It’s called “Follow the Money”

New Beneficial Ownership Rules Coming for All Commercial Accounts The US Treasury is about to require that banks gather information about beneficial ownership for all corporate accounts.  The rule,  which will be subject to comment before becoming a final , is likely...

Chalk one up for the good guys.

This is one of my favorite BSA anecdotes. In the May 2009 issue of the FINCEN “SAR ACTIVITY REVIEW” (see link for entire story below), it appears that a bank’s BSA/AML geeks tripped up the bad guys and helped send them to jail. The geeks dutifully noticed a business...

UDAAP is a game changer.

UDAAP Is Changing Perspective on Compliance Starting now, banks have to look at compliance through the lens of consumer satisfaction. Model forms and correct disclosures are no longer all that is needed. UDAAP is a game changer for financial institutions. The...