3 key factors to enhancing compliance on BSA/AML laws

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Karan Bhalla Karan Bhalla is the CEO of CU Rise Analytics and who has almost two decades of financial services and data analytics experience. CU Rise Analytics is a global CUSO helping … Web: https://www.cu-rise.com Details Money laundering is a worldwide problem that costs consumers billions each year. The estimated amount laundered globally in one year is $800 billion to $2 trillion in current U.S. dollars, according to the United Nations Office on Drugs and Crime.While governments and corporations have put a dent in stopping money laundering — the Internal Revenue Service investigated 1,312 cases in 2014, resulting in 934 indictments — criminal groups are still largely winning the battle.Yet there are ways to reverse the trend.Under the Banking Secrecy Act (BSA)/Anti-Money Laundering (AML) laws, all financial institutions must have procedures in place to identify potential problem accounts. This includes even the smallest financial institutions. In fact, in one recent citation, Financial Crimes Enforcement Network (FinCEN) fined a credit union with $4 million in assets and only five employees $300,000 for welcoming members “far beyond its field of membership, without adequate policies and procedures to ensure AML compliance.”The three basic steps for credit unions to complete appropriate risk mitigation are member identification, implementing silo approaches to banking and identifying suspicious activity.Member IdentificationKnowing your account holders is not only good business; it is now your legal obligation. The U.S. Patriot Act requires all credit unions to have updated information and legal identification for each of their members.Appropriate identification allows credit unions to keep tabs on open accounts and transactional histories. Just a few tactics you may consider include verifying member data, maintaining good records and developing transactional triggers that will alert staff to potential issues.Savvy credit unions have also learned that knowing members is a must for targeted marketing. Being in touch with who engages with your credit union, and in which ways, provides the opportunity to generate member classifications, scoring members based on account activity and sorting by patterns.Silos of BankingMany credit unions have different channels to deliver individual services, making it more difficult to track overall member activity. We all know the risks presented by siloed operations. Yet, when it comes to BSA and AML compliance, running all transactional information through a single system can make it easier to track and analyze member activity patterns. It also provides an avenue for individual account holders to be linked to all the products and services to which they have subscribed.Identifying Suspicious ActivityThere are many types of account activity that will raise flags when analyzing transactional data. Credit unions seeing these activities should mark the accounts for a closer watch and take action if needed. These may include:Movements of funds in excess of $10,000Multiple withdrawals from several locations in a short periodUnusual wired fund activityTotal deposits to multiple accounts in a short period totaling more than $10,000Excessive number of small withdrawals from multiple locationsWire transfer activity moving back and forth between accounts or sending large sumsOf course, it will be important to develop policies and procedures for handling AML violation cases. Annual training to keep tenured staff up-to-date and new staff up-to-speed is a best practice for all credit unions.Aligning your strategies with these three processes can increase credit union compliance with BSA/ALM laws and help mitigate the risk of money-laundering activities. Institutions can also partner with outside vendors to provide software capable of monitoring and reporting on account activity – and raising flags when suspicious transactions are taking place.last_img read more

Shaftesbury predicts West End revival

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Governor Wolf Honors 49 State Employees for Excellence in Public Service

