Letâs put these numbers in perspective. 99% of laundered money is not caught. 90% of the resources spent catching suspicious actors are wasted. 100 % of US banks have known this for years. How did we get here? Modern technology, specifically data analytics, is well-suited to address this problem. Why hasnât this problem been solved? […]
On June 30, 2016, the New York State Department of Financial Services (âNYS DFSâ) issued the final version Rule 504, âBanking Division Transaction Monitoring and Filtering Program Requirements and Certifications.â Â The Rule takes effect on January 1, 2017, with the first reporting date of April 15, 2018. Â In a sense, the Rule follows upon the […]
A Brief Summary Oddly, despite its significance in the BSA/AML/CFT/OFAC Compliance universe, the BSA Risk Assessment has no statutory requirement even though it is the foundation of any Compliance Program. As compliance professionals, we construct our transaction monitoring systems, OFAC filtering programs, and our whole Compliance Programs, on the risks that we have determined based […]
On June 30, 2016, the New York State Department of Financial Services (âNYS DFSâ) issued the final version Rule 504, âBanking Division Transaction Monitoring and Filtering Program Requirements and Certifications.â Â The Rule takes effect on January 1, 2017, with the first reporting date of April 15, 2018. Â In a sense, the Rule follows upon the […]
For foreign branches conducting business in the U.S., head office can sometimes be both Dr. Jekyll and Mr. Hyde. On occasion this has proved to be a problem. At times banks are faced with a bureaucracy of business, which can get in the way, and sometimes they can be pressured to make decisions with the […]
Compliance organizations face challenges on multiple fronts in their efforts to control anti-money laundering (AML) risk. The perpetrators of financial crimes continually seek new ways to circumvent the protections in place, putting the financial institution at reputational and financial risk. The regulators bring their broad exposure to the latest nefarious techniques to each examination in […]
