Regulatory concern about money-laundering activity is only increasing, and financial institutions are pumping more and more money and human resources into maintaining adequate compliance programs to avoid sanction. During the recent government shutdown, the Financial Crimes Enforcement (FinCEN) continued critical operations, proving that AML rule enforcement never sleeps. GIVEN THIS ESCALATING ENVIRONMENT, FINANCIAL SERVICES PROFESSIONALS MUST ENSURE THEY ARE AWARE OF RECENT DEVELOPMENTS AND CASES THAT ARE SHAPING THE FUTURE OF REGULATORY AML COMPLIANCE AUDITS.
Who Is Affected by AML Procedures?
AML compliance does not start and stop at the AML compliance department. Every employee, from the AML compliance department to sales and supervision, to money processing, must be trained in AML procedures, including spotting red flags and the latest global schemes devised to scam you and your firm into laundering dirty money. It happens every day right under our noses — will you be next? THAT’S WHY AML COMPLIANCE IS EVERYONE’S RESPONSIBILITY!
Establishing a Culture of Compliance Improves AML Policies & Procedures
The latest FinCEN Advisory to U.S. financial institutions addresses the importance of establishing a “culture of AML compliance.” This advisory highlights six primary ways that financial institutions may strengthen organizational compliance with the Bank Secrecy Act and other AML regulations. The advisory offers insight into regulators’ mindset and the future emphasis of regulatory audits and enforcement.
Famous Last Words
If you think money laundering could never happen to you or your firm, we hope you’re right! However, with the latest guesstimate between $800 billion and $2 trillion being laundered every year, there’s a good chance you will encounter it at some point in your career.
Prepare yourself by taking the NRS® FIRE Solutions just released AML — Current Issues 2019!
To address these current developments, NRS FIRE Solutions has just released its AML — Current Issues 2019 Firm Element CE course. Like all our “current issues” courses, AML — Current Issues 2019 highlights the latest trends in money laundering and reveals activities that are actionable red flags. In addition, the course identifies the latest FATF advisories for those countries that pose the highest money laundering risk. A case study is used to illustrate how criminals circumvent the rules to launder money. Find out more here.