Part 1: An Introduction to OFAC Compliance Obligations By: Maleka Ali The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) administers and enforces sanctions based on U.S. foreign policy and national security goals against targeted...
By: Maleka Ali “It comes down to reality and it’s fine with me ‘cause I’ve let it slide” might be lyrics from our favorite Billy Joel song, but to many of us, a New York state of mind is a reality. Recently, the New York Department of Financial Services (NYDFS)...
5 Questions to ask yourself before attempting to “de-risk” your institution. We have been getting mixed signals about a new anti-money laundering trend of banks ‘derisking” undesirable accounts. Rumors started in 2013 and were made public in early 2014...
(Do Community Banks Pay the Price for Big Bank Crimes?) I hate going to the dentist. So, of course, I avoid the annual checkup and the small aches and pains when I eat cold or sweet foods for as long as I can, only to risk ending up rushing to the dentist for an...
Over the last several months, there have been headlines warning of increased scrutiny by examiners on BSA/AML and dire consequences for banks unprepared for their exams. Many financial institutions, both big and small, are being hit with enforcement actions and severe...
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