Recent news articles revealed the leak of 2,100 suspicious activity reports (SARs) filed by financial institutions that described multiple instances of investment fraud and money laundering in the U.S., Europe and across the world.
AML and Financial Crime
September 11, 2020
FinCEN and the U.S. banking agencies issued a joint statement clarifying FinCEN's CDD requirements for PEPs. The statement also described the risk-based compliance approach associated with such requirements under the BSA.
August 6, 2020
Money laundering has become a global concern over the past several years. In response, the U.S., Cayman Islands Monetary Authority and the EU are taking steps to increase AML efforts in their jurisdictions, and it is likely that other countries will follow suit in the coming years.
December 12, 2019
The Cayman Islands Monetary Authority (“CIMA”) has made significant changes to its Anti-Money Laundering (“AML”) regulations in recent years, including updating the definition of Financial Service Provider (“FSP”) making private investment vehicles, such as hedge funds, private equity funds, and real estate funds domiciled in Cayman Islands, subject to Cayman Island’s AML regime.
December 6, 2019
Regulators increasingly expect internal audit teams to continually develop and enhance their audit plans in the face of new risks. An internal audit team must be proactive to stay one step ahead of emerging risks.
November 22, 2019
The customer due diligence (CDD) rule went into effect May 11, 2018. Now that firms have had sufficient time to make any necessary changes needed to implement the rule, it is likely that regulators will focus on CDD implementation within examinations.
October 25, 2019
The Institute of Internal Auditors (IIA) published a position paper on September 19, 2019 about the importance of Relationships of Trust - Building Better Connections Between the Audit Committee and Internal Audit. The position paper highlights the critical relationship between internal audit and the audit committee.
October 18, 2019
Robotic Process Automation (RPA) refers to the use of software to perform repetitive, routine tasks that are considered monotonous and uninteresting to humans.In its simplest definition, RPA is:
October 4, 2019
The Institute of Internal Auditors (IIA) published a new position paper on September 19, 2019 about the importance of an Internal Audit Charter and how it enhances the effectiveness of the Internal Audit function.
September 19, 2019
Today, many financial institutions are changing the anti-money laundering (AML) technology platform they use to perform required compliance processes, such as transaction monitoring and sanctions screening. Once the process has started, there are important considerations around data migration that must be managed correctly.
September 5, 2019
FinCEN published an advisory to remind financial institutions of their due diligence and other Bank Secrecy Act obligations regarding the illicit financial schemes and mechanisms related to the trafficking of fentanyl or other synthetic opioid drugs. By complying with these obligations, financial institutions can help combat the opioid drug epidemic the U.S. is currently facing.
August 22, 2019
The Financial Crimes Enforcement Network issued an advisory to remind financial institutions that updates the FATF made to their list of jurisdictions that have strategic AML/CFT deficiencies may affect their obligations with respect to these jurisdictions and that they should consider the impact these updates have on the institution’s risk-based approach.