Is the Emphasis on Consumer Due Diligence Helping Reduce Risk?

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Effective July 11, 2016, the Financial Crimes Enforcement Network (FinCEN) issued a final rule clarifying Customer Due Diligence (CDD) requirements. Covered financial institutions must be in compliance with the final rule by May 11, 2018. However, there is uncertainty as to whether the benefits of greater emphasis on CDD will outweigh the costs of implementing… Read more »

Explain the Importance of a Suspicious Report to Your Entire Compliance Staff

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Organized crime relies on money transferred among people in various countries. Funds are often used to promote further criminal activity such as terrorist acts, drug use or human trafficking. However, compliance officers in financial organizations are on the frontline to help stop these criminal behaviors. Find out how to explain the importance of a suspicious… Read more »

Report: Culture More Important Than Checklists in Financial Compliance

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With additional financial compliance regulations being enforced, it’s increasingly important that employees at all levels adhere to a company’s ethics and compliance program. However, it’s no longer enough simply having those programs in place. Find out how corporate culture plays a vital role in enforcing an ethics and compliance program within an organization. Compliance Programs… Read more »

3 Ways Your Institution Can Mitigate Financial Crime Risk

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The more effective your financial institution is at identifying and mitigating financial crime risk, the stronger your institution’s reputation and customer base. Follow these guidelines for reducing your institution’s risk of financial crime. Establish Corporate Culture It’s important your financial institution establish and enforce appropriate corporate culture that includes actively reducing financial crime risks. For… Read more »