REMINDER: Financial Institutions Must Adopt FinCEN’s New Report Format by Monday, April 1, 2013

April 1, 2013 REMINDER: Financial Institutions Must Adopt FinCEN’s New Report Format by Monday, April 1, 2013 On February 23, 2012, the Financial Crimes Enforcement Network (FinCEN) issued a Final Notice requiring the electronic filing of most Bank Secrecy Act (BSA) reports by July 1, 2012. Specifically, this action mandates the electronic submission of Suspicious […]

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EU adopts two proposals to reinforce existing EU AML Rules

February 5, 2013 The European Commission adopted two proposals to reinforce the European Union’s (EU’s) existing rules on (AML) anti-money laundering and fund transfers. http://europa.eu/rapid/press-release_IP-13-87_en.htm?locale=en

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FinCEN/FBI Informational Webinar on Health Care Fraud

January 23, 2013 The Financial Crimes Enforcement Network (FinCEN) in coordination with the Federal Bureau of Investigation (FBI) held an Informational Webinar on Health Care Fraud. The recorded version of this Webinar is now available for viewing by selecting the following link: mms://media.yorkcast.com/treas/4b8f3616-8341-41a9-b9fa-5428151f1b6b.wmv?playbackTicket=115d0973be404db780136a5f878fe5cc&site=treas.yorkcast.com

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Eurodad Publishes Report on Beneficial Ownership

January 14, 2013 The new Eurodad report “Secret structures, hidden crimes” finds that the hidden ownership of companies and other legal structures facilitates tax evasion, corruption and related crimes. It outlines the different ways that individuals abuse companies, trusts and other vehicles in order to evade taxes. Download the summary report: http://eurodad.org/wp-content/uploads/2013/01/Secret-structures-hidden-crimes_summary-online.pdf Download the full […]

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BIS Releases Principles for Effective Risk Data Aggregation and Risk Reporting Document

January 2013 One of the most significant lessons learned from the global financial crisis that began in 2007 was that banks’ information technology (IT) and data architectures were inadequate to support the broad management of financial risks. Many banks lacked the ability to aggregate risk exposures and identify concentrations quickly and accurately at the bank […]

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FATF Publishes Operational Issues – Financial Investigations Guidance

July 2012 The purpose of the Financial Investigations Guidance is to help countries better understand law enforcement’s role in the larger anti-money laundering/countering the financing of terrorism (AML/CFT) context, specifically addressing the role of financial investigations. This guidance report aims to assist policy makers as well as practitioners by providing ideas and concepts that they […]

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2013 Anti-Money Laundering Recruiting and Staffing Firm List Has Been Released

January 1, 2013 This list contains those recruiting firms that specialize in the Financial Services industry as well as those firms that source Anti-Money Laundering (AML) project staffing. It was compiled over a period of approximately 10 years in my career as Senior Subject Matter (SME) expert working in every large scale US remediation in […]

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Iran Freedom And Counter-Proliferation Act Signed Into Law

January 21, 2013 United States: Iran Freedom And Counter-Proliferation Act Signed Into Law, Part Of The FY2013 National Defense Authorization Act   On Tuesday, January 2, 2013 President Obama signed into law the FY 2013 National Defense Authorization Act (the “FY 2013 NDAA”), a large legislative package that includes the Iran Freedom and Counter-Proliferation Act […]

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IMF Issues Guidance Note on AML/CFT Issues Inclusion in Surveillance

December 14, 2012 This note provides guidance on the inclusion of AML/CFT issues in surveillance and financial stability assessments (FSAs). Specifically, it provides a framework for the treatment of cases where money laundering or terrorist financing (ML/TF) and related underlying crimes (i.e., “predicate crimes” or “predicate offenses”) are so serious as to threaten domestic stability, […]

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