BSA/AML

Explore news updates, Knowledge Center articles and case studies related to BSA/AML…

OCC Announces $100 Million Penalty Against Capital One Bank for BSA/AML Deficiencies

On October 23, 2018, the Office of the Comptroller of the Currency (OCC) announced $100 million in civil money penalties against Capital One Bank based on deficiencies in the bank’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The penalties are linked to Capital One’s failure to adequately respond to a 2015 Cease and Desist Order […]

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FinCEN Publishes Additional FAQs for New CDD Rule

On April 3, the Financial Crimes Enforcement Network (FinCEN) published a long-awaited update to Frequently Asked Questions Regarding the Customer Due Diligence Requirements for Financial Institutions. The questions are about Customer Due Diligence Requirements for Financial Institutions, published on May 11, 2016, as amended on September 29, 2017. FinCEN is labeling it the CDD Rule. The […]

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Optimizing a Community Bank’s AML Alert Monitoring System

ADI was engaged by a community bank client to help refine its AML transaction monitoring system, with a goal of improving effectiveness and efficiency in generating alerts of suspicious activity. ADI executed a multi-phase analysis plan to develop, test and implement changes to the system that enhanced the performance of the AML monitoring system, satisfying […]

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Long Island Mortgage Banker Sentenced to 12+ Years for $100M Mortgage Fraud Scheme

Aaron Wider, the former owner and CEO of the mortgage bank HTFC Corp. in Garden City, N.Y., was sentenced by a U.S. District judge to 150 months’ imprisonment for conspiracy to commit bank fraud for defrauding financial institutions out of over $30 million in mortgage proceeds. Wider, who was convicted on Jan. 25, 2016, was […]

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West Virginia Community Bank to forfeit $1.36M for BSA violations

On March 1, 2017, the Department of Justice (DOJ) announced a forfeiture action on First National Bank of Williamson in the amount of $1.36 million related to violations under the Bank Secrecy Act (BSA). The action concerned structuring transactions that occurred between April 2006 and November 2008. The subject customer admitted in court that the […]

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