I have started the process of sending the customer notification that there is additional documentation that the bank needs to support the ATM usage. Right now I am requesting copies of ISO statements and the ATM agreement between the ISO. I have been told that I need to get procedures in place prior to our upcoming FDIC exam. Does anyone have a copy of their procedures relating to Privately Owned ATMs that I could use as a guide? I would greatly appreciate it.
Heather Nabers
We have a business customer who is a debt collection agency. They deposit remotely created checks, checks, and money orders. Although the checks are made payable to them, they are collecting debts on behalf of their clients. Are they considered a third party payment processor?
Contact information: Suzanne Rosenthall
Talmer Bank & Trust
248.244.6961
srosenthall@talmerbank.com
See attached documents for complete requirements.
BSA/AML Analyst
Job Summary: Responsible for daily processing of Talmer Bank and Trust comprehensive AML/BSA prevention program. Provides support to AML/BSA management and assists with various functions as they relate to position.
Compliance Specialist
Job Summary: Compliance subject matter expert to perform a wide range of complex tasks to ensure compliance with regulations, procedures, and policies.
Position Available BSA/AML
MUST CONTACT David Dermody at the Madison Davis Group, Inc. 914-524-0301 ext 107
ddermody@tmdg.com
www.tmdg.com
City/State: Lake Mary, FL
The associate will be responsible for conducting complex money laundering and fraud investigations, drafting Suspicious Activity Reports, reviewing AML surveillance alerts and exception reports, reviewing and approving high risk account openings and training firm staff in AML red flags. The ideal candidate should have a thorough understanding of U.S. AML and OFAC regulations, the ability to draft policies and procedures, experience with CIP rules and guidance, an understanding of AML surveillance programs and experience conducting money laundering and fraud investigations. Basic understanding of brokerage products and services is required. The candidate will interface with internal business units, participate in governance committees, and liaise with external broker-dealer clients. The candidate will create and deliver firm-wide AML training. Candidate should have previous experience dealing with regulators and/or examiners and should be familiar with handling responses to regulatory and/or law enforcement inquiries.
Qualifications
BA/BS, MBA or professional certification preferred. 5 years relevant product/financial services and/or auditing or compliance experience. Thorough knowledge of AML rules and regulations. Excellent problem solving, analytical ability, oral and written communication skills. The ability to manage stressful situations with internal clients and regulators, while maintaining a professional approach to problem solving. Ability to effectively communicate with senior management and regulators. Series 7 license preferred.
• Fluency in Spanish is a plus
• Thorough knowledge of AML rules and regulations, including OFAC
• Excellent problem solving, analytical ability, oral and written communication skills.
• The ability to manage stressful situations with internal clients and regulators, while maintaining a professional approach to problem solving.
• Previous AML/Look-back project experience a plus
• Basic understanding of securities trading or operations or both
• Computer proficiency and knowledge of LexisNexis (or similar) required
• Proficiency with Actimize, Mantas, SearchSpace or similar surveillance system required
• Ability to multi-task, adapt to new changes and rapidly confront new challenges
• Good interpersonal, organizational, and analytical skills
• Strong work ethic
• Ability to work independently and in a team environment
If you need to verify a note here are some numbers for the local field offices in Florida.
FLORIDA
The Anti-Money Laundering Association is excited to partner and introduce Verafin, a North American leading provider in Anti Money Laundering and fraud detection solutions. Many of you may benefit from their services; adding value to your organization’s BSA/AML program. Please take a minute to read a brief summary, testimony, and be sure to visit their website.
Testimonial: The AMLA Advisory Board Director, Susan A. deFreese, SVP/Chief Compliance Officer-CRA & SAFE Act Officer at Old Florida National Bank shares her personal experience regarding Verafin and their unique BSA/AML monitoring solution.
"We are very pleased with Verafin; our external auditors & regulators were as well. Verafin provides outstanding service along with an extraordinary BSA/AML monitoring solution".
Verafin helps financial institutions comply with the Bank Secrecy Act, USA PATRIOT Act, and FACTA regulations, while also helping to protect against fraud. Verafin is the exclusive provider of BSA/AML and fraud detection software for the California Bankers Association, Massachusetts Bankers Association, CUNA Strategic Services and 40 credit union leagues and associations in the United States.
