Chris Richmond, CAMS
New York City Metropolitan Area
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Success oriented Compliance Manager with over ten years of progressive experience in…
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AML RightSource
Policy statements alone aren't sufficient to manage an AML program effectively. To design a strong BSA/AML program, you need to include the five pillars 🏛 For many years, AML compliance programs were built on the four internationally known pillars: development of internal policies, procedures, and controls, designation of an AML (BSA) officer responsible for the program, relevant employee training, and independent testing. In May 2018, after the finalization of the CDD Rule, a fifth pillar—due diligence—was added. Read our full blog here: https://hubs.li/Q02TlX710 #AMLRightSource #BSA #DueDiligence #AML
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WorkFusion
Stay ahead with our October 2024 BSA/AML compliance roundup! We’re sharing the latest financial crime insights, resources and stories curated just for you. There are four headlines that could have a major impact on your financial institution, like the major enhancements China is making to its AML law and who’s facing big fines because of failings in its financial crime controls. Click here for those stories and more: https://bit.ly/4eSr6mG #compliancenews #financialupdates #aml #kyc #sanctions
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FinAware
🗽Looking forward to seeing the NYC financial crime investigations community! FinAware is proud to be the premiere sponsor for the International Association of Financial Crimes Investigators IAFCI NY Metro Chapter One Day Fraud Training Event. October 10, 2024. 𝑹𝒆𝒈𝒊𝒔𝒕𝒓𝒂𝒕𝒊𝒐𝒏 𝒊𝒔 𝒏𝒐𝒘 𝒐𝒑𝒆𝒏. Link in comment section. The FinAware team will be on hand demonstrating the newest and most powerful financial investigations support tool available for financial investigators and forensic auditors. Using the latest #ai technology, FinAware organizes your financial data, such as bank statements, by reading, extracting and analyzing your financial data. Drag and drop your financial records and with one click of the mouse, create Excel spreadsheets, graphs, timelines, and charts. Query your data in natural language. Eliminate hours and hours of data management and organization. Seize and recover funds quicker. Create courtroom ready visuals. No code No templates Just drag, drop, & analyze. Want to learn more about FinAware? Watch this three-minute video. https://lnkd.in/ecwaRh-U Are you ready to put the power of non-predictive AI to work in your financial crime investigations? P.S. Are you a 𝐜𝐫𝐲𝐩𝐭𝐨 𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐠𝐚𝐭𝐨𝐫 overwhelmed by organizing massive amounts of crypto exchange returns? Drop "crypto" in the comments and be the first to try out CryptoAware.
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MSB Compliance, Inc.
Independent reviews are a Pillar of a strong, risk-based BSA/AML and OFAC compliance program. They offer an impartial evaluation, pinpointing areas for improvement and ensuring a financial institution’s program effectively mitigates risks. However, if these reviews become checklist exercises focused on appearances rather than true effectiveness, they can create a dangerous illusion. This "form over substance" trap leaves financial institutions vulnerable by overlooking critical weaknesses. Please read our latest blog post with Arctic Intelligence at https://lnkd.in/ebYcyuqR And while you're there, also download your free factsheet: The key elements of an effective ML/TF risk assessment and AML/CTF Program from Arctic.
