COVID-19 FinCEN Advisories
By: Julie on August 5, 2020
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, safeguarding legitimate relief efforts,… Read More
FinCEN Notice
By: Julie on June 9, 2020
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 their Bank Secrecy Act (BSA)… Read More
Hemp & SARs
By: Julie on April 15, 2020
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, the Board of Governors of… Read More
Product Launch- Automated Transaction Monitoring
By: Julie on January 24, 2018
Capital Compliance Experts has officially released their innovative automated transaction monitoring tool - Compliance IQ. The patent pending automated monitoring tool is a comprehensive solution that reinforces compliance management processes by identifying high risk activity. The automated transaction monitoring tool drastically reduces the time it takes to review countless transactions through automated analysis of data, transaction aggregation across stores, products… Read More
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