first_img May 20, 2019 Governor Wolf Honors 49 State Employees for Excellence in Public Service SHARE Email Facebook Twittercenter_img Press Release Harrisburg, PA – Governor Tom Wolf today announced the recipients of the Governor’s Awards for Excellence and praised all state employees for their dedication to public service. The awards will be presented today at a ceremony in Harrisburg.“The state employees being recognized today exemplify the innovation, drive and can-do spirit that are transforming our government to deliver better results and service,” said Governor Wolf. “Our commonwealth is a better place because of the extraordinary accomplishments of these state employees.”“The Governor’s Awards for Excellence celebrate the best among us as state employees,” said Secretary of Administration Michael Newsome. “I want to congratulate all of our nominees for their exceptional contributions.”Twenty-three state agencies submitted a total of 73 nominations prepared by their employees, with four individual and five group nominations selected as winners for this year’s awards.Department of Transportation – Route 30 Landslide TeamMichele Acitelli, Michael Adams, Robert Byrnes, Jacqueline Evans, Jonathan Moses, John Myler, Jeffrey Powell, Steve Reyes, Dina Salemi and Douglas ThompsonFor their swift action in response to a catastrophic landslide that destroyed a section of state Route 30, near Pittsburgh, and displaced 34 residents. The employees took responsibility for the well-being of affected individuals and coordinated repairs to the road, which carries 25,000 vehicles per day. Thanks to the extraordinary efforts of the PennDOT employees, a project that would normally take two to three years was finished in a few months.Office of Administration and Department of Transportation – Electronic Payroll Mobile App TeamShawn Crane, Jamie Dietrich, David Hou, Neil Leibig, Michael Long, Kimberly Martin, Kevin Novinger, Philip Petrina and Doreen WallenFor developing a mobile app that is generating an estimated $7.5 million in productivity by streamlining and modernizing payroll processing for highway maintenance workers. The app has reduced errors by 70 percent, while enabling PennDOT’s 1,500 foremen to enter daily work hours for their crew members 30 minutes faster than before.Pennsylvania State Police – Statewide Radio Network ProjectRobert BarnhamFor leading upgrades to the commonwealth’s public safety radio system and pioneering a shared services model to increase its use. The ongoing upgrade to open source technology will reduce costs to purchase radios for first responders. The shared services model allows local governments to leverage the radio system at a savings to their taxpayers while increasing interoperability across jurisdictions.Department of Revenue – Corporate Clearance Process Improvement TeamRonald Felty, Owen Hannah, John Klinger, James Lavelle, R. Scott Pfeffer and Darla PtaszekFor using “Lean” process improvement techniques to dramatically reduce wait times for businesses requesting corporate clearances and bulk sale certificates from the department. By utilizing a case management system and changing how incoming requests are prioritized, the employees have reduced wait times by 64 percent and a backlog of cases by 78 percent, while generating $268,000 in annual cost savings.Department of Labor and Industry – Unemployment Compensation Fictitious Employer Fraud TeamBrian Garrity, Robert Jacobs, Pam Keating, Sean McIntyre, Lucjan Pelka, Jason Reuter, Robert Sabol, Douglas Shamonsky, Michael Somishka and Timothy Van CleveFor preventing more than $10 million in potential losses to the unemployment compensation fund through fraud committed by fictitious businesses and employees attempting to claim benefits. The team has created resources to collect tips from staff and employers, developed software to scan new employer registrations and tax information for potential fraud indicators and monitored hundreds of suspicious accounts.Department of Labor and Industry – Youth Workforce DevelopmentTracey TurnerFor placing 735 young people into career-focused internships and coordinating the administration of nearly $75 million in statewide youth workforce programs annually. The interns, who ranged from 16-24 years old, gained valuable work experience and 90 were hired into permanent positions. Turner was recently named deputy director of the Pennsylvania Workforce Development Board.Department of Human Services, Department of Labor and Industry and Office of Administration – Child Support / CareerLink PartnershipMatthew Golden, Georgia Lyons, Kevin Lyter, Ruben Pachay, Robert Patrick, Dorraine Rauch, Kathleen Schintz, Raymond Scott, Steven Wolf and Jesse ZerbeFor enabling over 5,000 unemployed parents to find work so they can meet their child support obligations. The team collaborated on a project to integrate the child support program website and case management system with the PA CareerLink job-matching platform. In the first year, over 1,700 non-custodial parents found employment and are now making child support payments. The approach is now a national model for other states.Department of Environmental Protection – Electric Vehicle Strategy and ProgramsMark HandFor helping to position Pennsylvania to reap the economic and environmental benefits of electric vehicles. He led a broad coalition of stakeholders and policymakers to develop a statewide strategy, secured federal funding for charging stations along highways and developed programs to drive adoption.Department of Corrections – Facilities Management and InnovationNorman KlinikowskiFor the cost-effective and innovative maintenance of 25 state correctional institutions (SCIs) and a training facility, including the salvage and repurposing of assets from SCI Pittsburgh; the implementation of state-of-the-art security equipment at SCI Phoenix and the outfitting of two other facilities with energy-efficient lighting and power to save millions each year.last_img read more

