Money Laundering/Terrorist Financing Red Flags
If you are in the BSA world, you’ve likely been seeing the acronym “ML/TF” quite a bit recently. If you’re not in the BSA world, ML/TF refers to “money laundering, terrorist financing”. This was a new term added to FinCEN’s BSA/AML Examination Manual to help guide institutions to hone in on risk associated with these specific types of activity, in addition to other illicit financial activity risk. FinCEN also put together a list of ML/TF red flags which we’ve turned into a tool in the Free BSA/AML Tools on our website. This can be used in training for applicable personnel, as well as, a checklist of sorts to see if your program is capable of identifying some of the specified activity.
Find your BSA ML/TF FREE Tool HERE!
Kevin explains more about ML/TF in the video.
Use the search function under the Product Files to find a specific tool.
Published
2021/03/30
Kevin Edwards
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).