May 31 2020

FinCEN Announces Annual BSA Awards

FinCEN Announces Annual BSA Awards

It's basically the Oscars for BSA. Once a year, FinCEN recognizes how those SARs financial institutions file materially help law enforcement officers solve crimes. For example, in one of seven cases highlighted this year, it went down like this: there was a law firm that was targeting distressed homeowners with false promises of loan modification, generating significant upfront fees. Law enforcement officials' investigationĀ led to a search warrant for the law office, resulting in the seizure of over 200 boxes of evidence and the indictment of six individuals on charges of mail fraud, wire fraud, telemarketing fraud, and money laundering. After an initial court hearing, the subjects were released pending trial. While the case was awaiting a trial date, not all the suspects were done doing their deeds, apparently. What the suspect didn't count on was the observant eye of an employee at a Utah credit union. [5/22/20]

Risk Watch 153: What You Need to Know About Elder Financial Exploitation

Losses to senior citizens from financial abuse are estimated to be $3 billion last year alone. Banks and credit unions are on the front lines when it comes to detecting and reporting suspected instances of abuse. At the same time, they have an obligation to protect the privacy of their customers and respect their wishes to conduct lawful transactions. Amy Wargo of CU Solutions Group presents how financial institutions can navigate this delicate balance through effective employee training. Click here to watch now.

What is the AffirmX Platform?

Video What makes the patented AffirmX Risk Intel Platform different than anything else out there? Take the next 3 minutes to see what this revolutionary tool can do for your financial institution. Watch Video

About Risk InboX

Each day, teams of subject matter experts and analysts at AffirmX and AdvisX comb through dozens of resources to keep tabs on the latest developments in areas of risk. We share our findings here, along with a brief note about why each item matters.

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