by Liz DeMarco | Apr 10, 2025 | Compliance Chronicles
Did you know examiners have recently been issuing consent orders due to Inadequate Data Governance? As we started off the year, we took a look back at a few of the BSA/AML consent orders issued by various regulatory agencies in 2024 and noticed that a constant theme...
by Liz DeMarco | Apr 10, 2025 | Knowledge Base, OFAC Compliance
Part 5: OFAC Independent Audits and Evaluations By: Maleka Ali Probably the best control an organization has in its OFAC controls arsenal is an OFAC scanning system. However, some organizations have been criticized for being too reliant on those systems when...
by Liz DeMarco | Apr 8, 2025 | Knowledge Base, OFAC Compliance
Part 4: Internal Controls to Lower Your Inherent Risk of an OFAC Violation By: Maleka Ali During Parts 1 through 3 of our OFAC series, we reviewed program basics, building your risk assessment methodology and tips and tricks for your risk assessment. Now,...
by Liz DeMarco | Apr 7, 2025 | Knowledge Base, OFAC Compliance
Part 3: Tips and Tricks for a Successful OFAC Risk Assessment By: Maleka Ali OFAC risk assessments are the strength of any well-built OFAC compliance program. An efficient and effective program cannot be developed without knowing where the risks are hiding....
by Liz DeMarco | Apr 6, 2025 | Knowledge Base, OFAC Compliance
Part 2: OFAC Risk Assessment Methodology By: Maleka Ali Your company’s OFAC risk assessment is what drives your OFAC program’s policies and procedures and allows examiners to identify the strengths and weaknesses of your program. The FFIEC BSA/AML Exam Manual...
by Liz DeMarco | Apr 5, 2025 | Knowledge Base, OFAC Compliance
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 Liz DeMarco | Apr 4, 2025 | Knowledge Base
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)...
by Liz DeMarco | Nov 20, 2024 | Knowledge Base
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...
by Liz DeMarco | Nov 20, 2024 | Knowledge Base
(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...
by Liz DeMarco | Nov 20, 2024 | Knowledge Base
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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