Tag: finCEN

How Not to Use Test Results: A $613 Million Enforcement Action Story

Financial institutions rely on caps and limits. There are minimum deposits and credit scores and limits on ATM withdrawals and…

Your Risk To-Do List: Following Up on New FinCEN Customer Due Diligence Rules

Chances are you were ready when FinCEN’s new customer due diligence rules (CDD) requiring the establishment of beneficial ownership for…

BSA Heroes: How FinCEN Data Uncovers Big Crimes

Complying with the Bank Secrecy Act (BSA) may feel like a thankless job, but the reports your institution files can…

FinCEN: MoneyGram Compliance Officer on the Hook for $250,000 Penalty

Thomas E. Haider is a cautionary tale for compliance officers across the country. In one of the largest individual penalties…