In 2004 the FFIEC quietly and subtly shifted the BSA examination paradigm with the publication of the Bank Secrecy Act / Anti-Money Laundering Examination Manual (“the Manual”). The Manual introduced to examiners the concept of determining an institution’s money laundering, terrorist financing, and OFAC risks through a matrix of pertinent topics rated as Low, Medium, […]
Interview Date: March 10, 2023 Interviewer:    Nancy E. Lake Interviewees:    Rayleen M. Pirnie, BCJ, AAP, CERP      Advisor, NPG & Director of Risk and Fraud, NEACH    Sean Blake, CFE      Investigations, Americas      Corporate Security & Resilience […]
The word “Tuning” may bring to mind the idea of tuning an instrument. As we all know, if your instrument is not tuned properly, no one will appreciate all the time and effort the musician puts into playing it. If all the instruments in an orchestra are not tuned to the chosen frequency, for example, […]
Background If you have been in banking before 2001, you know that BSA compliance was much simpler and not as burdensome as it is today. When it comes to the “Bank Secrecy Act”, it is important to remember there isn’t just one law called the “Bank Secrecy Act”. It is made up of numerous laws […]
This article was originally published on frankonfraud.com. The world we live in is changing before our eyes. đź‘€ Things are never quite what they seem. Nothing can be taken at face value, and strangers making promises cannot be trusted. 🤥 Sadly, everyone we know has been victimized by fraud or a scam and lost their […]
The Pandora Papers were the result of a leak of almost 12 million documents that subsequently revealed hidden wealth, tax avoidance, and money laundering by some of the world’s richest and most powerful individuals. The data was obtained by the International Consortium of Investigative Journalists (ICIJ) which then collaborated with 140 media organisations on the […]
Readers, am I missing something in my inclusive list? I need your help. If you want to stop thieves from breaking into your house, over and over, you need to figure out how the thieves could break into your house (e.g., doors, windows, floor, ceiling, basement, roof, wall, etc.),figure out the MOST LIKELY ways they […]
Imagine this: Nancy at ABC Credit Union calls Rayleen at MainStreet Bank to inquire about 3 large ACH transactions moving between accounts of the two financial institutions (FIs). The three transactions appeared in the transaction monitoring system at ABC Credit Union, prompting an AML investigation. Nancy suspects their member is a money mule. Rayleen at […]
Warren Buffett once said, “When people tell me they’ve learned from experience, I tell them the trick is to learn from other people’s experience.” This is true in many areas of life, especially when it comes to BSA Consent Orders. BSA (Bank Secrecy Act) and OFAC (Office of Foreign Assets Control) personnel are wise to […]
Human traffickers are quick to adapt their business models based on technology trends to grow their markets and increase their profits. Traffickers use technology as a force multiplier to profile, recruit, control and exploit their victims via a variety of online platforms, where personal information and details of people’s locations are readily available, they connect […]
