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Anti-Money Laundering Strategy

By Vic Maculaitis | November 1, 2016

Where does your institution’s Anti-Money Laundering (“AML”) strategy place its focus? Is compliance your goal? Does your road map lead to compliance through a policy; a designated compliance officer; a system of internal controls; a training program; and independent testing? If the aforementioned are both the staples and level of meaningful thought that you have put behind your AML strategy, you may want to reassess your ultimate goal(s). The conventional thinking surrounding AML strategy has…

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BSA Officers: How to Mitigate Risks When Hiring a Staffing Firm

By AML RightSource | August 16, 2016

The demand for AML/BSA personnel is higher than ever before. And while demand is at an all-time high, the supply of smart, well-trained people is deficient. This simple issue is crippling banks’ ability to stay current with their day-to-day operations. When demand is high and supply is low, banks typically go outside their institution and look for AML/BSA contractors. However, BSA Officers at every institution understand that contract resources come with significant risks. Despite a…

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Fail Like Lincoln – A Key to Career Success

By Frank Ewing | April 25, 2016

Abraham Lincoln is rarely associated with failure. But as history tells us, Lincoln was a failed businessman long before he was our sixteenth president. In his early twenties, Lincoln partnered with a gentleman named William Berry and purchased a general store (tavern) in New Salem, Illinois. As the story goes, Berry was a drunkard and Lincoln, for his part, was a teetotaler, often preoccupied with odd jobs and laying the foundation for a congressional run.…

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A Dating Guide for Vendor Due Diligence

By Frank Ewing | March 23, 2016

If you’ve ever had a relationship fade out after a few dates, then odds are you already know what it’s like to have a failed vendor relationship.   At first, you wonder how you could have been so wrong. But after some quiet reflection, you realize that maybe, just maybe, your initial screening process was not as strong as you once thought. As time goes on, you realize the warning signs were present from the…

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Daily Fantasy Sports: A Headache for Compliance Professionals

By Samantha Mucha | February 20, 2016

(Originally published in the January 2016 edition of the Cleveland Metropolitan Bar Journal) Daily Fantasy Sports (DFS) present legal challenges to state and federal governments, leaving banks to ensure that their compliance programs effectively identify illegal funds, including gambling proceeds. The legal landscape surrounding the two main DFS websites, FanDuel and DraftKings, presents banks with a number of compliance risks. The increased scrutiny from state governments and ongoing legal battles started by individuals, as well…

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To Succeed In 2016, Do More Than Your Job

By Frank Ewing | January 6, 2016

The New Year is upon us – time to eat better, work out more, and focus on career. And, let’s be honest, by “focus on career” what we mean is: “I want to get promoted.” “I want to make more money.” The key to achieving either of these objectives is simple – you must learn the difference between doing your job and creating value. Doing Your Job A job is an exchange of value between two…

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AML Operations: Top 3 Reasons You Aren’t Hitting Production Goals

By Frank Ewing | December 29, 2015

Houston, We Have a Problem We’ve all been in that meeting.  You know, the one where we talk about the number of widgets that need to be assembled by a certain date and the fact that our teams are not assembling them at the pace we intended. I affectionately call this the “ut-oh” meeting. The “ut-oh” meeting is all-too-common, but the good news is that it’s completely avoidable if you can identify and mitigate the top…

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Where Do Good AML Analysts Come From?

By Frank Ewing | December 18, 2015

Lately, this seemingly basic question seems to occupy the minds of AML Compliance Officers and operational types alike. As it turns out, the answer is simple: You need to develop your AML department like a professional sports team – gather a healthy balance of veterans, free agent acquisitions, and a strong core of promising rookies developed by your farm system. On its face, this might appear as an oversimplified metaphor to a pressing issue, but…

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Using Denim to Drive Donations

By AML RightSource | October 16, 2015

Employees at AML RightSource are using fashion for the social good. Each week the firm’s employees make charitable donations in exchange for a “jeans Friday” at the office.  So far, the company has raised money for many local (and national) charities, including, St. Jude Children’s Research Hospital, The Greater Cleveland Fisher House, and Ronald McDonald House Charities. This month, the team added some pink to their casual Friday look by supporting National Breast Cancer Awareness…

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AML Model Risk Validation Specialists in High Demand

By AML RightSource | April 8, 2015

AML industry regulations create need for highly analytical professionals for financial crime compliance. According to an article by Brian Monroe for the Association of Certified Financial Crime Specialists (ACFCS), the already hot AML industry is experiencing a surge of companies in need of AML Model Risk Validation Specialists who have the technological knowledge and experience to ensure their AML programs and validation models are up to par. Banks are trying to hire individuals tied to…

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