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Category: Money Laundering & Terrorist Financing – General

April 22, 2020April 22, 2020

BSA/AML Compliance Programs are Important, but Providing Timely, Actionable Intelligence to Law Enforcement Should be the Goal

Money Laundering & Terrorist Financing - General by Jim Richards0 comments

Eighteen months ago I called for a renewal of the original purpose of the Bank Secrecy Act: with recent changes […]

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April 18, 2020April 18, 2020

“Money Laundering/Terrorist Financing and Other Illicit Financial Activity” – a New BSA/AML Focus?

Money Laundering & Terrorist Financing - General by Jim Richards0 comments

If this is, in fact, a new standard for the assessment of U.S. financial institutions’ BSA/AML compliance programs, then I […]

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March 17, 2020

The Perfect Storm: More Alerts, Fewer Investigators, & More False Positives

AML Regulations and Enforcement Actions by Jim Richards0 comments

The Focus Has Always Been On the Increase in Fraud Natural disasters bring out the best in some people and […]

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February 13, 2020

Lack of Beneficial Ownership Information: a “Glaring Hole in our System” Says Treasury Secretary

AML Regulations and Enforcement Actions by Jim Richards0 comments

On February 12, 2020, Treasury Secretary Mnuchin testified before the Senate Finance Committee on the President’s Fiscal Year 2021 budget. […]

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February 10, 2020February 10, 2020

Chinese Money Brokers – The First US Case Involving An Identified Threat to the US Financial System?

Money Laundering & Terrorist Financing - General by Jim Richards0 comments

February 6, 2020 – US Warns of Chinese Money Brokers Integrating Illicit Cash Proceeds through Trade Based Money Laundering, or […]

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January 31, 2020February 24, 2020

PETITION DENIED – The US Supreme Court Defends the SAR Safe Harbor!

AML Regulations and Enforcement Actions by Jim Richards0 comments

Updated February 24, 2020 – The US Supreme Court denied a petition that challenged the SAR Safe Harbor On September […]

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January 8, 2020January 8, 2020

Proceeds of Crime and GDP – Are We Comparing Apples to Oranges?

AML Regulations and Enforcement Actions by Jim Richards0 comments

The Estimate for US Money Laundering – $300 billion a year, or 2% of GDP The 2015 National Money Laundering […]

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January 7, 2020

FinCEN’s BSA Value Project is A Year Old … How Is It Going?

FinTech, Financial Crimes, and Risk Management by Jim Richards0 comments

In January 2019, FinCEN launched its “BSA Value Project” – an effort to “catalogue the value of BSA reporting across […]

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July 18, 2019

Business Email Compromise – New FinCEN Advisory and Trend Analysis

Money Laundering & Terrorist Financing - General by Jim Richards0 comments

FinCEN has issued an updated advisory on Business Email Compromise (BEC) fraud schemes: FinCEN 2019 BEC Advisory . At the same […]

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July 5, 2019July 5, 2019

FATF Terrorist Financing Risk Assessment Guidance

Money Laundering & Terrorist Financing - General by Jim Richards0 comments

Is the United States a jurisdiction with no or very few known (or suspected) terrorism or TF cases? The Financial […]

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  • Richards Comments on Proposed Beneficial Ownership Access Rule – December 2022
  • BSA, Bittner, and FBARs – Forty Questions from The Supremes
  • Beneficial Ownership Database – Now That We Know What Goes In, Let’s Turn to What Will Come Out
  • Beneficial Ownership Information Reporting – Will it Reduce Financial Crimes?
  • BSA/AML Policies and Procedures – What Can We Learn From Mary Berra and the Founding Fathers?

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