TOPIC: SAR

Dummies eBook | Suspicious Activity Reporting for Dummies® - Download Now

Dummies eBook
Suspicious Activity Reporting for Dummies®

Download Now

Suspicious Activity Reporting for Dummies® walks you through the process of filling out your SAR accurately and efficiently and offers tips on how to spot and track potential money laundering activities.

Look inside for helpful advice on how to make your AML workflow more efficient, save on costs, and streamline your institution’s monitoring and reporting processes with automated SAR e-filing.

Download Now

    Demonstration | BSA/AML Compliance and Management: Uncover Suspicious Activity & Strengthen Compliance - Join us Aug 5

    August 05 at 12:30 PM - 01:30 PM EST
    BSA/AML Compliance and Management
    Uncover Suspicious Activity & Strengthen Compliance

    Register Now

    Today’s landscape of changing regulatory requirements creates enormous pressure for compliance professionals to uncover potential money laundering and stay ahead of suspicious activity. Yet, many financial institutions still rely on legacy systems, broad rules and manual processes to manage daily compliance tasks.

    Join us as we demonstrate how Verafin’s Financial Crime Management platform uses a big data intelligence approach, leveraging artificial intelligence and machine learning to significantly reduce false positives and generate higher quality alerts. You’ll see how Verafin enhances anti-money laundering efforts with complete BSA/AML functionality to strengthen compliance and enhance your ability to detect, investigate and report potentially suspicious activity.

    Highlights of this software demonstration will include:
    • Risk-rated targeted BSA/AML alerts and scenarios
    • High-Risk Customer Management and end-to-end CDD/EDD
    • Alert threshold testing and performance monitoring
    • Integrated financial crime Case Management
    • Automated regulatory reporting of SARs and CTRs
    • 314(b) Information Sharing
    Register Now

      Blog | Analysis & Commentary: FinCEN’s Proposed Burden Estimate for Preparing and Filing SARs

      Blog
      Analysis & Commentary: FinCEN’s Proposed Burden Estimate for Preparing and Filing SARs
      May 29, 2020 by Jim Richards

      Read the full blog now

      On May 26, 2020, FinCEN published a ground-breaking Notice — the first requesting private sector feedback on estimating the burden of preparing and filing SARs.

      With the Agency proposing to capture time and cost across several SAR categories, filing types, process stages and more, financial institutions should provide FinCEN with tangible, publicly available data to improve public- and private-sector decision making.

      Read our latest blog from former top banking executive Jim Richards as he provides insights and commentary on this landmark Notice, and learn how institutions can submit input and feedback.

      Read the full blog now

        Demonstration | BSA/AML Compliance and Management - Join us May 27

        May 27 at 12:30 PM - 01:30 PM EST
        BSA/AML Compliance and Management
        Uncover Suspicious Activity & Strengthen Compliance

        Register Now


        Today’s landscape of changing regulatory requirements creates enormous pressure for compliance professionals to uncover potential money laundering and stay ahead of suspicious activity. Yet, many financial institutions still rely on legacy systems, broad rules and manual processes to manage daily compliance tasks.

        Join us as we demonstrate how Verafin’s Financial Crime Management platform uses a big data intelligence approach, leveraging artificial intelligence and machine learning to significantly reduce false positives and generate a higher quality of alerts. You’ll see how Verafin enhances anti-money laundering efforts with complete BSA/AML functionality to strengthen compliance and enhance your ability to detect, investigate and report potentially suspicious activity.

        Highlights of this software demonstration will include:
        • Risk-rated targeted BSA/AML alerts and scenarios
        • High-Risk Customer Management and end-to-end CDD/EDD
        • Alert threshold testing and performance monitoring
        • Integrated financial crime Case Management
        • Automated regulatory reporting of SARs and CTRs
        • 314(b) Information Sharing
        Register Now

          Abrigo announces upgrades to BAM+, including 5 new artificial intelligence scenarios and direct file to FinCEN

          We're excited to announce the release of BAM+ 5.0, which includes five new transparent artificial intelligence/machine learning scenarios, direct file of CTRs and SARs to FinCEN, and two new structuring scenarios and reports for better daily/weekly insights into cash flow. You can read about these and the other exciting upgrades here

          If you're interested in getting more information on BAM+ or any of our other software products, you can email me directly at jill.cacic@abrigo.com or send me a direct message. I hope you're all staying safe and healthy! 



            Demonstration | BSA/AML Compliance and Management - Join us Feb 12

            February 12 at 12:30 PM - 01:30 PM EST
            BSA/AML Compliance and Management
            Uncover Suspicious Activity & Strengthen Compliance

            Register Now


            Today’s landscape of changing regulatory requirements creates enormous pressure for compliance professionals to uncover potential money laundering and stay ahead of suspicious activity. Yet, many financial institutions still rely on legacy systems, broad rules and manual processes to manage daily compliance tasks.

