Latest Compliance - Anti-Money Laundering Topics

The FDIC, OCC, and the Federal Reserve recently published updates of their Bank Secrecy Act exam procedures, each incorporating changes made by the USA PATRIOT Act.

Auditing Your AML Program

According to Stevenson Munro, the most common question he gets at OFAC is what to do when an institution finds a good hit on the OFAC list.

It isn't just filing CTRs anymore. Bank Secrecy used to be primarily about paperwork - paper that got stored somewhere in a warehouse rumored to be in Detroit.

With Section 314(a) now in play, we have some questions about the compliance process - and some frustrations.

If you have questions or need help with anti-money laundering compliance, call the FinCEN help line at (800) 949-2732.

Customer Identification was a leading topic at the 2003 ABA/ABA Anti-Money Laundering Conference, held in Washington, D.C. No surprise there.

Each of the speakers from federal agencies made a point of thanking the financial industry for their excellent work in anti-money laundering.

The agencies are in the process of publishing new examination procedures for the new components of anti-money laundering programs generated by the USA PATRIOT Act.

At ABA's 2003 Anti-Money Laundering Conference, the question of when and whether to close accounts was given close attention.