AML Trends and Technology 2022

January 27, 2023 by Bill Heys

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... 

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... 

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... 

Key Takeaways from FFIEC Updated CDD Examination Procedures

June 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 institutions must establish appropriate risk-based CDD procedures to understand the...