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 dilig [...]

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 pr [...]

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 activity rises to the level [...]

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 reg [...]