AML Conversations GAO on CTRs, OCC on Risk, More US Sanctions, and Wolfsberg Group on Payments
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Dec 20, 2024 Explore the implications of a new GAO report on Currency Transaction Reports affecting financial institutions. Discover how automation is changing banking compliance amid rising cyber threats. Dive into the significance of credit risk and the Wolfsberg Group's transparency guidelines. Unpack recent U.S. Treasury sanctions targeting narcotics traffickers and the balance between regulation and humanitarian aid. Plus, stay tuned for reflections on the past year and exciting upcoming topics!
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GAO Report on CTRs
- The GAO report suggests improvements to Currency Transaction Reports (CTRs) to reduce filer burden while providing useful information.
- Recommendations include increasing thresholds, addressing difficult fields, and improving the exemption process.
CTR Automation
- CTR completion has shifted from manual to automated processes, impacting the burden on financial institutions.
- Further filtering through exemptions could reduce unnecessary filings.
OCC Risk Perspective
- Banks should perform timely investigations of fraud and unauthorized transactions.
- Address data governance gaps and customer exclusions in BSA/AML transaction monitoring to ensure compliance.