Meeting minimal requirements is no longer good enough. Banking regulators now want to know that fraud-prevention and AML systems are designed to go above and beyond what the letter of the law demands.
In the wake of natural disasters or global political unrest, financial institutions of all sizes must be mindful of international fraud schemes and suspicious activity, says EastNets' Paul Buelens.
As international ACH transactions increase, banking institutions can't just think about passing a security compliance audit. Effective and efficient monitoring will be keys to mitigating fraud risks.
Kevin Sullivan spent months at Ground Zero after the 9/11 attacks on the World Trade Center. Now, post-bin Laden, Sullivan says the 9/11 experience changed him both personally and professionally, and impacted how banking institutions view money laundering and BSA violations.
Bankers aren't waiting for the FFIEC to act on the release of its updated online authentication. Instead, they've already begun to comply with the major points recommended in the draft. And the death of Osama bin Laden has heightened concerns terrorists' efforts to launder money through legitimate banking channels.
Kevin Sullivan spent months at Ground Zero after the 9/11 attacks on the World Trade Center. Now, post-Bin Laden, Sullivan says the 9/11 experience changed him both personally and professionally, and impacted how banking institutions view money laundering and BSA violations.
Anti-money laundering expert Kevin Sullivan says that U.S. banking institutions should not take Osama bin Laden's death as a sign that they can let their AML and BSA screenings become more lax. "We have not defeated terrorism yet."
The Heartland hacker says the U.S. government was aware of his illegal activities, and an ID security expert talks about phishing threats in the wake of the Epsilon breach.
EastNets' Paul Buelens says fraud-fighting is an international concern, as old schemes abound and new threats emerge. Fraud risks are some of the most challenging banks have ever faced.
"The trend here is the level of fines that the regulators are putting out there," says Tony Wicks, AML and fraud-detection expert. "$7 million does not sound that great, but for the size of an institution like Pacific National, it is substantial."
Mobile banking, social media, cloud computing. These all are part of the global banking landscape today, and with these innovations come new expectations, says Alessandro Moretti of (ISC)2 and UBS Investment Bank.
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