There is so much pressure these days to get it done right the first time… even though no BSA/AML solution or program is 100% perfect. If look-backs (recommended or mandated) are not completed successfully, you will find yourself in a never ending pitfall of data quality issues, growing BSA/AML requirements, changing face of risk and […]
As the term connotes, most people would probably think that money laundering is the process of making illicit funds appear legitimate or, more simply put, clean dirty money. In the quintessential money laundering-themed TV show, Breaking Bad, a car wash business was used to clean dirty money earned by the main character, Walter White, from his […]
Can we agree on something? Marijuana-related businesses face a lack of banking support. This is understandable since it is still illegal on the federal level. However, this also means that money is being spent on cannabis and those customers have nowhere to bank their money, or more likely, they are banking it with you but […]
Digital currency technologies generated widespread public and investor interest in 2017, with new cryptocurrency products capable of streamlining and decentralizing global commerce. Unfortunately, these technologies also create new money laundering tools that allow countries like Iran, North Korea, and Russia to evade international sanctions. This is especially true of so-called “privacy coins,” which offer personal […]
Patching together stove-piped systems has been a necessary evil in AML compliance and overall enterprise governance, risk, and compliance (eGRC). Institutions regularly wrestle with discrete systems and isolated data that may function well in isolation but cannot inform the crucial larger picture of risk and compliance. Advances in platform technology, however, now make possible game-changing […]
A review of the recent sanctions imposed on organizations reveals that regulators frequently condemn the lack of governance, oversight, involvement and accountability at the senior levels of organizations with respect to anti-money laundering controls and the financing of terrorist activities. These major deficiencies are believed to be the source of the majority of regulatory deficiencies […]
Originally published on www.reuters.com Here. Regulators are holding financial institutions responsible for the real-life consequences of anti-money laundering (AML) failures. Firms must reconfigure their transaction monitoring programs to identify the emergent, multi-dimensional money laundering and terrorist financing methods that are defeating today’s rules-based detection scenarios. Adopting an actor-centric hybrid threat finance (HTF) model can cut […]
Recent news of the largest federal crackdown on elder fraud in U.S. history should send a powerful message to financial institutions; prevention of this growing problem is critical, and technology holds the key. Many were surprised by the scale of law-enforcement actions announced Feb. 22, in which more than 250 defendants were charged in schemes […]
Thanks to the prevalence of smartphones (77 percent of U.S. adults now own one), consumers not only have more payment options than ever before, but they also have higher expectations for fast and frictionless transactions. From first enrollment to checkout and payment, consumers demand a seamless and extremely convenient experience. However, meeting these consumer expectations can […]
Many government bodies, regulators, investors and banks see Bitcoin, even the whole cryptocurrency market, as a speculative bubble. Some say it is a fraud, while others speculate that it will continue to rise in 2018. Previously, I wrote an article on why I believe that Bitcoin will fail. Not because it is a fraud, but because it […]
