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Bank Secrecy Act

FinCEN fines personally $1M Compliance Officer

December 18, 2014
In a decision that sent shock wave across the financial industry and other regulatory industries, the Financial Crimes Enforcement Network (FinCEN) has personally fined $1 million civil money penalty (CMP) against the ex-compliance officer of MoneyGram, Mr. Thomas E. Haider.  Mr.  Haider failed to ensure that his company abided by the Anti-Money Laundering (AML) provisions of...
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Updated 2014 Bank Secrecy Act/Anti-Money Laundering Examination Manual

December 2, 2014
The Federal Financial Institutions Examination Council (FFIEC) released an updated Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The update clarify supervisory expectations and incorporate regulatory changes since the 2010 manual update. To access the 2014 manual click here
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Adopting a System of Continuous Risk management

July 13, 2011
Ms. Michelle Martin, President ComplianceAid will speak at the 5th Annual Meeting & Conference of the Caribbean Association of Audit Committee Members (CAACM) & Institute of Chartered Accountants ( ICATT), July 13 – 15, 2011 in Trinidad & Tobago.
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What is the Customer Identification Program (CIP)?

December 20, 2010
According to the USA Patriot Act (federal law), all financial institutions must obtain, verify and record information that identifies each person who opens an account. Thus, know the identity of individuals wishing to conduct financial transactions. The Act requires financial institutions to develop a Customer Identification Program appropriate to the size and type of its...
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ANTI-MONEY LAUNDERING (AML) – BANK SECRECY ACT (BSA)

August 19, 2008
Anti-money laundering guidelines came into place worldwide as a result of the September 11, 2001 attacks and the subsequent enactment of the USA PATRIOT Act. WHAT IS ANTI-MONEY LAUNDERING? A set of procedures, laws or regulations designed to prevent the practice of generating funds through illegal actions. In most instances money launderers hide their actions...
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Welcome to our AML/TF Blog

May 31, 2008
This blog aims to provide reliable updates within the AML/BSA field with a specific focus on information that can advance the professional knowledge, skills and experience of those dedicated to the detection and prevention of international money laundering. I intend to provide information related to: Regulatory updates in the field Best practices for the AML/BSA/CTF/OFAC...
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