TOPIC: FinCEN

BSA/AML and Fraud Conference | ThinkBig: Fighting Financial Crime | Registration now open!

Registration for ThinkBig: Fighting Financial Crime (formerly BUG) is now open!

Join us April 19-22 in Austin, Texas for 2 1/2 days of networking with other BSA/AML and fraud professionals, engaging with regulatory and law enforcement representatives, and expanding your base of industry knowledge.

Early bird pricing ends on January 17!

Register here

    Blog | Elder Financial Abuse: SAR Trends - Read the full blog now

    Blog
    Elder Financial Abuse: SAR Trends
    Industry Report Reveals Need for Improved Detection & Reporting

    In February 2019, the Consumer Financial Protection Bureau (CFPB) released a study on elder financial abuse, utilizing information from Suspicious Activity Reports (SARs) to identify emerging trends in financial crime, and calling upon financial institutions to proactively monitor and report suspicious activities to law enforcement and adult protective services.

    Learn how financial institutions can help protect vulnerable consumers from fraudulent financial abuse with innovative technological solutions. With timely reporting of potentially suspicious activity to FinCEN and law enforcement, institutions can prevent further abuse and further financial loss, and ensure victims receive the valuable services and interventions required for recovery.

    Read more on Elder Financial Exploitation SAR trends and recommendations from the report

      Webinar | Elder Financial Abuse: Best Practices for Financial Institutions for Early Detection & Timely Reporting - Join us Nov 6

      Webinar
      November 06 at 12:30 PM - 01:30 PM EST
      Elder Financial Abuse
      Best Practices for Financial Institutions for Early Detection & Timely Reporting

      Download Now


      Elder financial abuse is a significant and growing issue that has devastating effects on individuals and families. Believed to be largely underreported — financial institutions are facing increased responsibility to help combat the exploitation of vulnerable customers.

      In this webinar, we discuss the scale of elder financial exploitation and outline key considerations and guidance from industry publications, including red flag indicators and best practices for reporting.

      In this webinar, you will learn:
      • The scale of Elder Financial Exploitation and the challenges of prevention.
      • Potential Red Flag Indicators of Elder Financial Exploitation from the 2011 FinCEN Advisory.
      • Best practices for reporting Elder Financial Exploitation, including Suspicious Activity Reporting, and contacting appropriate local and state-level agencies.
      Download Now

        Webinar | Elder Financial Abuse: Best Practices for Financial Institutions for Early Detection & Timely Reporting - Join us Nov 6

        Webinar
        November 06 at 12:30 PM - 01:30 PM EST
        Elder Financial Abuse
        Best Practices for Financial Institutions for Early Detection & Timely Reporting


        Register Now

        Elder financial abuse is a significant and growing issue that has devastating effects on individuals and families. Believed to be largely underreported — financial institutions are facing increased responsibility to help combat the exploitation of vulnerable customers.

        In this webinar, we discuss the scale of elder financial exploitation and outline key considerations and guidance from industry publications, including red flag indicators and best practices for reporting.

        In this webinar, you will learn:
        • The scale of Elder Financial Exploitation and the challenges of prevention.
        • Potential Red Flag Indicators of Elder Financial Exploitation from the 2011 FinCEN Advisory.
        • Best practices for reporting Elder Financial Exploitation, including Suspicious Activity Reporting, and contacting appropriate local and state-level agencies.
        Register Now

          Blog | Banking on AI for Financial Crime Management

          Blog
          Banking on AI for Financial Crime Management
          Industry Accelerates Adoption of Artificial Intelligence, RPA and Machine Learning


          FinCEN and other regulatory agencies issued a joint statement last year encouraging financial institutions to employ innovative solutions, such as artificial intelligence, for BSA/AML regulatory compliance. The statement welcomes “innovative approaches to further efforts to protect the financial system against illicit financial activity” and “maximize utilization of banks’ BSA/AML compliance resources.” 

          With assurance from the industry agencies, financial institutions should consider how innovative approaches will increase their effectiveness and efficiency. 

          In this introductory blog, read how financial institutions are adopting the latest advances in artificial intelligence, machine learning and robotic process automation, to fight increasingly complex financial crime. 

          Read more on how financial institutions are turning to Artificial Intelligence solutions

            Webinar | Banking Marijuana Related Businesses - Join us June 26

            June 26 at 12:30 PM - 01:30 PM EST
            Banking Marijuana Related Businesses
            Regulatory & Due Diligence Challenges for Financial Institutions


            Register Now

            As the cannabis industry continues to grow in the US, financial institutions are facing increased regulatory uncertainty and due diligence challenges for banking Marijuana-Related Businesses (MRBs).

