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FinCEN Advisories Expose Risks for Money Services Businesses Amid COVID-19

FinCEN Advisories Expose Risks for Money Services Businesses Amid COVID-19

Posted on: August 5th, 2020 by Julie

FinCEN released a series of advisories about financial crimes related to the COVID-19 pandemic. Money services businesses (MSBs) are especially vulnerable to financial crime during this uncertain time. The purpose of the series of advisories is to reinforce that: “Detecting, preventing, and reporting COVID-19 related scams and illicit activity is critical to our national security, […]

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The Importance of an Effective Training Program

The Importance of an Effective Training Program

Posted on: May 11th, 2020 by Julie

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 […]

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CARES Act Support Amid COVID-19 Pandemic

CARES Act Support Amid COVID-19 Pandemic

Posted on: April 1st, 2020 by Julie

Relief for Financial Services Centers & Employees On March 27, 2020, President Trump signed a $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act relief bill that will provide support to those that are experiencing hardships due to COVID-19. The CARES Act includes: Direct payments ($1,200/individuals, $2,400/family, $500/child) to individuals at specified income level […]

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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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The Ultimate Regulatory Compliance Checklist – 2020

The Ultimate Regulatory Compliance Checklist – 2020

Posted on: March 2nd, 2020 by Julie

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. […]

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