Anti-money laundering, including compliance with the Bank Secrecy Act (BSA) and Office of Foreign Asset Control (OFAC) requirements, has always been a high priority with the federal regulatory agencies. However, with the heightened awareness of terrorist activities, anti-money laundering issues have continued to increase in urgency. Enforcement of the existing BSA and OFAC regulations has increased, changes to the OFAC lists have come more rapidly, and new laws have been enacted to increase the responsibilities of financial institutions in preventing the use of the U.S. financial system for money laundering and terrorist funding, in particular.
Included in every appropriate chapter are checklists covering the primary requirements and best practices are discussed. This will provides an easy method to ensure that your financial institution is following the guidelines set out by the U.S. Department of Treasury and the federal banking regulatory authorities.
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October 30, 2013
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