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Synthesized
TD Bank’s record $3 billion penalty and subsequent compliance overhaul serves as a stark reminder of the critical importance of robust Anti-Money Laundering (AML) practices in financial services. 🚩 Proactivity in Risk Management: Ignoring red flags can lead to significant legal, financial, and reputational consequences. Proactively identifying and addressing risks is non-negotiable. 🔒 Investing in Compliance Culture: TD is reportedly doubling down on employee training, leveraging real-world simulations to better equip teams to identify illicit activities. Compliance starts with education—ensuring every team member understands their role in safeguarding the organization. 💪 Leadership Commitment: Hiring experienced compliance leaders and dedicating $500 million to tighten controls shows that turning around a compliance culture requires both resources and leadership focus. 🤖 Technology and Monitoring: The appointment of independent monitors underscores the importance of transparent oversight. For companies in tech, finance, or any data-driven field, ensuring systems can flag high-risk activity is essential. This case underscores that compliance isn’t just a box to check; it’s an ongoing commitment to ethical practices and customer trust. At Synthesized, we’re reminded that robust data systems and transparent processes are key enablers of this commitment. #Compliance #AML #RiskManagement #Leadership #Synthesized https://lnkd.in/edZEWNYG
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Global Regulatory Insights
TD Bank Under Investigation for AML Deficiencies On June 7, 2024, TD Bank faced new allegations tied to anti-money laundering (AML) investigations in the United States, with potential fines reaching up to US$4 billion. Key Facts: - AML Investigations: The US Department of Justice, bank regulators, and the US Treasury Department are probing TD Bank for alleged AML deficiencies at several branches in New York, New Jersey, and Florida. - Employee Misconduct: Cases include allegations of branch employees in Florida accepting bribes to bypass AML protocols and a New York branch employee evading compliance measures to defraud customers. - Provision for Fines: On April 30, 2024, TD Bank set aside an initial provision of $450 million for potential regulatory fines. Potential Financial Impact: The projected fines highlight the importance of stringent AML controls and compliance within the banking sector. Regulatory and Legal Actions: - The US Attorney’s Office for the District of New Jersey has filed multiple cases alleging serious misconduct. - A proposed shareholder class-action lawsuit has been filed in the Ontario Superior Court of Justice, citing misrepresentation of AML control deficiencies. These developments emphasize the critical need for robust compliance measures and the continuous enhancement of AML protocols to ensure the integrity of financial institutions. Stay informed with the latest updates on regulatory changes with Global Regulatory Insights! #BankingCompliance #AntiMoneyLaundering #RegulatoryUpdate #FinancialIndustry #TD Bank #GRI
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FINRA Tutor Network
🚀 Navigating the complex world of finance? Understanding FINRA rules is essential for professionals committed to ethics and compliance. Here are some key regulations every finance expert should know: 🔍 **Rule 3110: Supervision** - Develop strong oversight systems. 🛡️ **Rule 3310: Anti-Money Laundering** - Implement programs to detect suspicious activities. 👥 **Rule 2090: Know Your Customer** - Understand clients to ensure proper recommendations. 📚 Keep your knowledge sharp and build trust in your professional relationships. Ready to elevate your FINRA compliance strategy? Let's chat! Learn More https://lnkd.in/dbMncWHh
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Intelligo
🎯 Don’t be an easy target for money laundering. Brush up on your AML expertise with Intelligo’s Guide to Anti-Money Laundering (https://lnkd.in/ewatnKdK) and enhance your compliance and due diligence practices with Intelligo’s AML screening coverage. #AntiMoneyLaundering #AML #Compliance #DueDiligence
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Aflac - Amber Peterson – Trusted Adivsor
📢 Important Notice: Beneficial Ownership Information (BOI) Reporting 📢 As of January 1, 2024, many U.S. businesses are required to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This new reporting requirement aims to combat financial crime and increase transparency in business ownership. What is BOI Reporting? BOI reporting requires businesses to disclose information on individuals who directly or indirectly own or control a significant stake in the company. This helps prevent the misuse of businesses for illicit activities. Who Needs to Report? Most corporations, LLCs, and other similar entities will need to file a report. Some companies are exempt, so it’s important to check if your business qualifies. What Needs to Be Reported? For each beneficial owner, you’ll need to report: Full legal name Date of birth Address A unique identifier (like a passport or driver’s license number) 📝 Act Now: Avoid penalties and ensure compliance by preparing your BOI filing! For more details on requirements, exemptions, and deadlines, visit the FinCEN website or consult with a legal advisor. Here are some useful links: https://1l.ink/STM3TSZ https://1l.ink/LNLRS6W #BeneficialOwnership #BOIReporting #FinCEN #BusinessCompliance #StayInformed #BusinessTransparency
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RiskScout
🎇 Celebrating independence doesn't have to stop when the fireworks finish! 🎆 Liberate your BSA program from outdated processes by switching to an intuitive and powerful AML solution that saves your team time while improving your customer/member experience. Visit riskscout.com to learn more!
