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.
Learn more on how you can get Bank Secrecy Act Training here
Published
2013/08/02
Deb Irving
Deb joined Banker’s Compliance Consulting with twenty years of experience in the banking industry. Her past positions include teller, credit review analyst, assistant financial officer, BSA Officer, Compliance Officer, and Director of Compliance. She has worked for both a small community bank and a large billion-dollar bank.
Deb has Associate Degrees in Business Management and Accounting. She is a graduate of the American Bankers Association National Graduate School of Compliance Management, an honors graduate of Schools of Banking Compliance School, and a graduate of Schools of Banking Advanced School of Banking. Deb’s considerable knowledge and experience make her a valuable member of the Banker’s Compliance Consulting Team. Deb is a Certified Regulatory Compliance Manager (CRCM) and a Certified Anti Money-Laundering Specialist (CAMS).
Deb loves to spend her free time cycling, running, kayaking and weight lifting with her husband. Between them, they have three adult children and six grandchildren. Other interests include anything outdoors and anything she hasn’t done or seen yet!