrecy Act/Anti-Money Laundering|Comments Off on True Beneficiaries and BSA

What is Trade-Based Money Laundering?

This trade-based money laundering scheme involved shell companies in Mexico and the U.S. and batches of obsolete cell phones, generating more than $100 million in illicit funds. by Dayne Bloxham AdvisX When it comes to identifying suspicious transactional activity, knowing what to look for is half the battle. FinCEN recently highlighted an example [...]

By |2019-06-28T14:39:10+00:00June 28th, 2019|Bank Secrecy Act/Anti-Money Laundering|Comments Off on What is Trade-Based Money Laundering?

How SARs Helped Bring Down a Scam Biodiesel Fuel Producer Network

by Ken Agle AdvisX The more front line and BSA personnel understand about the how Suspicious Activity Reporting and Currency Transaction Reports fit into the overall equation of tracking down criminals, terrorists and other bad actors, the more likely it is for a financial institution's BSA program to be effective. Understanding context helps keep BSA [...]

By |2019-06-19T19:02:33+00:00June 19th, 2019|Bank Secrecy Act/Anti-Money Laundering|Comments Off on How SARs Helped Bring Down a Scam Biodiesel Fuel Producer Network

Three BSA/AML Errors to Avoid

Bank Secrecy Act and Anti-money Laundering (BSA/AML) enforcement is shaping up to be a hot compliance topic this year. We've heard from the NCUA that one of its supervisory priorities for 2018 will be BSA compliance. There are also some big changes coming in just a few months with FinCEN's new customer due diligence and [...]

By |2019-05-16T22:13:37+00:00January 29th, 2018|Bank Secrecy Act/Anti-Money Laundering, Blog|Comments Off on Three BSA/AML Errors to Avoid

BSA/AML Systems Survivor

Imagine two scenarios. In the first, you fly to a beautiful, remote island for a carefree week at an exclusive and all-inclusive resort. You spend the week soaking up sun on the beach, enjoying fine dining, and snorkeling in the crystal clear water. Now for scenario two. Same beautiful island, but this time, there's no [...]

By |2017-09-18T09:00:50+00:00September 18th, 2017|Bank Secrecy Act/Anti-Money Laundering, Blog|Comments Off on BSA/AML Systems Survivor

How to Optimize Your AML System (Without Hiring Sherlock)

One of the defining characteristics of Sherlock Holmes (besides the deerstalker hat and overcoat) is his almost superhuman powers of deduction. In the first Sherlock novel, A Study in Scarlet, Holmes says, "From a drop of water, a logician could infer the possibility of an Atlantic or a Niagara without having seen or heard of one or the other." In every [...]

By |2017-09-11T09:00:10+00:00September 11th, 2017|Bank Secrecy Act/Anti-Money Laundering, Blog|Comments Off on How to Optimize Your AML System (Without Hiring Sherlock)

New York's 504: BSA/AML Requirements You May Want to Start Wearing

If you're a fashion fanatic and you want to get a jump on what will be hot next season, you'd probably want to look to the current fashion trends in New York. After all, New York, New York is known as one of the fashion capitals of the world. Now, if you're in charge of [...]

By |2017-08-14T09:00:15+00:00August 14th, 2017|Bank Secrecy Act/Anti-Money Laundering, Blog|Comments Off on New York's 504: BSA/AML Requirements You May Want to Start Wearing

Validation: The Pièce de Résistance of Anti-money Laundering

Originally published on CUInsight.com. Even the best kitchen in the world—equipped with a brick oven, top-of-the-line equipment, and the sharpest knives—can’t turn a bad cook into a great one (even though it could help). The substandard cook still needs to learn some critical cooking skills before the dream kitchen can produce the pièce de résistance. [...]

By |2016-09-06T17:11:22+00:00September 6th, 2016|Bank Secrecy Act/Anti-Money Laundering, Blog|Comments Off on Validation: The Pièce de Résistance of Anti-money Laundering