The Community Banking Corner provides useful tips for anti-money laundering/Bank Secrecy Act (AML/BSA) professionals in community banks to help them in their day-to-day jobs.
Our regular contributor, Carl Francois, is the senior vice president and the Bank Secrecy Act (BSA) and fraud officer at Southern First Bank. Francois has over 14 years of experience in the BSA, the Office of Foreign Assets Control and fraud. In addition, he serves as a board member of the ACAMS Carolinas Chapter. If you would like to contribute to this column or have any topics you would like to suggest, email editor@acams.org.
Section 314 of the USA PATRIOT Act, which was passed back in 2001, is a vital portion of the legislation. Anyone who had been in the anti-money laundering/Bank Secrecy Act (AML/BSA) space prior to 2001 understands how significant this change was to the industry. Section...
Cybersecurity may have been an issue that many considered “IT’s problem” years ago. However, with a never-ending stream of breaches, hacks and attacks making the news, it is and should be top of mind for all bankers. The financial system is a prime target for...
Bitcoin hit an all-time high. Coinbase went public. Dogecoin has gone to the moon! These were just some of the cryptocurrency headlines flooding our news feeds earlier this year. According to Coinbase’s website, they have 73 million verified users in over 100 countries as of...
When it comes to the U.S. regulatory process, one must admire the unique nature of the government and private sector partnership that exists within the federal rulemaking process. My first job out of college was managing and caring for the small but important business library...
In honor of Women’s History Month, ACAMS Today’s Community Banking Corner column is profiling women in the world of community banking. Mia Lee has worked in the banking and financial services industry since 1989, focusing on Bank Secrecy Act/anti-money laundering (BSA/AML) practices since 2002. She...
The early 1980s were a confusing time; much like today, the U.S. was working through a difficult transition from one decade to another. However, U.S. citizens understood the importance of honoring the past while looking to the future. Thus in February 1980, President Jimmy Carter...
All financial institutions (FIs) are potential targets of criminals seeking to wash their ill-gotten revenues from the telltale signs of their illegal origins. In order to use the money, criminals and terrorists need to place it into the financial system, but in such a way...
The Bank Secrecy Act (BSA) and the Office of Foreign Assets Control (OFAC) are the peanut butter and jelly of the financial crimes compliance world. Although BSA and OFAC are typically handled by the same department in smaller institutions, their laws are quite different...
Businesses’ fourth quarter often brings unique challenges. Nestled against the idyllic backdrop of holiday lights and the hopeful optimism of still yet unbroken New Year resolutions there exists the specter of strategic planning. Whether 2020 will be roaring with the jazzy enthusiasm of a...
A common theme, as one would expect within the articles of the Community Banking Corner, is “risk-based.” Sanctions compliance is no different. Sanctions compliance varies in complexity depending on a financial institution’s (FI’s) geographic locations, customer base, and products and services offered. Not all...
Our regular contributor, 
