“The fight against money laundering and terrorist financing is a pillar of U.S. national security and a strong financial system.” – Adam J. Suzbin, Department of the Treasury

Money launderers will go to great lengths to use the normal activities of legitimate banks, credit unions, and money service businesses to help them “clean” ill-gotten gains. The Bank Secrecy Act (BSA) sets forth AML rules, to help financial institutions identify and report potential money laundering and terrorist financing activities.

Our latest infographic highlights the typical 3-step money laundering cycle and outlines key components of an effective anti-money laundering program. Use this infographic as a quick reference to educate your employees and stakeholders on the importance of finely-tuned AML controls. … Continue reading

You are most likely familiar with the Financial Crimes Enforcement Network (FinCEN) which is a bureau of the Treasury Department. FinCEN’s mission is “to safeguard the financial system from illicit use and combat money laundering and promote national security” through the use of financial services information.

Bank Secrecy Act (BSA) Anti Money Laundering (AML) regulations previously applied to banks and credit unions, but over the past three decades the law has been expanded to cover a very wide array of financial institutions, maybe even yours. Today, FinCEN maintains webpages for money services businesses (MSB), depository institutions, the insurance industry, securities and futures, casinos, and more. … Continue reading