Basketballs and Waterfalls: Optimizing Your AML System

A version of this post was originally published on CU Insight. Congratulations! You’ve just been made head coach of a major college basketball team and are now responsible for improving their ranking. All anyone will tell you is the number of wins and losses from last year. Based on this information alone, you have one mission: improve the team. Can you do it? Probably not (unless you’re Coach K). The problem is that while the number of wins and losses is important information about a team, Continue reading →

FinCEN’s Top 3 Money Laundering Concerns

The fight against money laundering and terrorist financing in the U.S. is an ongoing and evolving battle. That’s why every year FinCEN produces a new National Money Laundering Risk Assessment from the Department of the Treasury. In an analysis of more than 5,000 law enforcement cases and financial reports from both the private and government sectors, the 2015 Risk Assessment exposes trouble spots and emerging trends all financial institutions should analyze. The global dominance of the U.S. dollar generates trillions of dollars of daily transaction volume Continue reading →

Three Steps to Give Your AML Validation a Tune-Up

This post was originally published by CU Insight. Everyone who drives a car knows that the cost of ownership doesn’t end when you walk out of the dealership with the keys in your hand. Cars require constant care and tuning up (not to mention that dreaded emissions test every year). Similarly, your anti-money laundering (AML) system can’t be merely turned on and then left to its own devices. These systems also require constant care and tuning up in the form of validation and optimization. As I’ve Continue reading →

The Secret BSA/AML Weapons of Smaller Financial Institutions (Part 2)

The ever-increasing importance of a robust BSA/AML monitoring system has become more than clear in recent years. However, an all-encompassing monitoring system often feels beyond the reach of the smaller financial institution. Resources are finite, and some institutions are left floundering when attempting to cover all their bases. What must your small financial institution do to determine whether its BSA/AML monitoring system is as sound as those applied by their far larger counterparts? In Part 1 of this two-part post, we discussed the first secret weapon vital Continue reading →

The Secret BSA/AML Weapons of Smaller Financial Institutions (Part 1)

The ever-increasing importance of a robust BSA/AML monitoring system has become more than clear in recent years. However, an all-encompassing monitoring system often feels beyond the reach of the smaller financial institution. Resources are finite, and some institutions are left floundering when attempting to cover all their bases. What must your small financial institution do to determine whether its BSA/AML monitoring system is as sound as those applied by their far larger counterparts? In this two-part blog post, we’ll break down two essential elements that smaller financials Continue reading →

On AML Rule Arrays, Fire Pit Pagodas and Other Things You Don’t Want to Build “Off the Cuff”

Originally published on CUInsight.com. Have you ever built something from scratch? I mean no plans, nothing—just pulled an idea out of the air and went for it? I have, and let me tell you, it takes an amazing amount of time and effort. In 2013, my four sons and I built a fire pit pagoda in the back yard. We had no kit, some skills, and precious few right angles. It might not have been wise, but it was certainly adventurous. Because this project was Continue reading →

3 Common Mistakes Seen in AML Validation

Everyone who has a lawn knows that the cost of enjoying said lawn doesn’t end when you plant the grass seed. Yards require consistent watering and mowing (not to mention weeding and fertilizing). Similarly, your anti-money laundering (AML) system can’t be merely implemented and then left to its own devices. These systems also require constant care in the form of validation and optimization. As I’ve traveled the country to assist financial institutions with their AML systems, I’ve found that there is a cornucopia of errors Continue reading →