TOPIC: FFIEC

BSA/AML Program Quality Control Process

Quality control is a necessary piece of a successful BSA/AML program. Although, there is nothing in the FFIEC manual that requires a formal quality control process, it is something that regulators look for during an exam. It brings the investigations process full circle and is another part of your internal controls. Quality control in closed alerts and cases helps to ensure that the decision making and the documenting process follows the standards defined by your institution and can be used as a coaching opportunity for staff.

Abrigo's quality control template provides a good starting place for institutions looking to implement or enhance their current QC process. If you missed our webinar on BSA/AML Investigation Best Practices and Quality Control you can watch it at your convenience on our website. 

    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.