News
Banks Rely More on Personnel than Software for SARs, Says FinCEN
printBanks have various levels of satisfaction with their transaction monitoring systems and rely on employee referrals for the best indications of suspicious activity, according to a U.S. Treasury Department report. The findings, released Tuesday by the department's Financial Crimes Enforcement Network (FinCEN), come as part of a survey of banking practices and Bank Secrecy Act compliance programs at eight of the largest U.S. banks. The bureau visited the depository institutions between April 2008 and January, FinCEN said in the report. Of the eight banks consulted, all said that referrals from branch compliance officers and employees were the "most productive source...
TO READ THE FULL STORY
Subscribe
Learn More
Related News
Bank compliance departments continue to underreport Internet Protocol and e-mail addresses in their regulatory filings to the U.S. Treasury Department despite repeated requests for such disclosures from federal officials.
The Bank of England reportedly exerts "strong pressure" on Russia's second largest bank, an arrested Zetas leader's sons tweet incriminating photographs, and more, in this week's news roundup.
Last year, I told you not to believe any of that "best of years, worst of years" stuff à la Charles Dickens with regard to 2012. But if 2013 was less eventful than the prior year, every indication is that 2014 will be "challenging" for financial institutions and regulators.
Federal officials will weigh whether financial institutions can bank medical marijuana shops, New York's financial regulators asks two financial consultancies for data and more, in this week's news roundup.
Germany's BaFin is reportedly investigating potential AML violations by Deutsche Bank, a U.K. court could order the British government to pay millions to compensate a blacklisted Iranian bank, and more, in this midweek roundup.
U.S. lawmakers threaten to impose sanctions on Russia for harboring Edward Snowden, Switzerland transfers $962 million for backdated taxes, and more, in this week's news roundup.
As the compliance expectations of European regulators grow, banks should proactively move to adopt future changes outlined in proposals for the EU's Fourth Money Laundering Directive, according to the former global head of compliance at ABN Amro.
Some jurisdictions will likely struggle to comply with a call by the world's top anti-money laundering watchdog to assess their own vulnerabilities to financial crime, say industry experts.
A group of investigative journalists reveal the identities of thousands of suspected tax evaders, U.S. prosecutors increasingly turn to a civil fraud statute to prosecute money launderers, and more, in this week's news roundup.
The Reserve Bank of India confirmed that it is investigating three banks for potential money laundering violations, a forthcoming industry survey points to rising compliance salaries, and more, in this midweek news roundup.
The U.S. Treasury Department is nearing completion of a plan to use predictive analytics software to analyze regulatory data and identify possible financial crimes, an official said Tuesday.
The director of the U.S. financial intelligence unit and prominent Bank Secrecy Act officers have formed a group to discuss whether efforts to combat money laundering at times miss their mark.
The U.S. Treasury Department has launched a taskforce to evaluate the effectiveness of America's anti-money laundering regulations - the first ever such review of the 1970 Bank Secrecy Act and related laws.
A former director of the nation's financial intelligence unit will join the Washington, D.C. office of Cleary Gottlieb Steen & Hamilton LLP as of counsel, the law firm said Monday.
U.S. officials are weighing whether to expand the use of specialized financial analysis units beyond America's theaters of war as part of an effort to fight transnational crime groups, governmental sources say.
The nation's financial intelligence unit will relocate dozens of employees from its current Virginia headquarters to Washington, D.C. as part of an effort to better integrate with other U.S. Treasury Department offices.
The U.S. Justice Department's top anti-money laundering enforcer will lead the Financial Crimes Enforcement Network beginning next month, the bureau said Monday.
Federal bank examiners have added a new criterion to their evaluations: how well banks coordinate their anti-money laundering, anti-fraud and data security efforts, according to compliance professionals.
The U.S. Treasury Department remains on schedule to issue regulations early next year that will bring stored-value cards under the purview of the Bank Secrecy Act, according to a government official.
A U.S. Treasury Department proposal that would potentially apply U.S. anti-money laundering regulations to hundreds of thousands of foreign money services businesses would be virtually "unenforceable," according to compliance consultants.