the risk management blog

byLowers & Associates | June 18, 2015

By their very nature, money launderers will go to great lengths to cover their tracks. In the process, they use the normal activities of legitimate businesses like banks, credit unions, money service businesses, and other financial services organizations to…

byLowers & Associates | June 03, 2015

Like every other important function in a financial entity, a BSA/AML compliance program cannot be expected to operate on autopilot. Managers and employees have to be aware of their responsibilities in the compliance program, and contribute actively as needed….

byLowers & Associates | May 28, 2015

Anti-Money Laundering (AML) regulations for financial institutions—including most cash-handling businesses like armored car services—are risk-based. That is, the regulations recognize that the tremendous variation in the regulated businesses requires an approach that adjusts based on the risks a business…

byLowers & Associates | May 27, 2015

One of the most important ways to ensure that your anti-money laundering program is in compliance with Bank Secrecy Act / Anti-Money Laundering (BSA/AML) requirements is to submit it to independent testing or auditing. Regular internal audits are always…

byLowers & Associates | May 26, 2015

One of the most important aspects of BSA/AML compliance is the responsibility it places on regulated financial entities to report suspicious transactions. This responsibility requires an organization to be able to monitor and identify transactions, evaluate them in real…