Financial institutions rely on caps and limits. There are minimum deposits and credit scores and limits on ATM withdrawals and overdraft fees. But there are some places caps don’t belong, U.S. Bank learned earlier this year as the result of $613 million in civil money penalties and fines from the Federal Reserve, the Office of […]

Chances are you were ready when FinCEN’s new customer due diligence (CDD) rules requiring the establishment of beneficial ownership for business relationships took effect May 11. But do you know if your policies and procedures are working as intended? If you haven’t addressed risk and put effective controls in place, then you don’t. Implementing CDD […]

Complying with the Bank Secrecy Act (BSA) may feel like a thankless job, but the reports your institution files can really make a difference. Need proof? Check out the Financial Crimes Enforcement Network (FinCEN)’s Law Enforcement Awards Program, which celebrates the relationship between the financial industry that supplies BSA information and the law enforcement agencies […]

Thomas E. Haider is a cautionary tale for compliance officers across the country. In one of the largest individual penalties levied by FinCEN (Financial Crimes Enforcement Network), the former chief compliance officer of MoneyGram International from 2003 to 2008 was fined $250,000 this month and banned from serving in a compliance function for any money […]