byLowers & Associates | August 06, 2020

Benjamin Franklin once said, “Diligence is the mother of good luck.”  It’s a fascinating quote with a rabbit hole worth discussing, but taken at face value, it feels somewhat like the truth. Therein lies a conundrum, though, that most…

byTom Dolan | June 04, 2020

Imagine your business is being asked to partner with the trendiest new luxury goods distributor. They have a strong presence throughout Europe, are establishing a growing network of suppliers, and come backed by some significant capital. Wow! It MUST…

byLowers & Associates | August 25, 2015

Firms must comply with the Bank Secrecy Act and its implementing regulations (“AML rules”). – Financial Industry Regulatory Authority The Bank Secrecy Act (BSA) and all the related laws that have been passed since the BSA began in 1970, aim…

byLowers & Associates | July 21, 2015

Both the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) mandate that covered financial entities—and this includes all banking institutions, virtually all money service businesses, and many cash-intensive non-bank businesses—establish an Anti Money Laundering…

byLowers & Associates | July 17, 2015

One of the hottest—and hardest—topics in BSA/AML compliance is managing the risks due to third parties. Regulatory agencies including FinCEN, OFAC, and others have expanded the definition of “third party” to include any business relationship between a financial entity…