Compliance in accordance to anti-money laundering requirements and the Bank Secrecy Act (BSA). (Update: FinCEN added a fifth pillar in 2018. Read more) PILLAR #1 DESIGNATION OF A COMPLIANCE OFFICER This is the pillar that is most likely the easiest to grasp and the one that seems the most self-explanatory. However, it goes beyond simply […]
I believe there are several products that are lessening the need for cash, including but not limited to, prepaid cards, peer-to-peer transfer, and ever-progressing mobile technology, but there will always be those consumers and businesses that remain loyal to the greenback. THE DEMISE OF CASH Phones are getting smarter, new peer-to-peer money transfer apps are […]
On Wednesday, December 2nd, the compliance team concluded the Anti-Money Laundering Online Workshop with AML program requirements. The presentation covered how to preserve your banking relationship and an in-depth glimpse into the anatomy of an AML program. The team uncovered that there are four pillars of an AML program and include: Designation of a Compliance […]
LEARNING CURVE Our team has a lot of experience working with banks and we have grown accustomed to bank terminology, commonly referred to in the office as “banking terms.” While these terms come easy for our team, it is a new language for many of our merchants. It is our job to share our knowledge […]
The second installment of the Anti-Money Laundering Online Workshop focused on Banking for MSBs on Thursday, October 22nd. The David Letterman-esque countdown provided a unique take on top 10 reasons you are getting declined or exited from your bank. The list offered insight into the banking world and their secret sauce to approving or declining […]
