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Broker-Dealer Alert: Filing Suspicious Activity Reports Could Get Harder

September 20, 2021 By Chris Kentouris Leave a Comment

Anti-money laundering analysts and compliance managers at US broker-dealers may need to work a lot harder and worry a lot more before filing suspicious activity reports if Alpine Securities, a US penny stockbroker, loses its appeal to the Supreme Court over whether the Securities and Exchange Commission has the right to enforce the Bank Secrecy […]

Filed Under: Compliance, Regulations, Rules Tagged With: AML, Compliance, Data, Investors, Reporting, SEC

Want to be AML Whistleblower? Not So Fast

January 25, 2021 By Chris Kentouris Leave a Comment

You work in the anti-money laundering department of a major bank or brokerage and overhear a conversation about how suspicious activity reports are not being filed on a particular client; how the transaction monitoring system is not working properly; or how wire transfers are being made to a country or individual on a US sanctions […]

Filed Under: Regulations, Regulators, Risk, Rules Tagged With: AML, Compliance, Data, Regulators, SEC

AML Managers Question FinCEN’s New Effectiveness Test

October 7, 2020 By Chris Kentouris Leave a Comment

Define effectiveness. That’s what anti-money laundering compliance directors and legal experts want the US Treasury’s Financial Crimes Enforcement Network (FinCEN) to do after it announced late last month that it would update regulations issued under the Bank Secrecy Act (BSA). “Does anybody know what effective means?” was the question posed by over a dozen AML […]

Filed Under: Compliance, Regulations, Rules Tagged With: AML, Compliance, KYC, Reporting

Coronavirus Plagues AML Compliance Managers

April 9, 2020 By Chris Kentouris Leave a Comment

The new coronavirus pandemic is testing the ability of anti-money laundering (AML) analysts and compliance managers to adjust their methodologies and technology quickly enough to catch criminal activity. Financial firms must still conduct due diligence when onboarding customers and file suspicious activity reports (SARs) if necessary within 30 to 45 days after an alert is […]

Filed Under: Analytics, Compliance, Regulations, Rules Tagged With: AML, Compliance, KYC, Regulators, Reporting

Suspicious Activity Reports: Should Absolute or Qualified Immunity Apply?

January 24, 2020 By Chris Kentouris Leave a Comment

US anti-money laundering compliance managers may have to think twice before filing suspicious activity reports (SARs) depending on what the Supreme Court decides in a case involving Fidelity Brokerage Services. The petition filed by AER Advisors and two of its clients William J. Deutsch, chairman of Deutsch Family Wine & Spirits in White Plains, New […]

Filed Under: Compliance, Investors, Regulations, Reporting Tagged With: AML, Compliance, Data, Regulators, Reporting, SEC

FinCEN’s New Reporting Category: Human Trafficking

November 4, 2019 By Chris Kentouris Leave a Comment

Anti-money laundering managers at US banks could soon beef up their efforts to help law enforcement catch human trafficking, thanks to a new line item on their suspicious activity reports (SARs). AML executives aren’t responsible for prosecuting the criminals, but they might prioritize sniffing business activity for signs of human trafficking now that the US […]

Filed Under: Compliance, Data, Regulations, Rules Tagged With: AML, Compliance, KYC, Regulators, Reporting

AML Exams: Data Quality Takes Center Stage

February 21, 2019 By Chris Kentouris Leave a Comment

Data integrity and integration. The popular terms used in trade and post-trade operations are quickly making their way into the world of anti-money laundering compliance as financial firms prepare for more stringent regulatory exams. With the number and value of fines growing, buy-side and sell-side firms are returning to the basics of evaluating their data […]

Filed Under: Compliance, Regulations, Rules Tagged With: AML, Compliance, FINRA, SEC

SEC: Your Words Count in Suspicious Activity Reports

January 17, 2019 By Chris Kentouris Leave a Comment

Anti-money laundering compliance managers at US clearing brokers will need to take a closer look at their process for when they file suspicious activity reports and what they say in light of a recent court ruling involving penny-stock clearing broker Alpine Securities. In granting summary judgment in favor of the US Securities and Exchange Commission’s […]

Filed Under: Compliance, Regulations, Reporting Tagged With: AML, Data, KYC, Regulators

Trump’s Iranian Sanctions: New Policing Compliance Twists

December 19, 2018 By Chris Kentouris Leave a Comment

What’s old is new again when it comes to US sanctions against Iran. Well almost, for anti-money laundering compliance managers and analysts at US banks. US President Donald Trump’s resurrection of sanctions against Iran in August and last month will force wire departments and correspondent banking units at US banks to dig deeper into the […]

Filed Under: Compliance, Data, Reporting, Risk, Rules Tagged With: AML, Compliance, Regulators, Reporting

Crypto Laundering: AML Regs Tighten

June 27, 2018 By Chris Kentouris Leave a Comment

Anti-money laundering managers at banks and other financial institutions need to adapt their customer onboarding and transaction-monitoring approaches to cryptocurrency investors or risk regulatory fines, warn AML experts. Cryptocurrencies, such as Bitcoin and Ethereum, already are involved in nearly ten percent of the total US$2 trillion of  dirty money that is washed annually. That percentage is […]

Filed Under: Analytics, Compliance, Investors, Reporting, Risk, Slider Tagged With: AML, Compliance, Crypto, FINRA, KYC

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