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In HIDTAs and HIFCAs, Regulators Ask Banks to Monitor More, More Closely
By Brian Monroe
printPrompted by financial regulators, some of the largest U.S. banks have been reevaluating how they gauge geographic financial crime risks in designated high-risk regions of the country, say sources. Over the past year, at least six large financial institutions have been asked to better monitor branch transactions in zones known as high-intensity drug trafficking areas (HIDTAs) and high-intensity financial crime areas (HIFCAs), according to consultants and a compliance official at a large U.S. bank. Examiners of a large financial institution in the Eastern United States recently formally cited the bank for not implementing stronger transactional monitoring and other compliance controls...
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