The Foundations of the BSA/AML/CFT/OFAC Risk Assessment

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, […]

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TUNING!

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, […]

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Managing PEP Risk in Light of the Pandora Papers

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 […]

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Why EVERY Financial Institution Needs to Be a 314(b) Participant A Joint Effort from the desks of: NEACH and AML-ology

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 […]

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Human Trafficking Digital Crimes

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 […]

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