Celebrating BSA/AML Superheroes – Amy Woolsey, CBAP, CAFP

Celebrating BSA/AML Superheroes – Amy Woolsey, CBAP, CAFP

In honor of National Financial Crime Fighter Day on Friday, October 26, we're highlighting five BSA professionals and their biggest BSA/AML win. Read on to learn what Amy Woolsey loves about her job and the work she has done to stop financial criminals as a BSA officer at Legend Bank in Bowie, Texas.

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OCC Releases Priority Objectives for Fiscal Year 2019

OCC Releases Priority Objectives for Fiscal Year 2019

The OCC’s 2019 fiscal year has officially begun. With that, they released their annual supervisory strategy plan for the new fiscal year. It aligns with their most recent semi-annual risk perspective issued this past spring so there shouldn't be any big surprises, but Jessica Caballero, CRCM discusses how to better prepare for your next exam. 

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Federal Banking Agencies Grant CIP Relief for Certain Lending Relationships

Federal Banking Agencies Grant CIP Relief for Certain Lending Relationships

Federal Banking Agencies (FBAs) responded positively to institution request letters by granting an order for Customer Identification Program (CIP) exception for premium finance loans. The agencies stated that this exemption is consistent with the purposes of the BSA based on FinCEN’s assessment that premium finance loans are low risk for money laundering or the otherwise illicit use of funds.

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FinCEN Advisory on the Iranian Regime’s Attempts to Exploit the Financial System

FinCEN Advisory on the Iranian Regime’s Attempts to Exploit the Financial System

FinCEN issued an advisory to help financial institutions identify potentially illicit transactions related to the Islamic Republic of Iran (Iran), detailing known key players and their tactics in exploiting the US financial system. The warning comes as an effort to prevent financing related to nefarious activities, including the funding of terrorist organizations such as the Islamic Revolutionary Guard Corps and Hamas.

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October 26th – BSA/AML Day | Nationally Recognized

October 26th – BSA/AML Day | Nationally Recognized

Part of our commitment here at Banker’s Toolbox is to continue to spread the word about BSA/AML and continue to advocate on behalf of you -- BSA/AML professionals. We started that effort in full-force in 2017, with an idea to create a nationally recognized holiday – BSA/AML Professional Day – to be observed on October 26th each year. After months of work and dedication, we are proud to announce that not only do we have formal proclamations from five states, but the National Day Calendar has officially added National Financial Crime Fighter Day to the calendar.

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Shared BSA Resources: What Do Regulators Say?

Shared BSA Resources: What Do Regulators Say?

If you have implemented, or are thinking of implementing, a collaborative arrangement with other financial institutions to strengthen your BSA/AML program, you may want to take a quick pause. On October 3rd, an Interagency Statement specific to this topic was released. The Agencies have provided some logical guidance on how to share resources, and when it is appropriate, or not appropriate, to do so.

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