The recent revisions to the Bank Secrecy/Anti-Money Laundering Exam Manual are being seen as a move in the right direction by those close to the subject. According to Sepideh Behram, Senior Compliance Counsel at the American Bankers Association, the revisions made to the 2007 version reflect “certain points of...
It’s an often heard comment by those in the banking industry -- the need for consistency in the examination processes that institutions must undergo. That message is being heard, and acted on. With the recent announcement by U.S. Treasury Secretary Henry Paulson of an initiative to ensure that compliance...
Listen to this podcast by the Information Security Media Group as David Nelson, FDIC Examination Specialist shares his research and insight on current trends in cyber fraud and financial crimes and the their impact on the financial industry.
Nelson discusses his observations on other data from FDIC and other...
Listen in to this Information Security Media Group podcast to hear from the CISO at Investors Bank & Trust talk about what makes successful training programs work. Jeff Bardin has a wealth of experience in developing training programs for a wide range of organizations.
Previously he held CIO and Director level...
The Financial Crimes Enforcement Network released its 11th issue of the Suspicious Activity Report (SAR) Activity Review Issue 11 last week. With guidance from the BSA Advisory Group (BSAAG), the review covers the suspicious activity reports issued by financial institutions
If you ever thought that when you file a Suspicious Activity Report (SAR) that it is filed away with the other SARs, think again. SARs are an important and valuable part of the Bank Secrecy Act (BSA) data that law enforcement uses to build criminal cases. Financial institutions can read more on the enforcement actions...
A recent survey of banking executives showed the overwhelming majority plan to increase spending on automated Anti-Money Laundering (AML) transaction monitoring and on staff to help strengthen their compliance programs.
Darren Donovan, head of KPMG’s Forensic Services said the survey, administered by KPMG...
In 2006, the Federal Financial Institutions Examination Council (FFIEC) issued a revised version of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The manual has been updated to incorporate regulatory changes since the manual was first released in 2005 and to clarify supervisory expectations....
Determining if a candidate possesses the skills necessary to fill an information security position effectively before hiring him/her is not a trivial task. There are many methods one can use to gauge the effectiveness of a candidate's background.
It is important to note that for some positions, it might be very...
Banks Face Added Risks in a Tough New Regulatory ArenaWharton Bankers Trust was an aggressive and entrepreneurial commercial bank that developed some of the basic risk management tools now used throughout the banking...
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