AML Trends and Technology 2022

January 27, 2023 by Bill Heys

Banking Cannabis-Related Businesses: Marijuana, Hemp and CBD

Originally Presented: June 30, 2022

The burgeoning U.S. cannabis industry is subject to a complex regulatory compliance landscape, with laws differing from coast to coast, at state and federal levels,... 

Impact of COVID-19 Crisis on Financial Crime Management Programs

April 6, 2020 by Nasdaq 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... 

How do you find your high-risk customers?

Originally Presented: July 31, 2019

Financial institutions invest significant time and resources into identifying customers in high-risk categories, such as Private ATM Owners, Money Service Businesses (MSBs), Marijuana-Related Businesses (MRBs),... 

Switching to Stay Compliant

City Bank •  Location: Lubbock, TX Assets: $3.7B  •  Core Banking System: Jack Henry – Silverlake System “When we moved over to Verafin, it made... 

Banking Marijuana Related Businesses

Originally Presented: March 14, 2019

As the cannabis industry continues to grow in the US, financial institutions are facing increased regulatory uncertainty and due diligence challenges for banking marijuana-related businesses... 

FinCEN and Federal Banking Agencies Encourage Banks to Innovate

December 4, 2018 by Nasdaq 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... 

Finding Renewed Purpose in the Bank Secrecy Act

November 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 Activity Reports), and 2001 (the biggest make-over with the USA... 

New FFIEC Exam Procedures for Customer Due Diligence

Originally Presented: June 26, 2018

On May 11, 2018, the FFIEC released new Customer Due Diligence Examination procedures that reflect and codify the requirements of FinCEN’s final CDD rule. These... 

Key Takeaways from FFIEC Updated CDD Examination Procedures

June 12, 2018 by Nasdaq 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 institutions must establish appropriate risk-based CDD procedures to understand the...