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AML Audit Compliance Best Practices

Posted by Ryan Howard on Mon, Aug 24, 2015

Banking and financial institutions are required to assess risk for money laundering and possible terrorist activity funding under the Bank Secrecy Act (BSA - which also includes the USA Patriot Act of 2001). The act was designated to establish requirements for record keeping and to identify movement of currency into and out of the United States. These institutional regulations require an annual independent audit of their anti-money laundering (AML) compliance programs. 

Here are best practices for staying compliant during an AML audit. 

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Topics: Customer Identity Verification

How well do you Know Your Customer (KYC)?

Posted by Ryan Howard on Fri, Aug 14, 2015

Financial institutions and other regulated industries are fraught with high risk compliance challenges. Identity theft, money laundering, fraud and terrorism are concerns of these businesses and organizations. Compliance audits such as anti-money laundering (AML) are in place to ensure suspicious activities or customers can be identified quickly. Knowing your customer and identity verification is one way to lessen this risk.

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Topics: Customer Identity Verification

3 Tips for Hiring & Screening Credit Union Employees

Posted by Ryan Howard on Thu, Apr 23, 2015

Credit unions, much like any financial institution, must be sure to hire highly qualified, well screened employees. Because the position requires a level of trust and security, a background check is necessary during the credit union hiring process. A credit report may be part of the background check but there are other things to consider when hiring the right person for the job. 

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Topics: Customer Identity Verification, Employment Background Screening

Prevent Identity Theft with Customer ID Verification

Posted by Ryan Howard on Thu, Apr 02, 2015

Protecting your company by screening and hiring the right employees is a must for any business. What you may not have considered is that your company needs protection from identity theft as well. In 2003, the Federal Trade Commission passed the Fair and Accurate Credit Transaction Act (FACTA) to help businesses with an identity theft prevention program. This program is critical to the success of your company and your relationships with customers.

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Topics: Customer Identity Verification

Know Your Customer: ID Verification + OFAC Compliance

Posted by Ryan Howard on Thu, Aug 22, 2013

What It Means to Know Your Customer (KYC)

How well do you Know Your Customer?  What's an OFAC search and how can you stay in compliance?

The first question is so commonly asked in today's business world that it's taken on a casual-sounding acronym -- KYC.  KYC is actually a very serious issue for financial services, banking and other regulated industries. Knowing your customer in today's world is much more than knowing a face at your counter, a voice on the phone, or the handwriting of a signature.  

That second question -- what's an OFAC search -- might be lesser known to you.  In fact, knowing what OFAC is, and knowing how to conduct an OFAC search in full compliance, must become (if it's not already) an important part of your customer acquisition, retention and risk management policies.

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Topics: Customer Identity Verification