Anti-Money Laundering

How Financial Institutions Can Overcome Fraud and Money Laundering?

Bank regulators are constantly promoting the fundamentals in implementing an effective Anti-Money Laundering Program. However history has shown that banks are having difficulty in implementing a sound Anti-Money Laundering (AML) Program due to numerous reasons such as lack of resources, small oversights or lapses in controls such as KYC or enhanced due diligence processes, […]

Difficult Times: Goldman Sachs Sued for $510 million along with Regulatory Penalties?

Regulatory misconduct?
Although the Malaysian High Court dismissed a similar suit, the private equity firm is pursuing the case against Wall Street giant for $510 million. The plaintiff claims Goldman Sachs alleged wrongdoing has cost them $170 million.

Primus Pacific Partners has claimed that Goldman Sachs and a former MD Tim Liessner had mislead private equity […]

Does anyone EVER read my SAR Reports?

One of the most important tasks that a Bank Secrecy Act (“BSA”) Officer has is to make the decision whether or not to file a suspicious activity report (“SAR”).   Many BSA Officers have had the experience of reviewing transactions, analyzing them for suspicious activity and then making the decision whether or the not the […]

Achieving a Suitable Line of Defense Against Fraud and Money Laundering

How does a financial institution arm itself against fraud and money laundering?
History has shown that banks find it difficult to implement a sound Anti-Money Laundering (AML) program due to various reasons, i.e., lack of resources, minor oversight or lapses in controls such as KYC or enhanced due diligence processes, customer and third-party risks, and […]