Former Bronco Shane Webke puts massive paddock for sale

first_imgShane Webke during his heyday at a Brisbane Bronco. Picture: David/ClarkFORMER Bronco Shane Webke has put a massive 4.45 hectare paddock in his hometown up for sale.The rugby league great, who’s currently a sports presenter for Channel 7, had bought the property 12 years ago for $60,000 in the small town of Leyburn where he grew up. The grazing land at Lot 15 Tummaville Road, Leyburn sits to the southeast of Toowoomba and is on the market for $109,000. More from newsMould, age, not enough to stop 17 bidders fighting for this home1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor7 hours agoShane Webke grew up in Leyburn where he has this 4.45ha block of land which is now for sale.His real estate agent Bevan Vanderwolf of Property Specialists – Warwick was marketing it as having “good all weather road frontage” with mains power close by for those considering putting down roots. Big Bucks: Huge price for tiny block of land Land valuations Queensland: Values soar in Brisbane Mr Webke also holds another 2,023sq m block in Leyburn and has a home on a 2.1 hectare site in Darling Heights, Toowoomba. The property atL15 Tummaville Road Leyburn runs along a creek.According to Channel 7, Shane Webcke was “known for over a decade as one of the game’s premier front-row forwards”.“Growing up in the small town of Leyburn, Shane says as a kid he was never blessed with a natural ability to play football but, with hard work and dedication, he became the benchmark for the game’s toughest players.”center_img L15 Tummaville Road Leyburn Qld 4365last_img read more

Inner-city home features stunning Picasso-like artwork inside

first_imgTHIS grand Queenslander on a 1640sq m block at 227 Cavendish Road, Coorparoo has been almost 150 years in the making.And it even has Picasso-like artwork on its kitchen floor.227 Cavendish Rd, CoorparooOwners Barry and Laraine Kelly said the time was right to sell their family property in which they raised their six children.“We bought the house in 1980 and if the walls could talk you’d hear lots of fun, with plenty of family gatherings and parties,” former schoolteacher Mrs Kelly said.“The house was so big that there was always somewhere you could go for a little peace and quiet.“The tennis court and swimming pool were well used.”227 Cavendish Rd, CoorparooMore from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020227 Cavendish Rd, CoorparooMrs Kelly said together with her second son they chose the kitchen flooring.“It always looked to me like a Picasso. The new owner will probably rip it up but I always loved the colour, it’s so vibrant.’’The Kellys added a wing with six bedrooms but the home features many of its original features, and dates back 150 years.227 Cavendish Rd, CoorparooRay White East Brisbane selling agent Sam Battel, who is selling the home via tender, said the property had not been on the market for 37 years.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 3:10Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -3:10 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels360p360p240p240pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenThe art of selecting art03:11last_img read more

Ensuring buyers gain a clean slate

first_imgGeneric image,ENSURING you get a clean property on handover day might not be as straight forward as you think, writes REIQ Townsville zone chair Wayne Nicholson.A QUESTION that often arises when a buyer moves into a new property is about the cleanliness of the property and what the seller’s obligations are. From time to time, (it really is quite rare) a seller may not have left the house spotless. On moving day the new owners are disappointed to find a final vacuum would have benefited the floors and some Windex on the windows and glass surfaces would have been helpful. Unlike a tenancy agreement where the tenant agrees to return the property to the same state of cleanliness it was in when they moved in, there is no such requirement for a seller, generally speaking. In 38 years of selling houses, two issues continue to irritate me. More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020The first is that the buyer assumes risk for the property on the second business day after signing the contract (and so must have insurance in place from that point) even though they don’t take possession of the property for another 30 days or more, depending on the settlement terms. The second thing is the seller is under no obligation to leave the home in a tidy, clean state for the buyer to move in to under the standard contract of sale.The contract simply makes no provision in the standard terms and conditions and is silent on the issue of leaving the home clean and lawns mowed. A tip for agents and buyers is to include a special condition that stipulates the property must be professionally cleaned prior to settlement. In the pre-settlement inspection a buyer can verify if cleaners have been and resolve any issues before they take possession of the keys upon settlement. This special condition is straightforward and ensures that everyone has a satisfactory experience when the property changes hands. The buyers are happy to move into a clean property and the sellers are happy, knowing they’ve secured happy buyers who won’t complicate the transaction. In almost four decades in real estate I have seen only a few occasions where the seller has made no attempt to clean the home. The buyers are left bitterly disappointed at the disgusting state of the property and it can get messy for the agent and their clients, the sellers. If that experience can be avoided, it’s worth every effort to do so.last_img read more

