BSA/AML: Why is Compliance so Important?

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With the ongoing situation in Ukraine, you are probably trying to wrap your head around what seems like almost daily changes with regard to Russian sanctions. Whether it’s OFAC sanctions or FinCEN’s Red Flags for potential sanctions evasion, there has been a lot. It’s important that this information doesn’t only stay within your BSA Department. Your lenders and operations personnel need to know what types of red flags to look for and those red flags might differ depending on their specific job duties.

In times like these, it’s important to remember why BSA/AML compliance is so important.

 

Kevin explains more in the video.

 

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Kevin Edwards

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).

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