Fraud Prevention Blog

Oct 5, 2013 - The Bank of the Future — BSA and AML Compliance

Posted by Sean Trundy on Fri, Oct 04, 2013 @ 03:23 PM

This article was originally published on CBinsight.com

The Best Way to really "Know Your Customer"

If you are involved in bank operations management, then you already know that your bank is required to authenticate customer ID documents. Still many banks don’t do this well, and are exposed to compliance-related fines.

What if … You could enhance compliance and position your bank to attract new customers?

Topics: regulatory compliance, red flag rules, anti-money laundering, ID Verification

Jun 11, 2013 - Most Bankers Believe in Biometric Authentication

Posted by Sean Trundy on Wed, Jun 12, 2013 @ 08:16 AM

In a survey of financial professionals conducted last month, FraudFighter discovered that a vast majority - 85% - of professionals in the financial services industry believe that their branch operations ought to be conducting some type of identity authentication that utilizes photos and/or biometric verification.

Topics: identity theft, anti-money laundering, ID Verification

Apr. 02, 2013 - BSA Compliance - Identity Theft Verification

Posted by Sean Trundy on Tue, Apr 02, 2013 @ 10:25 AM

Bank Secrecy Act compliance is more important than ever to companies that deal with “covered transactions”.  The cost of fraud has exceeded one trillion dollars and is on the rise.  The Bank Secrecy Act (BSA) was put in place to assist government agencies with stopping money laundering. 

There are three main requirements that the BSA insists of financial institutions to maintain Bank Secrecy Act compliance:

  • 1. Keep records for cash purchases of negotiable instruments
  • 2. File reports of these purchases
  • 3. Report any activity that may be indicative of tax evasion, money laundering or other illegal activities

Topics: regulatory compliance, anti-money laundering, bank secrecy act, counterfeit fraud

Bank Secrecy Act - The $10,000 Rule

Posted by Sean Trundy on Fri, Jul 20, 2012 @ 08:33 AM

To deter or prevent illegal activity including terrorism and money laundering, Bank Secrecy Act compliance requires verification of a client's or customer's identity (see prior post: BSA/CIP Client Identification and Verification Requirements) and the reporting of large cash transactions.  This post will focus on the $10,000 Rule for reporting cash transactions.

Topics: regulatory compliance, anti-money laundering, bank secrecy act

BSA/CIP Client Identification and Verification Requirements

Posted by Sean Trundy on Thu, Jun 21, 2012 @ 10:52 AM

The Bank Secrecy Act or BSA requires a written Customer Identification Program (CIP) for client identification verification.  Banks particularly must have a CIP that is appropriate for their size and the types of transactions they engage in.  The CIP must be approved by the banks board of directors and its implementation, including customer identification verification is not only a matter of compliance but necessary for protection from risk to the banks reputation.

Topics: anti-money laundering, bank secrecy act, ID Verification

Why Counterfeit Pens Can't Detect Fake Money

Posted by Sean Trundy on Wed, May 16, 2012 @ 02:17 PM

 Passing Counterfeit Money Through Retailers is a Multimillion Dollar Industry  

Every year, millions of "fake" notes are passed over retail counters and the majority are not identified as counterfeit until they're examined by the bank.  Most often, retail associates don't know how to identify legitimate money or they rely on the simplest of all anti-counterfeiting tools; the counterfeit pen.  Unfortunately, relying on the pen alone is not going to catch anyone other than an amateur who is printing money on a laser printer. 

Topics: anti-money laundering, counterfeit money, fake money

How to Avoid Being a Money Launderer

Posted by Gary Satanovsky on Tue, Jan 17, 2012 @ 04:50 AM

Topics: regulatory compliance, anti-money laundering, fraud news

ID Verification: Red Flags and Customer ID Programs

Posted by Gary Satanovsky on Mon, Nov 21, 2011 @ 12:25 PM

If you have followed the news at all lately, you have likely heard that financial institutions of all stripes are coming under greater scrutiny, with proposals for ever-tighter regulation still on the horizon. This includes not only bank lending and deposit activities, but also the manner in which all institutions vet their clients - former, current and future. In large part this is an attempt to mitigate identity theft. Creative identity thieves have been able to steal personal identification information  from thousands of accounts. Creating false identities and fake ID Documents to open new lines of credit has become easier than ever.

Topics: regulatory compliance, red flag rules, anti-money laundering, bank secrecy act, counterfeit ID, ID Verification, fraud prevention

ID Verification a Key Step in Anti Money Laundering

Posted by Gary Satanovsky on Wed, Oct 26, 2011 @ 04:12 AM

It is perhaps a sign of the times when the annual convention of anti-money laundering professionals draws a record attendance. This year, the Association of Certified Anti-Money Laundering Specialists (ACAMS) met for the 10th year straight, covering financial fraud from both a global and a organization-focused perspective, and celebrating both a record turnout for the convention and a new high in membership.

Topics: regulatory compliance, anti-money laundering, ID Verification, fraud prevention

Identity Fraud and Terrorist Financing

Posted by Gary Satanovsky on Tue, Sep 20, 2011 @ 03:50 AM

Topics: regulatory compliance, anti-money laundering, bank secrecy act