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Understanding Risk Levels Through a Gap Analysis

Understanding Risk Levels Through a Gap Analysis

Posted on: May 8th, 2018 by Julie

An important component of understanding your risk levels is identifying gaps, vulnerabilities and potential problems prior to a regulatory audit.   While there are many components to a Gap Analysis, the key benefits are: KEY BENEFITS OF A GAP ANALYSIS High Level Analysis Into the 4 pillars of Your Compliance Program Identifying Inefficiencies and Areas […]

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What Is Transaction Monitoring & Why Do You Need It?

What Is Transaction Monitoring & Why Do You Need It?

Posted on: May 7th, 2018 by Julie

The fundamentals of a transaction monitoring system is to identify and protect a financial service center from transactions that are not compliant with the Bank Secrecy Act (BSA), anti money laundering (AML) rules and regulations and the Office of Foreign Assets Control (OFAC). A transaction monitoring system is necessary because it is almost impossible to […]

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FinCEN New CDD Rule: What is the “Fifth Pillar”?

FinCEN New CDD Rule: What is the “Fifth Pillar”?

Posted on: May 7th, 2018 by Julie

The Financial Crimes Enforcement (FinCEN) Network issued its Final Rule for Customer Due Diligence (CDD) under the Bank Secrecy Act (BSA) on May 11, 2016 with an implementation date of May 11, 2018. Covered financial institutions must identify at least a beneficial owner under the control criterion for each legal entity customer. Covered financial institutions […]

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