Technology is an essential weapon for financial services firms in the battle against anti-money laundering (AML). The Office of the Comptroller of the Currency (OCC) issued a joint statement with other regulators earlier this month encouraging financial institutions to try new and innovative ways of combating AML. Three types of technology – advanced analytics, software robots, and artificial intelligence (AI) – could help make it easier to detect and prevent money laundering, as well as comply with existing regulations and follow the guidance of this joint statement.
Insights and guidance from ACA's team of experienced compliance and technology professionals.
While the financial institutions have the desire to improve the data quality and availability, data governance is often driven by external regulations to implement a program to ensure requirements outlined in DFS Part 504 regulation are met.
The US Office of the Comptroller of the Currency (OCC) has indicated that it will be focusing on the effectiveness of anti-money laundering (AML) systems and controls after including the topic on its list of FY 2019 annual priorities. For OCC-regulated banks, this means exams will concentrate on how up-to-date AML and Bank Secrecy Act (BSA) programs are with evolving threats and new rules.
Criminals are always finding new ways around financial crime detection programs. How can banks and firms continue to keep pace with the latest money laundering trends? Please join ACA Telavance’s Gokul Kallambunathil for a discussion about leveraging analytics, robotic process automation, and machine learning to help combat financial crime.
Due to the nature of its business, trade finance is considered a high-risk product that is frequently used by individuals and criminal organizations to launder funds, conduct terrorist financing, and evade the sanctions, regulations, and restrictions of the Office of Foreign Assets Control ("OFAC
Trying to get ahead but feel like you’re falling behind? The “most wonderful time of the year” can quickly turn into the most stressful time of the year when you’re caught between closing out year-end projects while strategizing and planning for the New Year.
The blending of two businesses comes with its own set of unique challenges. From the melding of different company cultures to the adoption of new operational procedures it’s easy to end up with multiple products and platforms that perform the same function.
Identity and Access Management (I&AM) and Privileged Access Management (PAM) include provisioning, recertification, internal transfers and offboarding user access to an organization’s technology resources.
On June 30, 2016, the New York State Department of Financial Services (“DFS”) issued a Final Rule (Regulation 504) requiring regulated institutions to maintain “Transaction Monitoring and Filtering Programs.” The Final Rule applies to all banks, trust companies, private ban
Financial institutions (“FI’s”) are required by Anti-Money Laundering (“AML”) regulations to perform risk-based due diligence for their customers and prospective customer. This due diligence is referred to as Customer Due Diligence (“CDD”).