by georgeoself | Bank Secrecy New Rules Beneficial Ownership, BSA Anti-Money Laundering, BSA Antimoney Laundering, BSA Civil Money Penalty, BSA Compliance, Compliance, Report on Beneficial Ownership, Unfair and Deceptive Bank Practice
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...
by georgeoself | BSA Civil Money Penalty, Compliance, Cost of Non Compliance, Uncategorized
I don’t care how big you are, a $10 million CMP is serious money. TCF Financial Corp. will pay $10 million for lapses in monitoring suspicious bank transactions, including potential terrorist financing. According to reports in The Star Tribune, the fine...
by georgeoself | Uncategorized
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...