            Join us for this educational webinar, during which we will cover: 
            • Highlights from FinCEN Guidance on Marijuana-Related Businesses
            • Challenges of Customer Due Diligence for high-risk customers, including direct and indirect cannabis companies 
            • Technology to improve due diligence and compliance processes for MRBs.
            Register Now

              Blog | Elder Financial Abuse: SAR Trends - Industry Report Reveals Need for Improved Detection & Reporting

              Blog
              Elder Financial Abuse: SAR Trends
              Industry Report Reveals Need for Improved Detection & Reporting

              June 12, 2019 by Verafin

              Read more

              In February 2019, the Consumer Financial Protection Bureau (CFPB) released a study on elder financial abuse, utilizing information from Suspicious Activity Reports (SARs) to identify emerging trends in financial crime, and calling upon financial institutions to proactively monitor and report suspicious activities to law enforcement and adult protective services.

              Learn how financial institutions can help protect vulnerable consumers from fraudulent financial abuse with innovative technological solutions. With timely reporting of potentially suspicious activity to FinCEN and law enforcement, institutions can prevent further abuse and further financial loss, and ensure victims receive the valuable services and interventions required for recovery.

              Read more on Elder Financial Exploitation SAR trends and recommendations from the report

                Webinar - 1 CAMS Credit | Elder Financial Abuse - Join us June 13

                June 13 at 12:30 PM - 01:30 PM EST
                Elder Financial Abuse
                Best Practices for Financial Institutions for Early Detection & Timely Reporting

                1 CAMS CREDIT

                Register Now

                Elder financial abuse is a significant and growing issue that has devastating effects on individuals and families. Believed to be largely underreported — financial institutions are facing increased responsibility to help combat the exploitation of vulnerable customers.

                Join us for this CAMS-accredited webinar, as we discuss the scale of elder financial exploitation and outline key considerations and guidance from industry publications, including red flag indicators and best practices for reporting.

                In this webinar, you will learn:
                • The scale of elder financial exploitation and the challenges of preventing it
                • Potential red flag indicators of elder financial exploitation from FinCEN’s 2011 Advisory
                • Best practices for reporting elder financial exploitation, including Suspicious Activity Reporting, and contacting appropriate local and state-level agencies
                Register Now

                  Free Webinar - Elder Financial Exploitation, the Hidden Crime | 1 CAMS credits, 1.25 CAFP, CFSSP, CRCM credits

                  Thursday, June 20 - 1 p.m. CST/2 p.m. EST

                  Elder financial exploitation is a growing concern in our communities, and the more the U.S. population ages the faster crimes against the elderly will grow. Financial institutions have a unique position to observe this early and stop the activity prior to a victim being left financially destitute. In fact, in most states financial institution employees are mandatory reporters of elder abuse. This session will help you identify elder financial abuse in your community and help stop it before it’s too late.

                  Join us for a free webinar to learn:
                  • How to spot the red flags of elder financial exploitation
                  • Best practices to train your front-line staff in identifying this crime
                  • When and how to properly file a SAR in an elder financial exploitation case
                  • Who to report in your state(s) and whether you’re a mandatory reporter
                  Presenters: Terri Luttrell, CAMS-Audit and Rachel Portnoy, Community Liaison for Adult Protective Services (APS)

                  Earn 1 CAMS credit and 1.25 CAFP, CFSSP, and CRCM credits. 

                  Register today! 

                    Webinar - 1 CAMS Credit | Elder Financial Abuse - Join us on June 13th

                    1 CAMS Credit
                    Elder Financial Abuse
                    Best Practices for Financial Institutions for Early Detection & Timely Reporting

                    June 13 from 12:30 – 1:30 PM EST

                    Register Now

                    Elder financial abuse is a significant and growing issue that has devastating effects on individuals and families. Believed to be largely underreported — financial institutions are facing increased responsibility to help combat the exploitation of vulnerable customers.

                    Join us for this CAMS-accredited webinar, as we discuss the scale of elder financial exploitation and outline key considerations and guidance from industry publications, including red flag indicators and best practices for reporting.

                    In this webinar, you will learn:
                    • The scale of elder financial exploitation and the challenges of preventing it
                    • Potential red flag indicators of elder financial exploitation from FinCEN’s 2011 Advisory
                    • Best practices for reporting elder financial exploitation, including Suspicious Activity Reporting, and contacting appropriate local and state-level agencies
                    Register Now

                      Webinar - Banking Marijuana Related Businesses - Join us on March 13

                      Banking Marijuana Related Businesses
                      Regulatory & Due Diligence Challenges for Financial Institutions
                      March 13 from 12:30 – 1:30 PM EST

                      Register now: https://verafin.com/event/banking-marijuana-related-businesses-3/?src=CBANC

                      As the cannabis industry continues to grow in the US, financial institutions are facing increased regulatory uncertainty and due diligence challenges for banking Marijuana-Related Businesses (MRBs).