Verafin is a North American leader in anti-money laundering and fraud detection solutions for financial institutions, with nearly 800 customers that span more than 65 core processing systems and a broad asset range.
Verafin is a complete BSA/AML and fraud detection software solution that examines the data in your financial institutions’ core banking system. Suspicious activity is isolated from normal activity and assigned a risk score based on the level of danger it presents to your institution. Alerts contain clear evidence to help you understand why the activity is considered suspicious and quickly determine if further investigation is required.
And as a complete BSA/AML solution, Verafin is not limited to suspicious activity alerts. Verafin brings together:
And so much more!
Contact Information
Gord Caines
E-Mail: Gord.caines@verafin.com
Phone: 866.781.8433
For more information, visit our website at www.verafin.com
FinCEN Assesses Civil Money Penalty for Suspicious Activity Report DisclosureBank Employee Unlawfully Revealed Existence of SAR to Subject of the Report
VIENNA, Va. - The Financial Crimes Enforcement Network (FinCEN) today announced the assessment of a $25,000 civil money penalty against Frank Mendoza of Garden Grove, California, for violating Bank Secrecy Act (BSA) prohibitions against disclosing suspicious activity reports ("SARs"). FinCEN determined that Mendoza violated the BSA and its implementing regulations by willfully disclosing the existence of a SAR to a person involved in the reported transaction. Mendoza was convicted in a criminal case of bribery and unlawful SAR disclosure in the U.S. District Court for the Central District of California. FinCEN is executing this Assessment of Civil Money Penalty without the consent of Mendoza.
"FinCEN should and will exercise its authority to assess a civil money penalty against any person clearly involved in the unauthorized disclosure of a SAR," said FinCEN Director James H. Freis, Jr. "Imposition of civil money penalties against persons willfully disclosing the existence of a SAR defends the environment of trust between the government and financial institutions, ensures that financial institution personnel can report activity without fear of reprisal by subjects identified in reports, and protects the integrity of the information reported on SARs as well as any future or ongoing investigations."
The evidence established that Mendoza contacted the subject of a bank SAR, disclosed existence of the report, and extracted bribes from the subject in return for Mendoza's promise to assist the subject with any ensuing bank proceedings or Federal criminal investigation. Today's action resulted from coordination between FinCEN, the Federal Bureau of Investigation, and the U.S. Attorney's Office for the Central District of California.
American Momentum Bank, Tampa, Florida
2 Positions Available-Compliance Officer and BSA Compliance Specialist
Contact: Rhea BratcherSVP / Chief Compliance OfficerOne Urban Centre, Suite 2004830 West Kennedy Blvd.Tampa, Fl 33609813-549-4710 (office)727-434-7722 (cell)813-549-4810 (fax)
rbratcher@americanmomentumbank.com
Compliance Officer (CO) and a BSA Compliance Specialist (BSA). The CO needs deposit and loan compliance related knowledge and experience; perform periodic monitoring and summarize findings to management; develop and delivery employee and director training; have a working knowledge of banking practices and assist in the development/implementation of compliant policies and procedures.
The BSA needs knowledge and experience with various BSA related activities, such as CTRs, CIP, ADD/EDD, OFAC, Monetary instruments, and customer/account investigations. JHenry knowledge and experience is preferred but not required. Both positions are located in Urban Center in Tampa.
American Momentum Bank offer very competitive compensation package, including medical, dental, vision and life insurance coverage, retirement plans, and a competitive salary. Both positions are exempt positions.
See report at the following link: http://www.fincen.gov/statutes_regs/patriot/pdf/leinfosharing.pdf
The following items must be provided to update or add your financial institution’s POC information: financial institution name and charter number or other identifier; point of contact name and title, mailing (street number, P.O. Box, city, state and zip code) and e-mail addresses; and telephone and facsimile numbers.
Please find your institution’s primary federal regulator or self regulatory organization in the below list and forward the above information to them.
