BSA/AML – An Increasing Risk

Awhile back the OCC issued a News Release highlighting the risks facing National Banks and Federal Savings Associations.  One area where risk was reported to be on the rise was with the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML).  The OCC stated this is attributed to new methods of money laundering, increases in the volume and sophistication of electronic bank fraud, and a bank’s failure to evolve and/or incorporate appropriate controls into new products and services.

The OCC’s report reflects data as of December 31, 2012, and is intended as a resource to the industry, examiners, and the general public.  As we have been stating in our seminars, BSA/AML is gaining more attention with the regulators again.  When you perform your next BSA/AML and OFAC risk assessments, take a thorough look at your products and services.  Pay close attention to your ability to evolve and enhance your monitoring efforts in order to keep pace with the advancing threats.

Learn more on how you can get Bank Secrecy Act Training here

Published
2013/08/02
Deb Irving
David Dickinson

David Dickinson

David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.

He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.

David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.

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