How does a mortgage company meet the statutory requirement for Anti-Money Laundering education? The question comes up because many companies do not comply with the annual education requirement for all employees. In our opinion the law and regulations on AML …
Real estate transactions are the easiest way to launder money due to the size of the transactions and the amount of money that can be “cleaned”. All financial institutions are required to comply with the Bank Secrecy Act. Money laundering …
Money laundering is a huge problem for financial institutions and monitoring compliance and reporting is a challenge. As I read through FinCEN’s recent announcement, it became clear…the law is not really clear! Because real estate transactions are large in dollars, …
FINRA Regulatory Notice 18-19 issued May 11, 2018 expands AML Program requirements to include additional risk-based procedures, or the “fifth pillar” required for AML programs under the new FinCEN CDD Ruling Since all AML programs are customized based upon the …