Here you will find the AML-ology curriculum to help any BSA professional stay up-to-date on the latest trends and learn answers to timeless challenges. We share articles written by a number of industry sources that we believe take a scientific or academic approach to the challenges AML professionals face, and actual solutions for you to implement. These articles are published monthly and sent directly to you when you sign up to be an AML-ology Scholar!

How Correspondent Banking Became A Nightmare For Foreign Banks

In recent years, Arab banks, specifically, have suffered unique pressure from global banks to limit their access to correspondent banking relationships. The reasons are primarily a result of its susceptibility to money laundering and terrorist financing. What’s more, banking regulators … Read More

The Role of Artificial Intelligence in AML Data Quality

posted in: Uncategorized | 0

There has been much discussion recently among AML professionals about the future role Artificial Intelligence (AI) will play in the Anti-Money Laundering / Anti-Financial Crime arena. Most of the conversation has been directed to the prospect that AI technology will … Read More

AML & OFAC Data Validation: What Steps Must Compliance Take to Satisfy Regulatory Expectations?

posted in: Uncategorized | 0

Data Validation is a Compliance Responsibility Are you, as Compliance Officer, prepared to certify that the data feeds into your AML monitoring and OFAC filtering systems are working properly? Identifying all data sources, properly mapping data feeds and validating data … Read More

Regulation 504 and The Evolving Compliance Landscape

On June 30, 2016, the New York State Department of Financial Services (“NYS DFS”) issued the final version Rule 504, “Banking Division Transaction Monitoring and Filtering Program Requirements and Certifications.”  The Rule takes effect on January 1, 2017, with the … Read More

Independent Verification and Validation: The definition, the origin and why you should be doing one

Introduction Independent verification and validation, IVV, model validation, validation or; as Shakespeare might say, a validation by any other name is still a validation. Regardless of the name it has evolved and been redefined over time.  This article will cover … Read More

How Secure is Your AML System?

posted in: Uncategorized | 0

Inherently, as a financial institution doing business every day, you capture sensitive data about your customers. That sensitive data includes customer, account, and transaction data, and is housed in your Anti-Money Laundering (AML) system, if not other places as well. … Read More

Compliance Testing

Beyond the regulatory requirements (Federal Financial Institutions Examination Council, 2010), testing is conducting in different departments for different purposes. In the IT department you are focusing on software and system quality, bug identification and integration accuracy. The audit and compliance … Read More

Compliance Monitoring

Compliance monitoring is the continued self-assessment and adherence to policies, procedures, and processes within the compliance program. Due to increased regulatory scrutiny this role is expanding throughout the financial institution industry. Specifically, compliance monitoring is a designated role to review, … Read More

Are You Compliant?

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. … Read More