Hard to believe it now, but up until 1998, there was no cap on the business lending for credit unions. In response to a U.S. Supreme Court ruling that would have forced millions of credit union members who to leave their credit unions, Congress passed a measure, called the Credit Union Membership Access Act, that [...]
This trade-based money laundering scheme involved shell companies in Mexico and the U.S. and batches of obsolete cell phones, generating more than $100 million in illicit funds. by Dayne Bloxham AdvisX When it comes to identifying suspicious transactional activity, knowing what to look for is half the battle. FinCEN recently highlighted an example [...]
by Ken Agle The more front line and BSA personnel understand about the how Suspicious Activity Reporting and Currency Transaction Reports fit into the overall equation of tracking down criminals, terrorists and other bad actors, the more likely it is for a financial institution’s BSA program to be effective. Understanding context helps keep BSA reporting [...]
There are things in life that are really good, until you stop paying attention to their effects. Take donuts for example. Donuts may be one of the best foods ever invented, but if all you focus on is how good they are, the waistband of your jeans will soon be uncomfortably tight. The donut of [...]
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This post originally ran on CU Insight. Risk. It’s something that every credit union must deal with. Risk and its management, once broadly accepted as part of the fuzzy territory of doing business as a financial institution, have become increasingly hot topics over the past five years, giving rise to the burgeoning field of Enterprise [...]
This post was originally posted by CU Insight. Everyone who drives a car knows that the cost of ownership doesn’t end when you walk out of the dealership with the keys in your hand. Cars require constant care and tuning up (not to mention that dreaded emissions test every year). Similarly, your anti-money laundering (AML) [...]
Part 1 of 2 When it comes to compliance, sometimes knowing the "why" can make all the difference. In Part 1 of this series, Ken Agle provides some background on how the gold standard, historical wars, economic development, and other events have had upon modern transaction limitations. “My financial institution stopped paying interest on my [...]
For anyone who has attempted to make a complicated recipe, you know that even the best-laid plans can go awry. This sounds a lot like regulatory compliance—financial institutions have all the rules laid out in front of them, but extenuating circumstances, accidents, or outright violations happen (when baking, you have to take into account your altitude [...]
The 2015 National Terrorist Financing Risk Assessment is an unprecedented report based on an analysis of more than 5,000 law enforcement cases, reporting by U.S. financial institutions, and reports from both the government and the private sector. The findings divulge that although U.S. wealth and resources are an attractive target for a wide variety of [...]