            Join us as we demonstrate how Verafin’s Financial Crime Management platform uses a big data intelligence approach, leveraging artificial intelligence and machine learning to significantly reduce false positives and generate a higher quality of alerts. You’ll see how Verafin enhances anti-money laundering efforts with complete BSA/AML functionality to strengthen compliance and enhance your ability to detect, investigate and report potentially suspicious activity.

            Highlights of this software demonstration will include:
            • Risk-rated targeted BSA/AML alerts and scenarios
            • High-Risk Customer Management and end-to-end CDD/EDD
            • Alert threshold testing and performance monitoring
            • Integrated financial crime Case Management
            • Automated regulatory reporting of SARs and CTRs
            • 314(b) Information Sharing
            Register Now

              BSA/AML Conference - ThinkBIG: Fighting Financial Crime (formerly BAM+ User Group)

              Join Abrigo for the 2020 ThinkBIG: Fighting Financial Crime Conference for BSA/AML professionals. For 16 years, the BAM User Group Conference, now renamed ThinkBIG: Fighting Financial Crime, has provided industry-leading education and support. Come hear from industry leaders, law enforcement, and peers as we dive into the latest trends in suspicious activity detection, fraud trends, and regulatory expectations.

              Network with other BSA/AML and fraud banking professionals, engage with regulatory and law enforcement representatives, and expand your base of industry knowledge. This is an event you can't miss! Be prepared to Think Bigger with insights and information critical to your BSA/AML and fraud prevention programs.

              Register here!

              **We're giving away one (1) free registration now through February 7th. Earn more entries for each person you refer!
              Enter to win!

                Doobie-us Compliance - SAR Relief to Banks Engaged with Hemp Producers

                The Agricultural Improvement Act of 2018 removed hemp as a Schedule I controlled substance under the Controlled Substance Act.

                On Tuesday, December 3, 2019, the Federal Reserve, along with the FDIC, FinCEN, OCC and Conference of State Bank Supervisors issued a statement (FIL-78-2019: Providing Financial Services to Customers Engaged in Hemp-Related Businesses) to provide clarity regarding the legal status of commercial growth and production of hemp and relevant requirements for banks under the Bank Secrecy Act (BSA). 

                In general, what this statement means for your institution is:

                1.       Because hemp is no longer a Schedule I controlled substance, banks are no longer required to file a Suspicious Activity Report (SAR) on customers solely because they are growing and producing hemp in accordance with applicable laws and regulations.2.       For hemp-related customers, banks are expected to follow standard SAR procedures, and file a SAR if suspicious activity is observed.3.       Regarding marijuana-related businesses, banks should continue following FinCEN guidance FIN-2014-G001 – BSA Expectations Regarding Marijuana-Related Businesses

                FinCEN will issue additional guidance after reviewing the interim final rule issued by the U.S. Department of Agriculture. 

                  Cannabis-Related Banking Explained | Earn 1.25 hours CAFP, CERP, CFSSP, and CRCM | Free Webinar

                  With cannabis-related businesses still sitting at the top of bankers’ minds, senior consultants from Abrigo’s BSA/AML Advisory Services team tackle bankers’ burning questions about CRBs/MRBs. Join us as we discuss all things cannabis, from the current state of cannabis laws to what bankers will need to know for 2020 and beyond. No matter if you're planning on banking these businesses or want to stay far away from them, this session has information you might not have considered.
                  Join this webinar to learn:
                  • Updates on cannabis laws, both current and upcoming
                  • How to successfully bank these customers 
                  • Common CRB banking errors and how to avoid them
                  • Q&A will answer audience-submitted questions both live and post-webinar
                  This session is eligible for 1.25 hours CAFP, CERP, CFSSP, and CRCM

                  Thursday, December 12, 2019
                  2:00 PM ET / 1:00 PM CT
                  Register now! 

                    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

                        Infographic | Managing & Mitigating Risk - Challenges of CDD/EDD for Higher-Risk Customers

                        Infographic
                        Managing & Mitigating Risk
                        Challenges of CDD/EDD for Higher-Risk Customers

                        Download Now


                        “Although any type of customer account is potentially vulnerable to money laundering or terrorist financing, by the nature of their business, occupation, or anticipated transaction activity, certain customers and entities may pose specific risks.”
                        FFIEC BSA/AML Examination Manual

                        This infographic provides an easy-to-understand overview of high-risk customers, including expectations from examiners for risk-based procedures, a visualization of progressive methods of due diligence and suspicious activity reporting, current challenges of conventional CDD/EDD approaches, and how to strengthen compliance with an end-to-end approach to high-risk customer management.