Board of Governors of the Federal Reserve SystemFor Point of Contact Changes or Additions: e-mail: patriotact@frb.gov orfax: (202) 736-5641 Questions: Cheryl Paret, Senior Financial Analyst at (202) 452-3675 or Jennifer White, Senior Financial Analyst at (202) 452-3964
Commodity Futures Trading CommissionContact information: E-mail: AMLstaff@cftc.gov Fax: (202) 418-5528 Questions: Helene D. Schroeder, Special Counsel, Division of Clearing and Intermediary Oversight at (202) 418-5424
Federal Deposit Insurance CorporationContact information: All changes must be made by the bank through the quarterly Call Report or by filing an amended Call Report (800) 688-FDIC; (800)688-3342E-mail: insurance-research@fdic.govFax: (202) 898-3627Questions: Anti-Money Laundering Section at (202) 898-6783E-mail: fdicadvisory@fdic.gov
Financial Industry Regulatory AuthorityContact information: For changing POCs or adding a new contact, a FINRA member must update its Anti-Money Laundering Compliance Contacts through the FINRA Contact System at the link below. Each Anti-Money Laundering Compliance Contact (Primary and Alternate) will be added to the FinCEN distribution list. https://regfiling.finra.org/contacts/ncs_contacts.aspxQuestions: Gateway Call Center at (301) 869-6699
National Credit Union AdministrationContact information:All changes must be made in the online credit union profile by updating the Primary and Secondary Patriot Act contact on the Contacts Tab. Manual filing federal credit unions should contact their NCUA district examiner to update this information. Manual filing state credit unions should contact their state regulator to have this information updated.
Questions - Federal Credit Unions:Contact your NCUA district examiner. If you cannot locate your examiner, contact the NCUA regional office that oversees your state. NCUA regional office contact information is posted on the NCUA Website http://www.ncua.gov/. From the NCUA home page, select Contact Us and scroll to the bottom of the page. Email and telephone contact information is shown for each region. A direct link follows: http://www.ncua.gov/Contact.aspx. If you are unsure which region supervises your state, click on the region's name and a list of supervised states will be shown.
Questions - State Chartered Credit Unions:Contact your state regulator. Links to the Web sites of many state regulators are included on NCUA's web site, http://www.ncua.gov/. From the NCUA home page, select Other Resources; then select Financial Regulators. A direct link follows: http://www.ncua.gov/GenInfo/Other/Financial.aspx.
National Futures Association:Contact Information:E-mail: AML@nfa.futures.orgFax: (312)559-3419Questions: Valerie Kretschmer, Compliance Department at (312) 781-1290
Office of the Comptroller of the CurrencyAll changes must be made through the quarterly Call Report or by filing an amended Call Report.Fax: (202) 874-5301Additional Information: OCC Alert 2004-6 http://www.occ.gov/static/news-issuances/alerts/2004/alert-2004-6.pdfQuestions: James F. Vivenzio, Senior Counsel for BSA/AML at (202) 874-5200.
Savings Associations supervised by the Federal Deposit Insurance Corporation or Comptroller of the Currency (formerly supervised by the Office of Thrift Supervision)All FinCEN Point of Contact changes must be made using the EFS (the OTS Electronic Filing Software).EFS Instructions: "314(a) Contact Updates":http://www.ots.treas.gov/docs/4/480177.pdfTo e-mail questions about point of contact changes or additions, the OTS mailbox will remain active: Mail to:usap.contact@ots.treas.gov
http://www.fincen.gov/statutes_regs/patriot/pdf/314afactsheet.pdf
Examples of 314(a) requests, based on money laundering, include:
• Hawala operation involving a sanctioned country
• Arms trafficking
• Alien smuggling resulting in fatalities
• Cigarette smuggling
• Nationwide investment fraud with many victims
• International criminal network involved in identity theft and wire fraud
• Multi-agency investigation of drug trafficking rings
Results
To date, the 314(a) Program Office has processed 1,507 requests pertinent to the following significant criminal investigations:
Terrorism/Terrorist Financing – 375 cases
Money Laundering – 1,132 cases
OFAC Enforcement Actions and List Changes
August 2011
Recent OFAC Actions (Visit OFAC Link)
08/30/2011 Syria Designations
08/26/2011 Routine update of list of Travel and Carrier Service Providers and Remittance Forwarders
08/25/2011 Release of Civil Penalties Information - JPMorgan Chase Bank, N.A. Settlement
08/19/2011 Release of quarterly TSRA report
08/18/2011 Syria General Licenses Issued
08/18/2011 Syria Executive Order and Identifications
08/16/2011 Release of OFAC Civil Penalties Information
08/16/2011 Anti-terrorism Designations
08/11/2011 Belarus Designations
08/10/2011 Non-proliferation Designations; Government of Iran Listing Update; Iranian Financial Sanctions Regulations Identifications Update.
