BSA AML

How Banks can Ensure Compliance with BSA/AML Regulations

Money Laundering is the act of concealment of the origins of illegally obtained money. It can be done by transfer of money to foreign banks or investing in legitimate businesses. Generally, the money laundered is obtained by committing criminal acts like drug trafficking or terrorist activity. It is a major evil that not only hinders the progress of nations, [...]

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 [...]

Benefits of an Automated Audit Management System

In the current digital age, manual/random audits are no longer suitable. The new and pending regulations emerging from an array of laws including Dodd-Frank, the UK Bribery Act, and the Foreign Corrupt Practices Act (FCPA) have challenged internal audit and compliance professionals to meet increasing information requests and compliance requirements with thei [...]

Is Your Audit Management System Intelligent?

Do you have an intelligent audit management system in your organization? Or you are still relying on ineffective manual audit processes that not only increases audit errors but can also thwart the security and compliance efforts of your organization.With the increased business scrutiny and the new and pending regulations emerging from an array of laws in [...]

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 [...]