The Importance of Training
By: Julie on May 11, 2020
By now, everyone in the financial services industry should be familiar with what an Anti-Money Laundering (AML) Compliance Program is and its purpose. There is one very important aspect of an AML compliance program that is often overlooked, which is implementing an ongoing training program for any and all employees conducting money service transactions in your business. Having a thorough… Read More
The Ultimate Regulatory Compliance Checklist – 2020
By: Julie on March 2, 2020
An essential part of maintaining your banking relationship is to amend your BSA/AML/OFAC Compliance Program as your business evolves. To help you stay on top of these changes, we have put together a list that will keep your policies and procedures up-to-date for 2020.  This comprehensive list was constructed by our team of CAMS professionals. They work closely with bank… Read More
Financial Crime
By: Julie on August 14, 2018
The Owner and Compliance Officer of Kayla Companies, John Drago has been charged with eight indictments by the federal court in Central Islip of Long Island, NY for financial crime. Drago faces a maximum sentence of up to 10 years’ imprisonment. The majority of the charges were direct violations of the Bank Secrecy Act (BSA) that included failure to file… Read More
Gap Analysis
By: Julie 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
FinCEN CDD Rule- The 5th Pillar
By: Julie 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
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