Bin Laden Death Raises AML Concerns
May 3, 2011
Total Loss:
N/A
In response to Osama bin Laden's death, industry experts say banks should keep their eyes peeled for signs of money-laundering and violations to the Bank Secrecy Act , especially in Northern Africa, where support for Al Qaeda and Islamist extremists has grown in recent years.
Hugh Jones, president and CEO of Accuity, says U.S. banks need to be vigilant in their efforts to stay abreast of developing events. In April alone, Accuity added 206 Office of Foreign Assets Control enhancement records related to the Libyan sanctions program. "Institutions will still wish to screen against bin Laden's name, despite his demise," Jones says. "The moment that OFAC does something, you have an immediate need to update your lists. For instance, we have...
Source:
Bank Info Security
Posted in:
Money Laundering
Collusive Networks
ACH and Wire Fraud