Knowledge Base
The Arc-Serv Advantage
Why Data Integrity Matters
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...
OFAC Compliance Series: Part 5 of a 5 Part Series
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 they weren’t working properly. So, in order to list them as a control…
OFAC Compliance Series: Part 4 of a 5 Part Series
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, let’s talk about internal controls…
OFAC Compliance Series: Part 3 of a 5 Part Series
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. Many businesses…
OFAC Compliance Series: Part 2 of a 5 Part Series
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…
OFAC Compliance Series: Part 1 of a 5 Part Series
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 individuals and entities…
New York State of Mind: ACAMS Exclusive
“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…
To Risk Or Not To Risk
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 that financial...
When Was Your Last Checkup?
(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...
9 Common Weaknesses in a BSA/AML Program—And How to Find Them Before Examiners Do
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...
Arc-Serv: Strategic Solutions for Regulatory Excellence
Arc-Serv offers a range of services to support your BSA, AML, OFAC, and fraud-related projects, including system customization,
training, gap analysis, vendor due diligence, and more. Contact us for your personalized quote.