Articles

Illicit Financial Schemes Related to Fentanyl and other Opioids: Compliance Guide and Tips for Financial Institutions

Illicit trafficking, sale, distribution, and misuse of fentanyl and other synthetic opioids has landed the United States in the midst of unprecedented epidemic that not only results in death of more than 130 persons every day, it poses risks for the financial system who are being used for...

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Fraud Risks and Role of Internal Audit

Institutions generally think and believe that their employees are moral and their internal fraud risks are low. The presumption appears to be fair, considering that the individuals would not have bene hired if there were any red flags at that time. However, absence of apparent red flags earlier...

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Risk based Bank Secrecy Act/Anti-Money Laundering Examinations

Section 352 of USA PATRIOT Act 2001 requires Financial Institutions (FIs) to establish Bank Secrecy Act/Anti-Money Laundering Programs (“AML Programs”). While banks and other institutions, deemed to be FIs, developed and documented their AML Programs, quite often these were not aligned to their AML risks, defeating the purpose...

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FinCEN’s Advisory on Illicit Activity Involving Convertible Virtual Currencies

The Financial Crimes Enforcement Network (FinCEN) realizing the risks posed by Virtual Currencies issued an advisory (FIN-2019-A0003) earlier this month, cautioning the financial institutions to the heightened risks posed by criminals, who continue to exploit Virtual Currency for supporting their illegal activities and for laundering money. This activity...

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