                      Join us for an educational webinar, during which we will cover:

                      • Highlights from FinCEN Guidance on Marijuana-Related Businesses.
                      • Challenges of Customer Due Diligence for high-risk customers, including direct and indirect cannabis companies.
                      • Technology to improve due diligence and compliance processes for MRBs.

                      Register now: https://verafin.com/event/banking-marijuana-related-businesses-3/?src=CBANC

                      Blob

                        How the Government Shutdown is Affecting Regulatory Agencies

                        Good afternoon, Bankers! Today's topic is the current government shutdown. This post originally appeared on the Ncontracts blog.

                        How the Government Shutdown is Affecting Regulatory Agencies

                        The partial government shutdown has furloughed workers at the national parks, the Smithsonian museums, the IRS, courts, and other federal institutions, but enforcement actions from federal banking agencies continue...

                        READ THE FULL PDF: Download the attached PDF

                          Infographic: Marijuana-Related Businesses – The risks and rewards of banking a multi-billion-dollar industry

                          Marijuana-related businesses (MRBs) have been receiving a lot of attention lately. This growing industry is already worth $7 Billion in the U.S., with that number projected to more than quadruple over the next 8 years, creating many questions for financial institutions around banking MRBs.

                          This infographic provides a handy introduction to the world of MRBs, quickly mapping marijuana law by state, examining the number of businesses that have been flagged as marijuana-related in the Verafin Cloud to date, and offering insight into identifying and assessing related compliance risk.

                            Joint Statement Offers Support and Guidance for New Innovation Pilot Programs

                            Some financial institutions have had a fear that they will receive regulatory scrutiny for exploring emerging technologies in the BSA/AML space. This week, the Fed, FDIC, FinCEN, NCUA and OCC (the Agencies) laid some of that fear to rest by collectively issuing a statement showing strong support for innovation in the fight against money laundering and terrorist financing. The joint statement aims to encourage responsible innovation to protect our financial system from illicit financial activity.

                            In our latest blog, Jessica Caballero, CRCM explains what this means for financial institutions and their BSA programs and advice on how to implement a pilot program at your institution.

                            Read the full blog.

                              FinCEN and Federal Banking Agencies Encourage Banks to Innovate

                              Joint Statement Supports Adopting New Technology to Combat Money Laundering and Terrorist Financing

                              December 4, 2018 by Verafin

                              FinCEN and its regulatory partners released a joint statement yesterday, encouraging financial institutions to embrace innovative approaches to combat money laundering, terrorist financing, and other illicit financial activity.

                              By reassuring institutions that the new approaches or participation in pilot programs will not increase regulatory expectations, financial institutions should be encouraged to evaluate innovative solutions and new technologies with confidence.

                              In this blog, we discuss some of the key takeaways from the statement and outline the potential benefits for BSA/AML compliance programs that are considering innovative approaches and technologies.

                              Read the full blog now: https://verafin.com/2018/12/fincen-and-federal-banking-agencies-encourage-banks-to-innovate/?src=CBANC

                              Blob

                                Finding Renewed Purpose in the Bank Secrecy Act

                                Blog Series - 50 Years of the BSA - Part 1
                                Finding Renewed Purpose in the Bank Secrecy Act
                                November 7, 2018 by Jim Richards

                                In Part 1 of this 3-blog series, Jim Richards, former Global Head of Financial Crimes Risk Management at Wells Fargo & Co., provides his commentary on Finding Renewed Purpose in the Bank Secrecy Act. He examines the influences that have forged its history and discusses how the Act’s purpose might appear to have become lost over the course of an almost-50-year evolution.

                                Richards explores FinCEN’s role in the BSA, and how regulatory expectations as outlined in the FFIEC’s BSA/AML Examination Manual, have changed the compliance and risk management landscape over time. He goes on to suggest that an increased focus on the nuts and bolts of compliance programs has resulted in an increased divergence between regulatory mandates and the stated purpose of the Act.

                                In this insightful commentary, Richards’ suggests subtle changes to the Manual’s language that could strengthen and refocus the intended purpose of the BSA — providing actionable intelligence to law enforcement.

                                Read the full blog now: https://verafin.com/2018/11/finding-renewed-purpose-bank-secrecy-act/?src=CBANC

                                Blob

                                  How Serious is SAR Confidentiality?