08/04/2011 Frequently Asked Questions Regarding Private Relief Efforts in Somalia
08/04/2011 Syria Designations
08/03/2011 Anti-narcotics Designation Removals
OFAC Enforcement Actions
ENTITIES – 31 CFR 501.805(d)(1)(i) Norton Lilly International Assessed a Penalty for Violating the Iranian Transactions Regulations: Norton Lilly International (“Norton&rdquo, Mobile, AL, has been assessed a penalty of $18,750 for its violation of the Iranian Transactions Regulations, 31 C.F.R. part 560, that occurred in November 2006.
CMA CGM (America) LLC Settles Multiple Sanctions Program Allegations: CMA CGM (America) LLC (“CCA&rdquo, Norfolk, VA, has remitted $374,400 to settle allegations of violations of the Cuban Assets Control Regulations, 31 C.F.R. part 515, the Iranian Transactions Regulations, 31 C.F.R. part 560, and the Sudanese Sanctions Regulations, 31 C.F.R. part 538, occurring between approximately December 2004 and April 2008. The base penalty amount for the alleged violations totaled $640,000. The settlement amount reflects OFAC’s consideration of the following General Factors under OFAC’s Economic Sanctions Enforcement Guidelines: the alleged violations appear to have resulted from a pattern of conduct over a period of approximately three years; given the size and scope of CCA’s operations and the nature of its international business, it appears to have lacked an adequate compliance program to avoid U.S. sanctions violations; some of the goods exported from third countries to Cuba and Iran may have qualified as agricultural/medical products under the Trade Sanctions Reform and Export Enhancement Act of 2000 and, thus, may have been eligible for a license; CCA and CMA CGM have undertaken remediation to ensure that such alleged violations do not recur; CCA had not been the subject of OFAC penalties within the past five years; and CCA cooperated with OFAC throughout the investigation, including by requesting the cooperation of CMA CGM and its foreign affiliates in gathering relevant transaction data, and by agreeing to toll the statute of limitations.
Société Générale, New York Settles Allegations of Violations of the Iranian Transactions Regulations: Société Générale New York Branch, New York, NY (“SGNY&rdquo has remitted $111,359 to settle allegations of violations of the Iranian Transactions Regulations, 31 C.F.R. part 560 (the “Regulations&rdquo occurring on or about December 27, 2006, and on or about May 9, 2007. OFAC alleged that SGNY dealt in Iranian-origin services and/or facilitated transactions by a foreign person where the transactions by the foreign person would have been prohibited by the Regulations if performed by a United States person. Specifically, OFAC alleged that SGNY, as the issuing bank of two letters of credit between two non-sanctioned parties, processed two payments under those letters of credit involving the shipment of cargo transported aboard vessels owned and/or managed by the Islamic Republic of Iran Shipping Lines of Tehran, Iran, an Iranian entity. The value of the payments was $329,954. SGNY voluntarily self-disclosed the alleged violations and OFAC has determined that the alleged violations constituted a non-egregious case. The base penalty amount for the alleged violations was $164,977. The settlement amount reflects OFAC’s consideration of the following General Factors under OFAC’s Economic Sanctions Enforcement Guidelines: SGNY improved its compliance program in response to the apparent violations by enhancing its internal controls related to screening trade finance transactions, and provided additional training to staff involved in processing such transactions; SGNY cooperated with OFAC’s investigation and resolution of this matter; and OFAC has not issued a penalty notice or Finding of Violation against SGNY in the five years preceding the transactions at issue.
