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Tag: BSA/AML Compliance

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Taking Quick Action Against COVID-19 Crimes

May 4, 2020 by Verafin

Financial crime has proven to be a serious and growing challenge during the COVID-19 crisis. Fraudsters have promptly exploited the pandemic for their gain; with many financial institutions closed or limiting branch access and large numbers of citizens still sheltering... 

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Impact of COVID-19 Crisis on Financial Crime Management Programs

April 6, 2020 by Verafin

As COVID-19 continues to impact financial systems around the globe, early reports are emerging on how the pandemic is affecting financial crime management programs. Financial institutions should have processes in place to minimize the impact of a pandemic and ensure... 

  Blog

Deconstructing the Currency Transaction Report

February 18, 2020 by Jim Richards

With FinCEN reporting increases in BSA report filings year over year, it is likely that over 16 million Currency Transaction Reports, or CTRs, were filed in 2019, each one reporting one or more cash transactions made by or on behalf... 

  Blog

The Bank Secrecy Act Doesn’t Really Exist

January 15, 2020 by Jim Richards

Happy New Year! Happy New Decade! But most importantly, Happy 50th Anniversary of the Bank Secrecy Act! Yes, the (so-called) Bank Secrecy Act was passed fifty years ago this October. As every BSA/AML professional knows, the Bank Secrecy Act was first made... 

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Crime Trends & Technology: Reflections & Perspectives for 2020

January 7, 2020 by Verafin

As we move into the next decade, it is critical for financial institutions (FIs) to reflect on recent trends in fraud and compliance, and gauge what potential challenges lay ahead. In a special year-end presentation, we took a look back... 

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RPA: Improve Efficiency and Increase Productivity by Automating Routine Tasks

September 4, 2019 by Verafin

Financial crime management programs are increasingly challenged by limited time and resources, with BSA/AML and Fraud investigators often spending more time manually collecting data than investigating potentially suspicious activity. Institutions should consider how artificial intelligence, such as machine learning and... 

  Blog

Banking on AI for Financial Crime Management

July 5, 2019 by Verafin

Encouraged by peer adoption and industry recommendations, financial institutions are rapidly deploying AI solutions for financial crime management. Machine learning and robotic process automation (RPA) are being leveraged for both BSA/AML compliance and fraud detection solutions to improve efficiency and... 

  Blog

FinCEN and Federal Banking Agencies Encourage Banks to Innovate

December 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, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and...