BlogOptimizing high-risk customer management and ongoing due diligenceMarch 20, 2018 by Verafin An already challenging BSA/AML compliance risk environment continues to grow in complexity, as financial institutions seek to meet requirements for due diligence on higher-risk categories of customers. Without question, risk... |
BlogFinding Renewed Purpose in the Bank Secrecy ActNovember 7, 2018 by Jim Richards From its birth on October 26, 1970 as the Foreign Bank Secrecy Act of 1970, through make-overs in 1986 (criminalizing money laundering and structuring), 1990 (establishing FinCEN), 1992 (introducing Suspicious... |
BlogImproving your risk-based CDD with intelligent categorizationApril 17, 2018 by Verafin 2018 updates to Customer Due Diligence requirements have increased regulatory emphasis on how BSA/AML departments must conduct ongoing customer due diligence. The FFIEC BSA/AML Examination Manual states that AML programs,... |
BlogFour key indicators for uncovering fraud in your loan charge-offsAugust 1, 2017 by Verafin Auto loan fraud is a hot topic. Given the potential size of the problem, it is hardly surprising. At the Barclays Global Financial Services Conference in September 2016, JPMorgan Chase... |
BlogUsing analytics to uncover and help human trafficking victimsMarch 21, 2017 by Verafin “It ought to concern every person, because it is a debasement of our common humanity. It ought to concern every community, because it tears at our social fabric. It ought... |
BlogFinCEN and Federal Banking Agencies Encourage Banks to InnovateDecember 4, 2018 by Verafin A joint statement released on Dec. 3, 2018, by the Financial Crimes Enforcement Network (FinCEN) and its regulatory partners — the Board of Governors of the Federal Reserve System,... |
BlogBeneficial Ownership: 5 Key Compliance ObligationsAugust 14, 2017 by Verafin For many years, financial crime investigators have warned of possible links between shell companies and international money laundering activity. In the 2013 report How Shell Companies Aid Terrorism, Crime and... |
BlogActionable Intelligence: The Way Forward for the BSANovember 7, 2018 by Jim Richards From its birth on October 26, 1970 as the Foreign Bank Secrecy Act of 1970, through make-overs in 1986 (criminalizing money laundering and structuring), 1990 (establishing FinCEN), 1992 (introducing Suspicious... |
BlogBeneficial Ownership FAQsNovember 14, 2017 by Verafin A lot of digital ink has been spilled concerning the collection of Ultimate Beneficial Owner (UBO) information. Most of the buzz around the FinCEN’s final rule on Customer Due Diligence... |
BlogKey Takeaways from FFIEC Updated CDD Examination ProceduresJune 12, 2018 by Verafin On May 11, 2018, the FFIEC released new Customer Due Diligence (CDD) Examination procedures that reflect and codify the requirements of FinCEN’s final CDD rule. These updates detail how financial... |
