Combating Money Laundering
Combating Money Laundering
Abstract: As federal banking regulators intensify their scrutiny of Bank Secrecy Act and Anti-Money Laundering compliance, community banks need to become more proactive in combating money laundering. One potential tool worth considering is data visualization software. This article examines recent compliance requirements and how to effectively incorporate data visualization software into a bank’s antifraud lines of defense.
Data visualization helps banks combat money laundering
As federal banking regulators intensify their scrutiny of Bank Secrecy Act and Anti-Money Laundering compliance, community banks need to become more proactive in combating money laundering. One potential tool worth considering is data visualization software.
Increased emphasis on BSA/AML
Several recent developments reflect the federal banking agencies’ increasing concern about Bank Secrecy Act and Anti-Money Laundering (BSA/AML) compliance efforts:
- In July, the Financial Crimes Enforcement Network (FinCEN) introduced new customer due diligence (CDD) rules that require institutions to incorporate beneficial ownership identification requirements into existing CDD policies and procedures.
- In its Spring 2016 Semiannual Risk Perspective, the Office of the Comptroller of the Currency (OCC) alerted banks to increasing BSA/AML risks associated with technological developments and new product offerings in the banking industry.
- In recent months, regulators have been scrutinizing automated monitoring systems used by banks to detect suspicious activity to ensure that they’re configured properly.