IN THE LATEST ISSUE:

The Evolution of Risk Management in the ACH Network: Moving from a Simple Single Approach to a Sophisticated Multi-Facet Approach

“It was the best of times, it was the worst of times.”

The opening line of Charles Dickens’ A Tale of Two Cities aptly describes the evolution of risk management in the ACH Network over the past ten years. Innovative thought leadership and technological advances sparked new ACH applications and unparalleled opportunities for ACH Network expansion. Unfortunately, these new applications also caught the eye of fraudsters and high-risk originators, who used surreptitious means to exploit the Network.

Continue reading to find out all you need to know about the evolution of risk management in the ACH Network.

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What goes on in Vegas, doesn't have to stay in Vegas!

At the ACAMS 10^th Annual International Anti-Money Laundering Conference, Jessica L. Gomel, from J.P. Morgan Chase, gave a presentation entitled Practical Techniques to Detect Human Trafficking Financing within Your Institution.

During her presentation, Gomel referenced some of the findings from the U.S. Department of Homeland Security’s Project STAMP (Smugglers’ and Traffickers’ Assets, Monies & Proceeds) that indicate a bank account’s involvement in financing human trafficking.

What telltale signs should your institution watch for?

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MSB Registration: FinCEN on the Trail

Money service business registration with the Financial Crimes Enforcement Network (FinCEN), as required by the Bank Secrecy Act (BSA), is a critical component in the government’s efforts to combat money laundering, terrorist financing and other financial crimes. Additionally, MSB registration and compliance with FinCEN’s rules and regulations ensures that members of the general public have access to legitimate financial institutions and that the financial system is kept free from abuse.

Continue reading to find out what is happening to MSBs that are operating outside regulations.

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