AML Conversations Repatriated Funds, Banking as a Service, and Elder Financial Abuse (Archive Edition)
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Dec 27, 2024 This discussion reveals significant announcements from the Justice Department about repatriating funds for victims of financial crimes. The Federal Reserve's actions against Banking as a Service highlight compliance challenges for institutions. Critical insights on the infrastructure needed to combat elder financial abuse emphasize the importance of reporting obligations. Experts share thoughts on corruption and the evolving landscape of anti-money laundering reforms, inviting listeners to deepen their understanding of these pressing issues.
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Repatriated Funds
- The Department of Justice repatriated funds seized from criminals.
- These funds are distributed to victims of state-sponsored terrorism and misappropriated IMDB funds.
Banking as a Service Risks
- Ensure sufficient risk management systems and processes for banking as a service.
- Evolve Bank and Trust received a cease and desist order for lacking adequate processes.
Credit Suisse AML Agreement
- The OCC published a formal agreement with Credit Suisse regarding AML compliance.
- This agreement highlights the need for effective oversight, reporting, and confidentiality measures.