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Tag: BSA/AML Compliance

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AML Trends and Technology 2022

January 27, 2023 by Bill Heys

Blog

Counterparty Resolution Provides a Complete View of Your Customer

December 5, 2022 by Nasdaq Verafin

Fundamentally, AML investigations seek to resolve the question of where money is coming from and where it goes. Examiners strive to identify, evaluate, and report all suspicious activity. The FFIEC’s overview of suspicious activity states a suspicious transaction can include... 

Blog

Disorganized Data: How Unresolved Entities Complicate AML Investigations

September 22, 2022 by Nasdaq Verafin

From savings accounts and credit cards to online banking and P2P payments such as Zelle, today’s financial institutions offer more products and services than ever before. There are dozens of product lines and service providers, and each product may require... 

Blog

Four Ways Data Creates Challenges for AML Investigators

September 14, 2022 by Nasdaq Verafin

From BSA Officers to Complex Investigations teams, efficiency in AML investigations is a challenge. The consumer banking market is changing. FinTechs are quickly on the rise. Financial institutions are being pushed to adapt to consumer demands for frictionless banking at... 

Blog

Aligning with AML/CFT Priorities

June 14, 2022 by Nasdaq Verafin

The need for greater effectiveness and efficiency in BSA/AML programs is acute. Financial institutions must navigate the ever-changing landscape of regulatory compliance while simultaneously adapting to evolving criminal activity. But many institutions are limited to their own siloed data set... 

Blog

Managing the Growing Complexities of Sanctions Risk

May 9, 2022 by Nasdaq Verafin

The Russian invasion of Ukraine and the subsequent escalation of the Russian-Ukrainian war has been met with condemnation and resulted in severe economic sanctions from governments across the globe. Sanctions are crucial to enforce foreign policy objectives and deter criminal... 

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AML Crime Trends and Technology

January 12, 2022 by Nasdaq Verafin

Keeping pace with the changing landscape of BSA/AML is a significant challenge for financial institutions. In our year-end presentation we explored industry-wide AML trends and the specific challenges facing compliance programs today — including the recent passing of the AML Act of... 

Blog

AML Act of 2020 Formalizes Risk-Based Approach for Compliance

July 28, 2021 by Jim Richards

The fifth instalment in Jim Richards’ Renewing the BSA Series. Under the current law, 31 USC Section 5318(h) and it’s subsequent regulations, financial institutions are required to have an Anti-Money Laundering (AML) program, but there has never been a requirement... 

Blog

A Mandate for Innovation in the AML Act of 2020

May 28, 2021 by Jim Richards

The fourth instalment in Jim Richards’ Renewing the BSA Series. Innovation is a key theme throughout the Anti-Money Laundering Act of 2020 (AMLA or the Act). As financial crimes evolve and regulatory compliance commitments advance, financial institutions need innovative solutions... 

Blog

Information Sharing Prioritized in AML Act of 2020

March 4, 2021 by Jim Richards

The third instalment in Jim Richards’ Renewing the BSA Series. Many professionals are touting the Anti-Money Laundering Act of 2020 (AMLA) as the biggest change to American efforts to fight crime and corruption since the USA PATRIOT Act of 2001...