While the financial institutions have the desire to improve the data quality and availability, data governance is often driven by external regulations to implement a program to ensure requirements outlined in DFS Part 504 regulation are met.
The US Office of the Comptroller of the Currency (OCC) has indicated that it will be focusing on the effectiveness of anti-money laundering (AML) systems and controls after including the topic on its list of FY 2019 annual priorities. For OCC-regulated banks, this means exams will concentrate on how up-to-date AML and Bank Secrecy Act (BSA) programs are with evolving threats and new rules.
Due to the nature of its business, trade finance is considered a high-risk product that is frequently used by individuals and criminal organizations to launder funds, conduct terrorist financing, and evade the sanctions, regulations, and restrictions of the Office of Foreign Assets Control ("OFAC
Link or network analysis can help the compliance risk industry better analyze data sets to discover alarming patterns. This form of analysis allows compliance teams to dive into massive piles of valuable information and process data much faster than holistic methods can.
Trying to get ahead but feel like you’re falling behind? The “most wonderful time of the year” can quickly turn into the most stressful time of the year when you’re caught between closing out year-end projects while strategizing and planning for the New Year.
In May 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued its final rule on beneficial ownership with respect to customer due diligence ("CDD") requirements.
Financial institutions (“FI’s”) are required by Anti-Money Laundering (“AML”) regulations to perform risk-based due diligence for their customers and prospective customer. This due diligence is referred to as Customer Due Diligence (“CDD”).