                        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

                            Demonstration | BSA/AML Compliance and Management - Join us Oct 23

                            October 23 at 12:30 PM - 01:30 PM EST
                            BSA/AML Compliance and Management
                            Uncover Suspicious Activity & Strengthen Compliance


                            Register Now

                            Today’s landscape of changing regulatory requirements creates enormous pressure for compliance professionals to uncover potential money laundering and stay ahead of suspicious activity. Yet, many financial institutions still rely on legacy systems, broad rules and manual processes to manage daily compliance tasks.

                            Join us as we demonstrate how Verafin’s Financial Crime Management platform uses a big data intelligence approach, leveraging artificial intelligence and machine learning to significantly reduce false positives and generate a higher quality of alerts. You’ll see how Verafin enhances anti-money laundering efforts with complete BSA/AML functionality to strengthen compliance and enhance your ability to detect, investigate and report potentially suspicious activity.

                            Highlights of this software demonstration will include:
                            • Risk-rated targeted BSA/AML alerts and scenarios
                            • High-Risk Customer Management and end-to-end CDD/EDD
                            • Alert threshold testing and performance monitoring
                            • Integrated financial crime Case Management
                            • Automated regulatory reporting of SARs and CTRs
                            • 314(b) Information Sharing
                            Register Now

                              Demonstration | BSA/AML Compliance and Management: Uncover Suspicious Activity & Strengthen Compliance - Join us Aug 29

                              BSA/AML Compliance and Management
                              Uncover Suspicious Activity & Strengthen Compliance

                              August 29 at 12:30 PM - 01:30 PM EST

                              Register Now

                              Today’s landscape of changing regulatory requirements creates enormous pressure for compliance professionals to uncover potential money laundering and stay ahead of suspicious activity. Yet, many financial institutions still rely on legacy systems, broad rules and manual processes to manage daily compliance tasks.

                              Join us as we demonstrate how Verafin’s Financial Crime Management platform uses a big data intelligence approach, leveraging artificial intelligence and machine learning to significantly reduce false positives and generate a higher quality of alerts. You’ll see how Verafin enhances anti-money laundering efforts with complete BSA/AML functionality to strengthen compliance and enhance your ability to detect, investigate and report potentially suspicious activity.

                              Highlights of this software demonstration will include:
                              • Risk-rated targeted BSA/AML alerts and scenarios
                              • High-Risk Customer Management and end-to-end CDD/EDD
                              • Alert threshold testing and performance monitoring
                              • Integrated financial crime Case Management
                              • Automated regulatory reporting of SARs and CTRs
                              • 314(b) Information Sharing
                              Register Now

                                Demonstration | BSA/AML Compliance and Management - Join us August 29

                                BSA/AML Compliance and Management
                                Uncover Suspicious Activity & Strengthen BSA/AML Compliance

                                August 29 from 12:30 – 1:30 PM EST

                                Register Now

                                Today’s landscape of changing regulatory requirements creates enormous pressure for compliance professionals to uncover potential money laundering and stay ahead of suspicious activity. Yet, many financial institutions still rely on legacy systems, broad rules and manual processes to manage daily compliance tasks.

                                Join us as we demonstrate how Verafin’s Financial Crime Management platform uses a big data intelligence approach, leveraging artificial intelligence and machine learning to significantly reduce false positives and generate a higher quality of alerts. You’ll see how Verafin enhances anti-money laundering efforts with complete BSA/AML functionality to strengthen compliance and enhance your ability to detect, investigate and report potentially suspicious activity.

                                Highlights of this software demonstration will include:
                                • Risk-rated targeted BSA/AML alerts and scenarios
                                • High-Risk Customer Management and end-to-end CDD/EDD
                                • Alert threshold testing and performance monitoring
                                • Integrated financial crime Case Management
                                • Automated regulatory reporting of SARs and CTRs
                                • Secure 314(b) Information Sharing
                                Register Now

                                  Blog | Improving your risk-based CDD with intelligent categorization - Read the full blog now

                                  Blog
                                  Improving your risk-based CDD with intelligent categorization
                                  How segmentation improves both the effectiveness and efficiency of your customer due diligence procedures for higher-risk categories


                                  Read the full blog now

                                  With expanding regulatory expectations toward CDD/EDD risk management and shrinking compliance resources, the question on the minds of many BSA/AML compliance professionals is, “How can we manage this?” 
                                   
                                  The answer is by applying intelligent categorization — but what does that mean?

                                  Not all high-risk customers pose the same level of risk to an institution. Therefore, applying the same level of ongoing due diligence to all high-risk customers is incredibly inefficient. In this blog, you will learn how intelligent categorization allows for more tailored and effective management throughout the customer relationship, including:
                                  • Identification of high-risk customers and categorizing them into high-risk groups.
                                  • Risk Stratification to address how risk differs within each high-risk category.
                                  • EDD Review Workflows that centralize processes, automate tasks, and integrate with ongoing monitoring and risk assessment.
                                  • Surveillance that applies targeted analytics to specific groups, monitoring them for unusual activity and risk factors.
                                  Read the full blog now