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SAS
🚨 BSA/AML Compliance: The Stakes Are Rising 🚨 Recent enforcement actions make it crystal clear: regulatory scrutiny around the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) is intensifying. Is your organization prepared to keep pace? 💡 Join leading experts as they discuss how AI and machine learning can help you: -Strengthen due diligence -Optimize transaction monitoring -Navigate complex AML requirements with confidence -Reduce costs while improving investigation efficiency Stay ahead of the evolving landscape and safeguard your compliance program. Watch our on-demand webinar: http://2.sas.com/6044QsElQ #BSA #AML #Compliance #FinancialCrime #AI #MachineLearning #RegTech #Webinar #RiskManagement #FinancialServices #RegulatoryCompliance
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Quadrant Regulatory Group
🔔 Important Alert for FINRA Member Firms! 🔔 On October 9, 2024, FINRA issued a warning about an ongoing phishing campaign targeting member firms. Fraudulent emails pretending to be from FINRA executives have started circulating, some even containing suspicious PDF attachments. What You Need to Do: Delete any suspicious emails. Consider blocking the associated domains. Stay vigilant and protect your firm from these scams! If you have any questions relating to this notice or any other regulatory notices, please contact Quadrant Regulatory Group or visit our website located at FINRA Compliance Services NY, Regulatory Compliance Consulting Firm New York (quadrantregulatory.com) The FINRA Notice can be found at https://lnkd.in/gnpHkpaJ
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ZIGRAM
📢 TD Bank’s $3 Billion Fine: A Wake-Up Call for Financial Institutions TD Bank’s recent $3 billion penalty highlights the critical importance of robust AML practices. In our latest article, we break down the failures that led to this fine and share key lessons for financial institutions. 💡 Learn: 1-Why outdated AML systems missed $670M in illicit funds. 2-The importance of real-time monitoring and automated SARs. 3-How internal corruption magnified risks. 4- Discover how ZIGRAM's advanced solutions can help strengthen your AML compliance and protect your organization. 👉 Read the full article now- https://zurl.co/i9dO #AML #FinancialCrime #Compliance #TDBank #RiskManagement #ZIGRAM
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Crescent Tax Filing, Inc.
Beneficial Ownership Reporting: 🔍 Starting January 1, 2024, businesses across the U.S. need to comply with new Beneficial Ownership Reporting requirements under the Corporate Transparency Act (CTA). 📜 Who Needs to Report? Corporations, LLCs, and similar entities must file details about their beneficial owners with FinCEN (Financial Crimes Enforcement Network). 🚨 Avoid Penalties Non-compliance can lead to hefty fines and legal consequences. 💼 Need Help? At Crescent Tax Filing, we simplify compliance for your business. Let us guide you through the process! 📩 DM us today! #BeneficialOwnership #CorporateTransparency #TaxCompliance #FinCEN #CrescentTaxFiling #BusinessSolutions
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Ameer Khanbhai
A stark reminder and wake up call not just for financial institutions, but also non-financial service providers about the need to maintain a comprehensive, robust, and effective AML program - both on paper and in practice. Following the removal of the UAE from the FATF grey list, we are observing an increased willingness from the regulators to investigate and take enforcement action related to AML deficiencies. Aside from the financial implications these can have on businesses by way of hefty fines and penalties, there is a greater risk of reputational damage, loss of business, enhanced due diligence from external stakeholders, increased cost of business, and loss of key human capital. Engaging third party compliance consultants such as Kroll to review and make recommendations to improve established AML/CTF programs, evaluate the efficiency of existing policies in practical terms, and provide training to key process owners may at times be seen simply as an added cost on the P&L in the short term, but in reality adds long term value by mitigating the above-mentioned risks as well as setting the right tone top-down and creating a sustainable and ethical corporate culture. #kroll #complianceconsulting
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