Rethinking AML Compliance in the Age of Disruption
Shift your focus forward. Money laundering and other financial crimes continue to create increased risk to the global financial system, and support criminal/terrorist activity. All participants in the financial industry need to work to stem the problem of money laundering and financial crime.
AML Conversations: Kent Belasco - Director, Commercial Banking Program Marquette University
In this edition of AML Conversations, John sits down with Kent Belasco, Director of the Commercial Banking program at Marquette University, one of only two undergraduate programs dedicated to banking in the United States. As the AML community continues to figure out the variety of skill sets needed by financial crimes professionals, having a potential workforce with actual banking backgrounds can certainly assist with understanding the risk challenges with certain products and services.
October Employee Spotlight: Coletun Long
We are very excited to highlight a staff member each month from our team of superb employees.
Understanding CTR Exemptions and their Practicality
Financial Institutions (FI) file Currency Transaction Reports (CTRs) which enable law enforcement to monitor and investigate potentially suspicious activity. CTRs act as a paper trail for cash transactions, and are filled out by bank personnel for each deposit, withdrawal, currency exchange or other payment or transfer greater than $10,000 in currency. In turn, the Financial Crimes Enforcement Network (FinCEN), a branch of the U.S. Treasury, reviews and correlates the customer and transaction data, and maintains a database of all filings. Nearly 50 years ago, CTRs came into existence under the Bank Secrecy Act (BSA), which established program, recordkeeping, and reporting requirements for FIs. Since then, the CTR form has been modernized several times to streamline and simplify submission requirements, and an electronic filing requirement for all CTRs was instituted. Beginning in the 1990s, FinCEN sought to reduce unnecessary regulatory burdens on filers and eliminate items which are of limited value to law enforcement. To reduce information collection, criteria were established to exempt transactions from CTR reports by certain entities.
