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10 Ploys Fraudsters Use to Commit Identity Fraud

June 26, 2015 by Denise Hutchings

Financial Criminals and SSNs Make a Bad Combination A Social Security number (SSN), which supposedly distinguishes one person’s identity from another, is a key piece of information for a financial institution’s Customer Due Diligence (CDD) process and opening bank accounts.... 

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58 Red Flags for Terrorist Financing

May 26, 2015 by Denise Hutchings

“Simply by using standard anti-money laundering typologies financial institutions should have been able to identify fourteen instances of terrorism financing as being suspicious, though not on their face to raise suspicion of terrorism financing.” Numerous Terrorism Financing Cases Reveal Suspicious... 

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28 Red Flags for Elder Financial Abuse

April 28, 2015 by Denise Hutchings

“Growing Epidemic” and “Rampant, Largely Invisible, Expensive and Lethal Problem” “Elder financial abuse has become more acute.” This somber assessment by Thomas Curry, Chief Officer of the OCC (Office of the Comptroller of the Currency) which he shared in a... 

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Peer Perspectives

March 26, 2015 by Verafin

Collaborating under Section 314(b) of the USA PATRIOT Act has been a hot topic these days and with good reason, it’s a simple but effective way to strengthen your financial crime detection. Read about that effectiveness yourself from some industry... 

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Collaboration 101: The Basics of 314(b) Information Sharing

March 26, 2015 by Verafin

We teach our kids to share, we understand the value of teamwork, and we know that usually, the whole is indeed greater than the sum of its parts. These ideas of sharing, collaboration and teamwork prove beneficial for most things... 

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5 Insightful FinCEN Statements about Collaboration through 314(b)

March 18, 2015 by Denise Hutchings

Although the USA PATRIOT Act was legislated more than a decade ago, it is interesting to note that one particular section – 314(b) information sharing – has become the subject of renewed focus. Numerous regulatory and law enforcement agencies including... 

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12 Red Flags for “Funnel Accounts” Used to Launder Money

February 25, 2015 by Denise Hutchings

Regulatory and law enforcement agencies are cautioning financial institutions about an increased use of illegal funnel accounts to launder proceeds from human smuggling, human trafficking and drug trafficking crimes. In light of the recent attention on this money laundering trend,...