Tag Archives: AML

The Symbiotic Relationship Between Your Data and Anti-Money Laundering Compliance

Many felt that with the increased focus on credit issues and all the discussion around ‘too big to fail’… enforcement of Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) would take a back seat; this has not been the case.  Recent large and very visible enforcement actions have called into question current oversight of AML/BSA; congressional allegations of lax oversight have continued to make BSA compliance a top examination priority for regulators.  According to moneylaundering.com, fines from non-compliance with BSA and OFAC almost quadrupled in 2010, costing financial services companies over $660M in fines just in the U.S. alone. Bankersonline.com reports the U.S. Justice Department is seeking to fine HSBC USA as much as $500 million for anti-money laundering compliance problems, an amount that would be the largest-ever penalty for such violations, say individuals familiar with the investigation. Why you may ask? (more…)

Posted in Big Data, Data Integration, Data Quality, Financial Services, Master Data Management | Tagged , , , , , | Leave a comment

Powering Financial Services Beyond ETL And Data Warehousing At Informatica World 2010

I just returned from Informatica World 2010 and wanted to share the numerous stories and experiences from some of our banking and capital markets customers using Informatica beyond Extract/Transform/Load (E.T.L) and beyond data warehousing. More importantly, how Informatica is helping these companies combat fraud, manage risk and compliance, accelerate M&A integrations, attract and retain customers, and improve operational efficiencies.  Take a look at what I learned! (more…)

Posted in Business/IT Collaboration, Customer Services, Customers, Data Governance, Data Integration, Data masking, Data Quality, Data Synchronization, Financial Services, Governance, Risk and Compliance, Mergers and Acquisitions, Operational Efficiency, Pervasive Data Quality, Profiling, Real-Time, Uncategorized | Tagged , , , , , , , | 9 Comments

The Cost Of Bad Data In Combating Global Money Laundering And Terrorist Financing

I recently attended the 15th Annual Money Laundering conference to learn about  recent trends, regulations, and challenges in combating financial fraud, money laundering, and complying with domestic and international laws including OFAC, BSA, AML, EU Directive on Money Laundering. At the end of the day, these are all inter-related to help locate and track the movement of funds for  illegal purposes including terrorist financing, drug, and human trafficking. I was in a room packed with folks whose titles included Head of BSA/AML, VP of Compliance and Financial Fraud, Financial Securities Analysts, and wondered what kept them up at night. (more…)

Posted in Data Integration, Data Quality, Financial Services, Governance, Risk and Compliance | Tagged , , , , , , | 1 Comment

Are You Getting What You Expected From Your Anti-Money Laundering Software?

According to a recent FT.com article, US lawmakers are seeking to expand the reach of anti-money laundering regulations after a Senate investigation found that hundreds of millions of dollars in suspect foreign funds have been able to land in the US. As we can see, money laundering and terroristic financing continues to rise despite the huge investments banks have made in packaged Anti-Money Laundering (AML) software, custom built solutions through global system integrators, re-engineered business process, people, and policies.  How can this be? Were these bad investments to begin with or is there something else causes these issues? (more…)

Posted in CIO, Data Integration, Data Quality, Financial Services, Governance, Risk and Compliance | Tagged , , | Leave a comment