Federal regulators are evaluating the merits of anti-money laundering compliance staff in an effort to ensure that unqualified individuals weren't hired to cut costs, according to bank officials. Over the past year, federal and state examiners have increasingly inquired about the qualifications of Bank Secrecy Act (BSA) officers, at times asking that the institutions provide resumes, industry certifications and proof of educational experience, according to BSA staff at national, regional and local banks. Examiners, particularly those from the U.S. Treasury Department's Office of the Comptroller of the Currency (OCC), are "more focused on who you are, what you do and...
A former U.S. Treasury Department official who oversaw the nation's sanctions program and financial intelligence unit only to take a senior position at Merrill Lynch is returning to government service.
Facing layoffs and market turmoil, some former and current anti-money laundering officers are turning to the one place they believe will offer them stable income and job security: the United States government.
When financial institutions suspect an employee of fraud or abuse often their first instinct is to simply file a suspicious activity report with regulators and move to the next issue. But a SAR should be filed only after the financial institution has contacted law enforcement directly, experts say.
The FDIC, in its Ombudsman report issued Sept. 5, said it is working with other federal financial regulatory agencies to develop a tool that will allow banks to more easily check job candidates against their various lists of individuals who have been fined or sanctioned.
A federal judge ordered BIV to pay a former employee accused of money laundering more than $3.5 million as compensation for attorneys fees and creditors. Moreover, BIV could be obligated to pay even more, if a lawsuit filed by the employee, who was exonerated, succeeds.