Press coverage this week picked up a story about the Financial Conduct Authority (“FCA”) warning UK hedge fund managers of imminent spot checks on their financial crime controls.
Insights and guidance from ACA's team of experienced compliance and technology professionals.
We are excited to speak at the FIBA AML Compliance Conference on March 13th. Uday Gulvadi, Director of Internal Audit and Risk, will join a panel to discuss his thoughts on the Beneficial Ownership Rule.
The Three Lines of Defense Model has gained popularity as the de facto model for organizing governance, risk management and internal control roles and responsibilities since the Institute of Internal Auditors (IIA) published “The Three Lines of Defense in Effective Risk Management and Control,” position paper in 2013. The IIA recently announced that they would embark on a key project to refresh and update this document.
Innovations in advanced analytics, software robots, and artificial intelligence (AI) have the potential to vastly improve how we detect and prevent financial crime.
Analytical segmentation modeling (ASM) is one way to design an effective AML monitoring strategy through the development of a quality model to achieve segmentation. ASM involves combining customer or bank accounts with similar properties and transaction behavior to make it easy for banks to formulate risk signals based on their various classes of customers. This model sets threshold levels for the segments monitored by identifying patterns based on the groups of similar customers and/or accounts.
On February 8, Krebs on Security reported that a number of AML compliance professionals at credit unions and other financial institutions have recently been t
We are excited to participate in ACAMS Connecticut Chapter’s 5th Annual All-Day Learning Event. ACA Telavance’s Mark Scarmozzino will share his insights about customer due diligence and enhanced due diligence compliance.
In December 2018, the federal prosecutors in the Southern District of New York filed one of the first criminal charges against a U.S.-based broker-dealer for a violation of the Bank Secrecy Act (“BSA”).
The Office of the Comptroller of the Currency ("OCC"), Board of Governors of the Federal Reserve System ("Board"), and Federal Deposit Insurance Corporation ("FDIC") issued a final ruling expanding the examina
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.
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.