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.