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The informal value transfer system (IVTS) poses higher risks of being used by money launderers or terrorist due to the lack of recordkeeping and identification requirements

A bank with a high volume of wire transfers would have a higher risk rating than a bank with a significantly lower volume of wire transfers.

The AML risk rating methodology must be tailored to your institution’s size, customer type, products, and services

Obtaining CDD information is a sufficient risk mitigating factor when providing international funds transfer services.

Financial institutions sending large denomination U.S. currency to its Mexican affiliates or correspondent banks should raise a question in the minds of the institution’s compliance staff.

Training should encompass information related to applicable business lines, as well as changes to internal policies, procedures, processes, and monitoring systems.

The U.S. enacted a new law named the Anti-Money Laundering Act of 2020 (AML Act) that includes provisions that have a long-arm jurisdiction and can impact foreign financial institutions. 

Banks offering account services to processors should assess the risks associated with these customers, by considering the following:

A risk factor when dealing with bulk cash shipments is knowing the true origination of the cash.

Without a general understanding of the BSA, the board of directors cannot adequately provide BSA/AML oversight; approve BSA/AML policies, procedures, and processes; or provide sufficient BSA/AML resources.