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Fraud Prevention Blog

Inside Money Laundering - Anti Money Laundering

Posted by Gary Satanovsky on Wed, Aug 31, 2011 @ 11:59 AM

The last several weeks have seen a number of noteworthy arrests for money laundering. A fugitive American, who pled guilty to money laundering charges eight years ago but disappeared while out on bail, was finally returned to the U.S. after being apprehended in Mexico last year. And a Jamaican national was sentenced to 30 years in prison in the U.S. for money laundering, and ordered to pay $55 million in restitution to his victims – after he finishes out his 6 ½ year term for a prior conviction in Jamaica.

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

ID Verification, Money Laundering and Regulatory Compliance

Posted by Gary Satanovsky on Wed, Aug 24, 2011 @ 03:44 PM

The last decade brought about a tumultuous change in financial institution regulations. Many pre-2000 “suggestions” or “guidelines” became hard rules enforced by stiff fines. The new regulations were long overdue – the terrorist attacks of 2001, and the string of large corporate scandals a few years later proved once again we aren't in Kansas anymore – but they did significantly complicate compliance procedures. There is first an alphabet soup of overlapping legislation under the PATRIOT Act, Bank Secrecy Act, the Financial Anti-Terrorism Act, FINRA and “know your customer” requirements, Sarbanes Oxley and a fair amount of other stringent regulations. In short, financial institution executives are quite burdened familiarizing themselves with dozens of potentially applicable rules and regulations.

Topics: regulatory compliance, verification of ID, anti-money laundering, bank secrecy act, fraud prevention

Solutions for Combatting Identity Fraud

Posted by Gary Satanovsky on Tue, Jun 21, 2011 @ 03:44 AM

Topics: regulatory compliance, verification of ID, fraud protection tips, Webinar, fraud prevention

Bank Transfer Reporting Requirements About to Change

Posted by Gary Satanovsky on Tue, Sep 28, 2010 @ 02:55 PM

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

Mortgage Fraud Rise Can Mean Trouble for Unprepared Lenders

Posted by Gary Satanovsky on Fri, Aug 27, 2010 @ 12:56 PM

Topics: identity theft, regulatory compliance, mortgage fraud

Common Methods of Performing Mortgage Fraud

Posted by Sean Trundy on Thu, Jul 29, 2010 @ 03:25 AM

Mortgage fraud has been much in the news in recent years.  After the dust created by the mortgage-fueled financial crisis of 2007-2008 began to clear, scrutiny of the mortgage-industry revealed extraordinary levels of fraud.  This excerpt from the FBI’s Financial Crimes Report, 2008:

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

Proper I-9 Employment Verification - Beyond “Good Faith”

Posted by Sean Trundy on Tue, Jul 13, 2010 @ 02:00 PM

There’s a lot of semantic debate these days over what to name foreign nationals who violate U.S. immigration policies and national laws – whether you call them illegal immigrants, illegal aliens or undocumented workers, it comes down to the same thing at the end of the day for every business: hire them, and you’ll pay big fines if detected. Though the majority of U.S. companies do not intend to violate immigration laws; in fact, more compliance violations occur from nonexistent or simple lazy I-9 verification than intentionally shady hiring practices. Breaking the law is easily accomplished if you’re not properly prepared; the bottom line is this –

Topics: regulatory compliance, I-9 compliance, Employee Verification, fraud prevention

$160 Million Fine for Bank Secrecy Act Violations

Posted by Sean Trundy on Wed, Jun 30, 2010 @ 11:13 AM

In a startling revelation yesterday, one of the largest U.S. banks admitted in court that a recently acquired retail bank division had failed to adhere to Bank Secrecy Act guidelines to detect and prevent money laundering by illicit organizations.

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

Title 31 - Strategy for Casino Fraud Prevention & Regulatory Compliance

Posted by Sean Trundy on Mon, Jun 14, 2010 @ 04:40 AM

Burden, or Benefit?

Topics: regulatory compliance, red flag rules, verification of ID, Title 31, counterfeit fraud, fraud prevention

Part IV - Red Flag Rules Program Elements

Posted by Sean Trundy on Wed, Jun 09, 2010 @ 09:28 AM

Part 4 of a four-part Process for Setting-up a Red Flag Rules Compliance Policy

UPDATING THE PROGRAM

Topics: identity theft, regulatory compliance, red flag rules, verification of ID