Blog

Prepaid access is defined as access to funds or the value of funds that have been paid in advance and can be retrieved or transferred at some point in the future through an electronic device or vehicle, such as a card, code, electronic serial number, mobile identification number or personal identification number.

5. ¿A qué hora se acuesta Isabel?

Senior management and board of directors do not have a fiduciary responsibility to invest in compliance to protect the bank.

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.