25 06, 2021

AML Act of 2020

2021-08-04T12:51:11-04:00

Wealthy and influential individuals and companies have used anonymous entities to hide their wealth, as evidenced in the 2016 Panama Papers and 2020 FinCEN Files Investigations. In January 2021, the FY 2021 National Defense Authorization Act became law, including the Anti-Money Laundering Act of 2020 (AMLA 2020). Part of the AMLA 2020 is the Corporate Transparency Act (CTA). The AMLA 2020/CTA amends the Bank Secrecy Act (1970) (among other things) to require that companies (corporations, limited [...]

AML Act of 20202021-08-04T12:51:11-04:00
1 02, 2021

6 Key Lessons We Learned at the AML & FinCrime Tech Forum

2021-08-04T12:43:17-04:00

Last week, Vital 4 exhibited at the AML & FinCrime Tech Forum and had the opportunity to speak with different stakeholders across the industry. We discussed technology, platforms, data, and process, with many disparate experts, and here are some of our key takeaways. Many major data platforms are not updating their source data regularly. Up-to-date data is key. Outdated data is not just inconvenient, it’s not compliant. False positives or false negatives due to outdated data [...]

6 Key Lessons We Learned at the AML & FinCrime Tech Forum2021-08-04T12:43:17-04:00
26 01, 2021

4 Key AML/KYC Trends for 2021

2021-08-04T12:43:25-04:00

In 2020, we saw a drastically heightened need for fraud protection as more things switched to digital, accelerated by the COVID-19 pandemic. As we enter the new year, the fight against financial crimes and the need for AML/KYC compliance will continue to be a top priority. Here are a few key AML/KYC trends we’ve identified for 2021.  Customization is critical  AML/KYC workflows were complicated in the past, but technology has begun to simplify workflow management. With [...]

4 Key AML/KYC Trends for 20212021-08-04T12:43:25-04:00
11 11, 2020

Banks Beware: Don’t Get Fined for Weak Anti-Money Laundering (AML) Oversight

2021-08-04T13:39:05-04:00

Earlier this year, former Risk Officer at U.S Bank Michael LaFontaine was fined $450,000 for a "failure to prevent violations of the Bank Secrecy Act," according to The Wall Street Journal. U.S. Bank had already been fined $613 million in 2018 for weak anti-money laundering controls, with enforcement action specific to LaFontaine. Before and during LaFontaine's tenure, U.S. Bank used a transaction-monitoring software that placed a cap on the number of alerts generated, preventing the bank [...]

Banks Beware: Don’t Get Fined for Weak Anti-Money Laundering (AML) Oversight2021-08-04T13:39:05-04:00

Copyright 2023 © Vital4Data, Inc. All rights reserved.

Subscribe Today!

* indicates required
 
Background Screening Newsletter

Fintech Newsletter

Go to Top