Archive: BSA/AML
-
Jun 29, 2009
No CommentsNew Account Fraud can be controlled
By Kevin Byrne, Senior Regulatory Consultant, Wolters Kluwer Financial Services After reading the article below, you wonder how a person can successfully perpetrate new account fraud via identity theft at a financial institution (FI). Simply put, it shouldn’t happen. ID theft is now “old news” and we all know how the thieves get the information...
-
May 18, 2009
No CommentsRisk Management
While attending the MBA’s Legal Issues And Regulatory Compliance Conference last week, several of the speakers spoke about controlling risk throughout the process. Legal and Compliance should be involved in the risk management process from beginning to end. The Legal and Compliance department has the global perspective on risk while the business line has a...
-
Feb 17, 2009
1 CommentOutsourcing BSA/AML Compliance
By Kevin Byrne I read a recent article last week in which the Satyam Computer Services LTD scandal was discussed. All in all, this story speaks to the very root of BSA/AML outsourcing: Know Your Customer (or Know Your Vendor in this instance). Financial Institutions (FIs) are burdened more and more everyday with increasing BSA/AML...
-
Oct 23, 2008
No CommentsFTC gives enforcement delay
by Ted Dreyer The Federal Trade Commission has delayed enforcement of the Red Flags Rule until May 1, 2009, to give businesses under their jurisdiction additional time to develop and implement written identity theft prevention programs. This does not affect other agencies’ enforcement of the November 1, 2008 deadline for institutions subject to their oversight...
