Free downloads related to Financial Compliance Regulations
Enforcement Actions View All
OTS Says Rome Savings Must Improve BSA Compliance, Reporting Procedures The Office of Thrift Supervision issued a cease and desist order against Rome Savings Bank, Rome, NY, under which the bank must revise its written Bank Secrecy Act (BSA) compliance program and strengthen BSA training. The order also mandates the designation a BSA compliance officer.
Original | Brief
July 28, 2010
OTS Demands Los Padres Bank Recapitalize The Office of Thrift Supervision issued a prompt corrective action directive against Los Padres Bank, Solvang, CA, under which the bank must recapitalize by either merging, being acquired, or selling to another financial institution, and must continually monitor its own capital ratios.
Original | Brief
July 27, 2010
Carolina Federal Savings Has 60 Days to Formulate Business Plan, OTS Says The Office of Thrift Supervision issued a cease and desist order against Carolina Federal Savings Bank, Charleston, SC, under which the bank is required to draft a comprehensive strategic business plan for the remainder of 2010, as well as a liquidity contingency plan to take effect within 60 days.
Original | Brief
July 27, 2010
From the Editor View All

 

 

 

Our Own Petard

 

June 29, 2010

 

In September 2009, the United States, in part through its leadership within the G-20, pushed the Financial Action Task Force (FATF) to restart its blacklist of states that weren’t meeting international anti-money laundering standards.

 

The Paris-based anti-money laundering (AML) watchdog group responded to the leaders of the world’s 20 largest economies by issuing a list of eight non-cooperative and 20 improving, though still high-risk, nations on February 18, 2010.

 

Last week, FATF issued a revised list that recognized five of the original non-cooperative eight as at least trying (or saying that they were trying) to comply with the 40 + 9 FATF recommendations. Those efforts got the five listed with the 20 other high-risk states identified in February as trying to improve their AML regimes.

 

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Legs & Regs View All
OSFI Issues Notice on Update to UNAQTR Changes to Consolidated List The Office of the Superintendent of Financial Institutions for Canada issued a notice regarding the United Nations Security Council approval of the removal of eight entities from the Consolidated List of individuals and entities by the United Nations Al-Qaida and Taliban Sanctions Committee.
Original | Brief
July 29, 2010
New Act Calls for GAO Testimony on Iran Sanctions' Effectiveness Joseph A. Christoff, Director for International Affairs and Trade in the Government Accountability Office, testified before the House Committee on Oversight and Government Reform and addressed illegal transshipment of U.S. goods and foreign investments in Iran, and the effect of current sanctions.
Original | Brief
July 29, 2010
UN Security Council Deletes Eight from Consolidated List The United Nations Security Council Al-Qaida and Taliban Committee deleted eight entities from its consolidated list, making the assets freeze, travel ban and arms embargo, listed in paragraph one of Security Council Resolution 1904, no longer applicable.
Original | Brief
July 28, 2010
Test Your AML IQ
When determining the risk level posed by an non-resident alien, the following factors should be considered:
Training
Training Program Resources Building an effective training program is an essential component of your overall AML program. In this section, get tips and guidance on how to build training programs, how to tailor training and other training issues.
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Training Audio Recordings Listen or download pre-recorded webcasts on various important AML topics to train yourself or your staff.
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Keeping you informed of the Changes in Bank Regulations
Tools View All
Simplify OFAC list searches with FINRA Combing through the thousands of names on the OFAC sanctions lists can be a long and tedious process. A tool on the FINRA’s website can help.
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Using the Internet to research charities Want to know if a specific charity steers clear of terrorist financing? Guidestar (www.guidestar.org), a database of 850,000 U.S. charitable organizations, allows you to search for charities recognized by the U.S. Internal Revenue Service.
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  • ACAMS 9th Annual International Anti-Money Laundering Conference
  • ACAMS AML Professional of the Year Award
Free weekly newsletter with Money Laundering Training Events
News View All
House Financial Services Committee Votes to Legalize, Tax Some Online Gambling The U.S. House Financial Services Committee approved a measure Wednesday that would legalize some Internet gambling and diminish the compliance duties of financial institutions monitoring for online bets and payouts.
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July 28, 2010
DOJ’s New AML Chief Likely to Emphasize Organized Crime Cases, Say Former Officials The head of the U.S. Justice Department’s asset forfeiture and anti-money laundering agency will likely bring a new emphasis on investigating organized crime groups, say former and current government officials.
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July 28, 2010
FATF Says Governments Aren’t Doing Enough to Combat Crime, Terrorism Governments should ramp up their efforts to investigate and prosecute money launderers, including by providing additional powers and resources to local law enforcement, an international watchdog group said.
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July 27, 2010
Mexico’s Dollar Deposit Restrictions Will Drive Illicit Cash to U.S., Central America New rules restricting U.S. dollar deposits at Mexican banks could end up pushing billions in illicit cash through U.S. and Latin American financial institutions, say compliance professionals.
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July 26, 2010
AML Basics
The Global AML Front International cooperation is one of the keys to success in the anti-money laundering battle due to the very nature of proceeds of crime and laundering offenses, and the speed with which international financial transactions can take place.
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Reporting Requirements A key goal of a money laundering compliance program is identifying, recording and reporting suspicious transactions or activity. While reporting procedures vary from country to country, a typical suspicious or unusual activity reporting process within a financial institution includes...
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