Jennifer Rura

sar investigations and aml

Planning for a Successful Automated Monitoring System (AMS) Validation by Understanding Common Findings

BSA/AML, Compliance IQ / By

Your AMS plays a crucial role in helping financial institutions detect and prevent illicit activities. However, to ensure the effectiveness and compliance of these solutions, regular model validations are necessary and prescribed by Guidance on Model Risk Management from the prudential regulators. During validations, common findings often emerge and highlight opportunities for improvement. Here, TCA […]

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aml

AML/CFT Transaction Monitoring – Importance of Tuning Your AMS Model

BSA/AML, Compliance IQ / By

Regulators expect compliance with the standards established in the model risk management guidance (MRMG) (Federal Reserve SR Letter 11-7, OCC Bulletin 2011-12; FDIC FIL 22-2017) as well as the April 9, 2021, Interagency Statement on Model Risk Management for Bank Systems Supporting Bank Secrecy Act/Anti-Money Laundering Compliance. This guidance relates to systems or models used

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money laundering, money, cash-4315218.jpg

Identifying Higher Risk Customers using Keyword Searches

Compliance IQ / By

Financial institutions are facing increased regulatory pressure on Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) procedures, particularly regarding inherently higher-risk customer types. CDD is critical to identifying and monitoring customers involved in higher-risk activities. Identification of higher-risk customers starts at account opening and your account opening procedures should incorporate this due diligence. Some

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aml

When dispositioning alerts from our automated BSA/AML monitoring system, how much information is enough?

BSA/AML, Q&A / By

Answer: TCA continues to see examiner scrutiny on alert resolution. When documenting a response to an alert, it does not need to be as in-depth as an investigation narrative; however, it must explain the who, what, where, when, why, and how. This creates continuity for other BSA staff, examiners, and auditors to understand how you

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