Gap Analysis
On: May 8, 2018
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 In-Depth Analysis Into the 4 pillars Eliminate Inefficiencies Streamline Compliance Processes Simplify Communication to Team Let’s explore the key benefits… Read More
Transaction Monitoring- What is it?
On: May 7, 2018
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 safeguard your business without one.… Read More
FinCEN CDD Rule- The 5th Pillar
On: May 7, 2018
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 may identify beneficial ownership by… Read More
The New Compliance Management Portal
On: February 6, 2018
The Capital Compliance Experts have upgraded the Compliance Management Portal with a new user-friendly interface that boosts productivity with intuitive navigation and new features that enhance the already comprehensive tool. Portal Features Include: Automated Transaction Monitoring- New tool Online Employee Training- New courses available Digital Monitoring Logs Calendar Reminders- New functionality Document Storage CTR/SAR Filing   NEW PORTAL INTERFACE The… Read More
New York Part 504 Regulation
On: January 30, 2018
The New York State Department of Financial Services (NYS DFS) enacted a new AML regulation, Part 504. In response to the shortcomings identified in transaction monitoring, the NYS DFS, which regulates financial, insurance, and banking industries in New York, ruled that the Banking Division Transaction Monitoring, Filtering Program Requirements and Certifications lacked robust governance, oversight, and accountability in regulated industries.… Read More
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