The pervasiveness of buzzwords and conversation about new technologies in the banking and financial services industries can be overwhelming and seem daunting. Especially when people, like myself as a technologist, talk about them as if they’re going to change the … Read More
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 … Read More
Overview Many Financial Institutions have installed market-tested BSA/AML Transaction Monitoring Systems to fulfill the requirement to seek out and report on patterns of suspected money laundering and terrorist financing. At the heart of the monitoring activity lies the process of … Read More
How do you know if the thresholds are set correctly in your OFAC (Office of Foreign Assets Control) Sanctions Filtering or BSA (Bank Secrecy Act) Transaction Monitoring system? That is certainly an important question, and a mystery in the world … Read More
On a recent conference call, a number of regulatory bodies were represented, primarily from the northeastern area of the United States; such as the Federal Reserve of Philadelphia, Federal Reserve of New York, New Jersey Department of Banking, FDIC and … Read More
As an AML (anti-money laundering) professional it is often hard to fully understand AML transaction monitoring software, including the terms, functionality, data dependencies, and limitations. These challenges can make it difficult in creating and maintaining an effective AML governance program. … Read More
As an AML (anti-money laundering) professional it is often hard to fully understand AML transaction monitoring software, including the terms, functionality, data dependencies, and limitations. These challenges can make it difficult in creating and maintaining an effective AML governance program. … Read More
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 … Read More
Introduction On March, 3, 2015, the New York Regional Director for the FDIC, John Conneely, conducted a regulatory teleconference along with Special Activities Case Managers Kristi Keating and Rebecca Williams, which focused on BSA hot topics, trends and tips to … Read More
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
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 the … Read More
In part one of this article, Implementation of AML Software: “The Keys to Success” Part 1 of 2, we discussed evaluating your needs, vendors, budget and having a good well thought-out plan, including a Business Requirement Document (BRD) and Functional … Read More