Heritage Turbines, Inc. Settles Sudanese Sanctions Violation Allegation: Heritage Turbines, Inc., Hyannis, MA (“Heritage&rdquo has remitted $4,500 to settle an alleged violation of the Sudanese Sanctions Regulations, 31 C.F.R. part 538, occurring on or about November 21, 2007. OFAC alleged that Heritage attempted to ship two fuel nozzle kits to Sudan without an OFAC license. The fuel nozzle kits were valued at a total of $2,000. OFAC determined that Heritage did not voluntarily self-disclose this matter to OFAC and the alleged violation constituted a non-egregious case. The base penalty amount for the alleged violation totaled $10,000. The settlement amount reflects OFAC’s consideration of the following General Factors under OFAC’s Economic Sanctions Enforcement Guidelines: Heritage had no history of sanctions violations and cooperated with OFAC’s investigation of this matter.
JPMorgan Chase Bank N.A. Settles Apparent Violations of Multiple Sanctions Programs: JPMorgan Chase Bank, N.A, New York, NY (“JPMC&rdquo has agreed to remit $88,300,000 to settle potential civil liability for apparent violations of: the Cuban Assets Control Regulations (“CACR&rdquo, 31 C.F.R. part 515; the Weapons of Mass Destruction Proliferators Sanctions Regulations (“WMDPSR&rdquo, 31 C.F.R. part 544; Executive Order 13382, “Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters;” the Global Terrorism Sanctions Regulations (“GTSR&rdquo, 31 C.F.R. part 594; the Iranian Transactions Regulations (“ITR&rdquo, 31 C.F.R. part 560; the Sudanese Sanctions Regulations (“SSR&rdquo, 31 C.F.R. part 538; the Former Liberian Regime of Charles Taylor Sanctions Regulations (“FLRCTSR&rdquo, 31 C.F.R. part 593; and the Reporting, Procedures, and Penalties Regulations (“RPPR&rdquo, 31 C.F.R. part 501, that occurred between December 15, 2005, and March 1, 2011.
http://www.fincen.gov/news_room/ea/files/Altima_Assessment.pdf
September 2011
The Financial Crimes Enforcement Network has determined that Altima violated the registration and anti-money laundering program requirements of the Bank Secrecy Act. From November 2004 through December 2010, Safarriyeh, doing business as Altima, Inc., was a
money transmitter licensed in the State of Georgia. Altima provided money transfer services from the United States to Iran.
According to the examination, Altima had failed to comply with Bank Secrecy Act anti-money laundering program and registration renewal requirements. As a result, the State of Georgia fined Altima $6,000.
In addition, Altima did not establish and maintain an anti-money laundering program appropriate to the money laundering risks associated with its business, executing numerous funds transfers from the United States to Iran in four years. During the relevant period of time, Altima breached its duties as a money transmitter subject to the Bank Secrecy Act by failing to establish and implement a written anti-money laundering program, with internal controls, training, independent audit, and designated personnel to ensure day-to-day compliance. At the time of GDBF's February 2010 examination, Altima had not established and implemented a written anti-money laundering program. AItima failed to have an anti-money laundering program in place for over three years.
To resolve this matter, and only for that purpose, Safarriyeh, without admitting or denying either the facts or determinations described in Sections III and IV above, except as to jurisdiction in Section II, which is admitted, consents to the assessment of a civil money penalty
in the amount of $5,000 to be satisfied by one $5,000 payment to the United States Department of the Treasury.
To resolve this matter, and only for that purpose, Safarriyeh, without admitting or denying either the facts or determinations described in Sections III and IV above, except as to jurisdiction in Section II, which is admitted, consents to the assessment of a civil money penalty in the amount of $5,000 to be satisfied by one $5,000 payment to the United States Department of the Treasury.
I would like to thank the Association of Due Diligence for sharing their August Due Diligence Digest report with the AMLA. The entire bulletin is attached. I would also like to draw your attention to the following article: fromThe Aegis Journalby L. Burke Files
fromThe Aegis Journalby L. Burke Files
from
The Aegis Journalby L. Burke Files
by L. Burke Files