Jennifer Rura

aml

AML/CFT Transaction Monitoring – Importance of Tuning Your AMS Model

BSA/AML, Compliance IQ / By

Regulators expect compliance with the standards established in the model risk management guidance (MRMG) (Federal Reserve SR Letter 11-7, OCC Bulletin 2011-12; FDIC FIL 22-2017) as well as the April 9, 2021, Interagency Statement on Model Risk Management for Bank Systems Supporting Bank Secrecy Act/Anti-Money Laundering Compliance. This guidance relates to systems or models used […]

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Identifying Higher Risk Customers using Keyword Searches

Compliance IQ / By

Financial institutions are facing increased regulatory pressure on Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) procedures, particularly regarding inherently higher-risk customer types. CDD is critical to identifying and monitoring customers involved in higher-risk activities. Identification of higher-risk customers starts at account opening and your account opening procedures should incorporate this due diligence. Some

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aml

When dispositioning alerts from our automated BSA/AML monitoring system, how much information is enough?

BSA/AML, Q&A / By

Answer: TCA continues to see examiner scrutiny on alert resolution. When documenting a response to an alert, it does not need to be as in-depth as an investigation narrative; however, it must explain the who, what, where, when, why, and how. This creates continuity for other BSA staff, examiners, and auditors to understand how you

When dispositioning alerts from our automated BSA/AML monitoring system, how much information is enough? Read More »

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