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Let us start with an explanation of what Elder Financial Abuse means. It is a type of elder abuse in which a caregiver or another person in a trusting relationship use the financial resources of the elderly to benefit themselves instead of the elderly person. However,...
The newest of the 5 pillars of a good BSA/AML program is Customer Due Diligence (CDD). While this pillar was always implied, it had been part of the Internal Controls. FinCEN wanted to clarify and strengthen the current Customer Due Diligence (CDD) guidelines, so they...
Do you remember where you were on September 11, 2001? I think we all do. I was working at a financial institution in Dayton, Ohio when the news hit the television. I was horrified to see this terrorism in our own country. As a certified CAM specialist, it is near and...
Human trafficking can be separated into three categories: human trafficking for labor, sex and organ removal. I plan to focus on sex trafficking in this article and how social media is used in this arena. Let me start by saying that 1 in 5 victims are children and...
The reporting of suspicious activity is the single most important tool of the Bank Secrecy Act that a financial institution can use. All suspicious activity reports are submitted electronically through the FinCEN website from all over the United States. This gives law...