A Money-Laundering Nightmare
Failing to quash fraud schemes rampant in its organization and among its high-volume agents, Western Union is $770 million poorer ...
Tag: AML
Anti-money laundering or AML refers to laws and regulations designed to prevent people from hiding money that they’ve obtained in illegal ways. From a compliance standpoint, AML regulations require that banks and other financial institutions follow rules and regulations to ensure they’re not issuing credit to or opening accounts for people who are participating in money laundering schemes or activities.
AML compliance officers are often appointed to oversee AML policies and ensure that organizations are compliant.
The following articles and resources cover many aspects of anti-money laundering as it relates to compliance and risk management.
FinCEN’s New Customer Due Diligence Rules
Banks and certain other financial organizations must comply with FinCEN's new rules for customer due diligence (CDD) beginning May 11, ...
Virtual Currency: Friend or Foe?
AML and Other Regulatory Concerns Virtual currency is gaining momentum by the day. There are many tax, compliance and regulatory ...
Why You Really Need to Pay Attention to Money-Laundering Risks
Is your company in the money-laundering business? It very well might be. As banks become warier and apply more resources ...
Why Risk Rating Customers is Problematic for Correspondent Banks
Regulators have continually penalized banks for deficiencies in their financial crime programs, and this is especially evident in the case ...