                                  It’s not too often that SARs advance from the BSA department to the mainstream media, but it happened in a big way recently. A senior advisor at FinCEN was arrested and charged with leaking confidential bank records involving Paul Manafort, Rick Gates, Maria Butina and the Russian Embassy. The confidentiality of SARs is something taken very seriously in the BSA profession, by FinCEN and by examiners.

                                  In our latest blog, Terri Luttrell, CAMS-Audit discusses the severity of disclosing a SAR, who can know about them and the exception to this rule.

                                  Read more.

                                    Demo - Oct 24 | Collaborative Investigations: Cross-institutional Analysis & Information Sharing

                                    Uncovering Complex Crimes with FRAMLx
                                    October 24 at 12:30 PM - 01:30 PM EST

                                    As organized criminal groups become more sophisticated in their efforts to generate and move illicit funds, financial institutions need to innovate to get ahead of money laundering, fraud and crime ring activity.

                                    Processing over a billion transactions a week in the cloud, Verafin’s crime-fighting platform can provides unprecedented visibility into fraud trends, money laundering risks, and crime ring activity that spans multiple institutions.

                                    In this demonstration, you will learn how FRAMLx cross-institutional analytics and 314(b) information sharing can improve detection, investigation and reporting of connected criminal activity, that would otherwise go undetected by a single institution.

                                    We will demonstrate Verafin’s suite of crime-fighting solutions, including:

                                    • Targeted Fraud & AML Analytics enriched with third-party, open-source, and cloud data that alert you to potential criminal activity, including Money Mules, Online Scams, Funnel Accounts, and more
                                    • Investigation Tools including visual smart evidence, such as check images, graphical maps, charts and timelines to help expedite your investigations
                                    • Enterprise Case Management & Suspicious Activity Reporting for your end-to-end investigation and reporting of financial crime, including direct filing to FinCEN
                                    • Cross-Institutional Analysis in the cloud provides your institution with early warning of potential fraud and money laundering risks, and a complete picture of activity across multiple institutions.
                                    • Collaborative Investigations that facilitate information sharing between multiple institutions and investigators, to help strengthen cases and enrich reporting to law enforcement.

                                    Register now: https://verafin.com/event/uncovering-complex-crimes-framlx/?src=CBANC

                                    Blob

                                      Demo - Oct 24 | Collaborative Investigations: Cross-institutional Analysis & Information Sharing

                                      Uncovering Complex Crimes with FRAMLx
                                      October 24 at 12:30 PM - 01:30 PM EST

                                      As organized criminal groups become more sophisticated in their efforts to generate and move illicit funds, financial institutions need to innovate to get ahead of money laundering, fraud and crime ring activity.

                                      Processing over a billion transactions a week in the cloud, Verafin’s crime-fighting platform can provides unprecedented visibility into fraud trends, money laundering risks, and crime ring activity that spans multiple institutions.

                                      In this demonstration, you will learn how FRAMLx cross-institutional analytics and 314(b) information sharing can improve detection, investigation and reporting of connected criminal activity, that would otherwise go undetected by a single institution.

                                      We will demonstrate Verafin’s suite of crime-fighting solutions, including:

                                      • Targeted Fraud & AML Analytics enriched with third-party, open-source, and cloud data that alert you to potential criminal activity, including Money Mules, Online Scams, Funnel Accounts, and more
                                      • Investigation Tools including visual smart evidence, such as check images, graphical maps, charts and timelines to help expedite your investigations
                                      • Enterprise Case Management & Suspicious Activity Reporting for your end-to-end investigation and reporting of financial crime, including direct filing to FinCEN
                                      • Cross-Institutional Analysis in the cloud provides your institution with early warning of potential fraud and money laundering risks, and a complete picture of activity across multiple institutions.
                                      • Collaborative Investigations that facilitate information sharing between multiple institutions and investigators, to help strengthen cases and enrich reporting to law enforcement.

                                      Register now: https://verafin.com/event/uncovering-complex-crimes-framlx/?src=CBANC

                                      Blob

                                        Blog: FinCEN Issues Advisory on FATF Updated List of Jurisdictions with AML/CFT Deficiencies

                                        On September 21, 2018, FinCEN issued an advisory referencing the June 29, 2018, Financial Action Task Force (FATF) publication which updated its list of jurisdictions with anti-money laundering and combatting the financing of terrorism (AML/CFT) deficiencies. Financial institutions (FIs) should consider these changes when reviewing their overall BSA/AML programs and risk-based policies, procedures and practices.

                                        Terri Luttrell, CAMS-Audit explains what these changes mean to your institution in our latest blog post.

                                        Read more.