Don't Get Hung Out to Dry: Bank Regulators Targeting BSA/AML Compliance
In recent months, regulators have been focused on enhanced BSA/AML programs and controls when visiting financial institutions. The BSA/AML program is key in monitoring transactions related to anti-money laundering activity.
Sound monitoring systems are essential to assist in the detection and prevention of money-laundering practices. While financial institutions have monitoring programs in place, just using the rules as provided by a vendor without independently validating them can result in not all suspicious transactions or red flags being identified. Rule validation should be a significant part of ongoing monitoring of systems and practices.
To find out the five most common reasons BSA/AML programs fail, click here.