Click on the link next to the number to access each resource.
Financial crime fighters looking for information on complying with suspicious activity monitoring, reporting, risk assessments, and sanctions compliance found help in this BSA/AML training guidebook. It reviews the Financial Crimes Enforcement Network’s (FinCEN) requirements for reporting financial transactions as well as regulatory requirements for customer risk rating. It also outlines the critical components for a strong sanctions compliance program. To quickly get up to speed on the AML/CFT hot topics for 2024, watch this webinar, too.
Resources describing red flags are among Abrigo’s most popular educational materials. This AML investigations checklist was developed by the Homeland Security Investigations Financial Crimes Unit to help AML investigators. It can be used for initial staff training and quality assurance related to trained staff.
Risk-focused AML compliance programs ensure that efforts are reasonably designed to meet regulatory requirements. Developing the financial institution’s risk profile is central to risk-focused compliance since each bank or credit union’s risk profile can be different, so the popularity of this resource is understandable. The checklist describes common steps to help a financial institution understand and justify its risk-focused compliance efforts. A separate AML/CFT risk assessment checklist for credit unions is also available.
Considering the current economic and political environment, regulators are understandably focused on ensuring banks and credit unions stay ahead of those people and companies trying to avoid sanctions. Abrigo has blogs and other resources for ongoing help with sanctions compliance, but this whitepaper was particularly popular. It covers some of the common root causes of non-compliance, how to avoid them, and what makes an effective sanctions compliance program. Other related resources include a Russian sanctions compliance checklist and a webinar on balancing the risk and reward of high-risk businesses.
The surge in check fraud in 2023 has had financial institutions working overtime to protect customers and members and reduce losses. This whitepaper, which was one of the most-often downloaded AML and fraud resources, covered how criminals procure and cash stolen checks. It also provides organizational and staff-level measures to help financial institutions address check fraud. Additional information is available by watching this check fraud webinar or downloading the infographic “Beyond immediate losses: How the costs and impacts of fraud snowball.”
A cornerstone of a robust AML/CFT compliance program is effective customer due diligence (CDD). Among the most popular on Abrigo’s website, this checklist highlights steps for strengthening a CDD program and guidance on enhanced due diligence (EDD), including when further EDD should be conducted. To help tellers and others at the institution provide CDD support, download this sample flyer as a template for your own material that fosters communication and overall compliance.
A record-breaking 3.6 million suspicious activity reports (SARs) were filed in 2022, and monthly volumes led to projections that SARs would total 3.75 million in 2023. This checklist helps AML/CFT departments capture the critical elements that ensure their SARs will catch the attention of law enforcement while complying with the FinCEN SAR narrative guidelines. For even more tips on writing SARs, watch this on-demand SARs webinar.
The FedNow Service that went live in July 2023 has created a lot of chatter in the AML industry, but many banks and credit unions are waiting to adopt it until more experience is gained. However, it’s essential to understand the AML and fraud implications for FedNow before an institution adopts it. This guide answers frequently asked questions about FedNow and its likely effects. It also describes the built-in anti-fraud capabilities, so AML/CFT and fraud staff can understand the implications of joining the payment rail.
Until recently, AML and fraud departments have rarely collaborated on monitoring suspicious or fraudulent activity. However, increases in fraud have led many financial institutions to consider taking down the siloes that split risk management structures. This whitepaper explains the logistics of creating a combined AML-fraud team and the impact on procedures, processes, and threshold settings.
Every day, criminals buy and sell stolen checks on the dark web, putting your financial institution and customers at risk. Abrigo and Q6 Cyber, a leading e-crime intelligence provider to financial institutions, developed this whitepaper to give banks and credit unions check fraud prevention ideas. The paper also explains how early warning systems can allow financial institutions to begin highly targeted fraud mitigation immediately. To learn additional proactive measures to fight check fraud, watch the on-demand webinar with Q6.
