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Building An Anti Money Laundering Program

Building An Anti Money Laundering Program

Posted on: September 16th, 2020 by Julie

An Anti Money Laundering (AML) Program is a set of policies, procedures and internal controls designed to prevent money laundering and terrorist financing. If you are a business that provides money services, you will need an AML Program to satisfy regulators, avoid costly fines and prevent criminal punishment.   MONEY SERVICES BUSINESS An organization that provides […]

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FinCEN Reporting Requirements Related to COVID-19

FinCEN Reporting Requirements Related to COVID-19

Posted on: June 9th, 2020 by Julie

Financial Crimes Enforcement Network (FinCEN) released a notice on May 18, 2020 in response to reporting requirements as they relate to COVID-19. The COVID-19 pandemic has left many of us vulnerable. It is important now more than ever to report suspicious activity to combat financial crimes. BSA REPORTING OBLIGATIONS FinCEN expects financial institutions to adhere to […]

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On POinT Training Center Now Mobile-Friendly through the Go.Learn App

On POinT Training Center Now Mobile-Friendly through the Go.Learn App

Posted on: May 20th, 2020 by Julie

Get more flexibility with your employee training program through the On POinT Training Center mobile app. Available through the Apple App Store and Google Play, the Go.Learn app connects directly to the On POinT Training Center. The convenience of the app on your mobile device will allow your employees to complete training courses from anywhere. […]

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Bank Regulators Ease SAR Requirements for Hemp-Related Businesses

Bank Regulators Ease SAR Requirements for Hemp-Related Businesses

Posted on: April 15th, 2020 by Julie

Banks are no longer required to file suspicious activity reports (SARs) for customers engaging in the growth or cultivation of hemp. Under the 2018 Farm Bill, hemp has been reclassified. DEFINITION OF HEMP The 2018 Farm Bill now defines hemp as a variety of cannabis that contains .3% or less tetrahydrocannabinol (THC). By doing this, […]

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Don’t Overlook Transaction Monitoring: Early Detection & Correction Parameters Allow for Effective Analysis

Don’t Overlook Transaction Monitoring: Early Detection & Correction Parameters Allow for Effective Analysis

Posted on: March 23rd, 2020 by Julie

As a part of the independent review process and ongoing compliance requirements, transaction monitoring is something that is often overlooked by Money Services Businesses (MSBs). The fundamentals of transaction monitoring are implemented systems to identify and protect institutions from transactions that are not compliant with The Bank Secrecy Act (BSA), Anti-Money Laundering (AML) and Office […]

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