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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

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

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

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

FINRA New Ops Certification: Two Exams Better?

March 12, 2018 By Chris Kentouris Leave a Comment

What is the difference between a stock, a bond, a derivative, an exchange-traded fund and other financial products? What are customer suitability rules, margin rules and custody rules? These might sound like simple questions, but for US brokerage operations managers who must abide by changes in test formats imposed by the US Financial Industry Regulatory Authority […]

Filed Under: Compliance, Operations, Post-Trade, Slider, Standards Tagged With: AML, Brokerage Ops, Compliance, FINRA, KYC, Middle Office Ops, Post Trade, Standards

KYC: Beneficial Owner Rules Looming

February 20, 2018 By Chris Kentouris Leave a Comment

In the last 11 weeks before the US Financial Crimes Enforcement Network’s new rules on tracking beneficial ownership of customers take effect, financial firms need to decide how deeply they intend to dig into their customer’s shareholder base. And how they intend to do it, as the rules are not always explicit. As of May […]

Filed Under: Analytics, Compliance, Investors, Regulations, Reporting, Risk, Rules, Slider Tagged With: AML, Compliance, Fund Ops, KYC, Ops Risk, Regulators, Reporting

Love Taxes, Operations: Be a Tax Ops Director

January 10, 2018 By Chris Kentouris Leave a Comment

Knowledge of processing 1099 Forms, cost basis-reporting, Internal Revenue Service Section 871(m), financial transaction taxes and corporate actions, FATCA, and issues and errors management. Over ten years of corporate tax compliance experience necessary. Those are just some of the qualifications that large global asset servicing providers — Societe Generale, BNP Paribas and JP Morgan — […]

Filed Under: Compliance, Corporate Actions, Reporting, Slider, Tax Tagged With: Compliance, Custodians, Dodd-Frank, FATCA, KYC, Regulators, Reporting, Tax

North Korea Sanctions: Tracking the Unknown Cohorts

December 8, 2017 By Chris Kentouris Leave a Comment

US President Donald Trump’s order to block any “significant financial transactions” related to North Korea is presenting US financial firms with a rigorous challenge to their anti-money laundering procedures. Trade finance, trade surveillance and other departments will have to dig far deeper into customer identities, business relationships, and transactions to protect their firms from costly […]

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

Artificial Intelligence: Do Risk Managers Get It?

November 8, 2017 By Chris Kentouris Leave a Comment

When it comes to artificial intelligence, investment analysts, customer service managers and compliance managers seem to agree that the technology can help them make informed decisions more quickly and reduce investment, credit and regulatory risk. What about risk managers? They don’t understand how to incorporate AI into their risk metrics or participate in the decision-making […]

Filed Under: Analytics, Data, Innovation, Investments, Investors, Risk, Slider Tagged With: AI, Data, Innovation, Investment Ops, KYC

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