IOC Hires Frontera for Geohazard Survey in Mexico

first_imgInternational Oil Company (IOC) has hired Frontera to undertake geohazard survey offshore Mexico.Mobilization for the project is underway and offshore work is expected begin and complete during March 2020.Frontera is an established offshore services contractor in Mexico since 2001.To remind, in August 2019, Frontera entered into an exclusive collaboration with DOF Subsea for the Mexican market.The alliance is intended to leverage the local presence and track record of Frontera with the specialized vessels, engineering capabilities and subsea survey and installation experience of DOF Subsea.last_img read more

Ozil is next-level signing – Gibbs

first_img Wenger, though, made it clear Ozil would be integral to the Gunners’ ambitions – and Gibbs believes his arrival can help all of the players raise their own games this season in the quest for a first trophy since 2005. “It is a statement to what the club want to do and what the club want to achieve,” Gibbs said on Arsenal Player. “It is something that everyone has been waiting for so now we have a big signing to help push us to the next level. He has got a clinical side to him and technically he is world-class. “He is going to create a lot of problems for opposition we come up against and hopefully he can continue the form that he had with Real Madrid.” Signing Ozil proved to be Wenger’s masterstroke in an otherwise rather flat transfer window, with the free signings of Yaya Sanogo and Mathieu Flamini the only other additions before a loan move for Palermo goalkeeper Emiliano Viviano was pushed through on deadline day. Midfielder Flamini made his second Arsenal debut in a 1-0 league win over Tottenham before the international break, having rejoined his former club after being released by AC Milan. The 29-year-old – who was an important member of the side which reached the 2006 Champions League final – is in no doubt the squad have enough strength in depth to mount a sustained challenge for honours. “The quality is very high in this team and at this club, that is the most important thing, to have players of quality because that makes a difference,” said Flamini – who left Arsenal in 2008 after running down his contract – on the club’s official website. Defender Kieran Gibbs believes Arsenal’s club-record signing of Germany playmaker Mesut Ozil can take the club to another level. Press Association “The team spirit is also very good, and we saw on Sunday (against Tottenham) that everyone was helping each other on the pitch, that makes a difference in the big games.” Ozil’s signing has proved hugely popular with Arsenal supporters, and a survey by online retailers UKSoccershop.com revealed his shirt sales were outstripping those of Bale by five to one. Arsenal – now owned outright by American tycoon Stan Kroenke – have long championed their self-sustaining business model, powered by the additional revenue from their 60,000-seater stadium at Ashburton Grove. Chief commercial officer Tom Fox maintains it is an ethos which will mean when some silverware finally arrives, it will be all the sweeter. In an interview with Marketing Week, Fox said: “When we win, we will win on the back of our own effort, on the back of our own hard work and revenue that we as a club generate based on our power as a global brand. “We won’t win on the back of a wealthy benefactor reaching into his pocket and solving the problem that way.” Fox continued: “We believe, and I think our fans believe, that success earned in the way that we are going about it, in a very difficult landscape and a very challenging business, is the sweeter victory. “We don’t exist for commercial purposes, we exist as a football club, to play football matches, to win and to make our fans feel proud.” Italian international Viviano has already stated his intention to challenge for the number one jersey. Wojciech Szczesny, though, is determined to make it a “big season” for him, having been dropped by Wenger following some inconsistencies towards the end of the last campaign. He said on the club website: “It wasn’t nice [to be left out] – you want to be playing every week. But, then again, the most important thing is the team and that is what the team needed. “Lukasz (Fabianski) was in better shape at that moment in time, he came in and did really well. I worked really hard to get back into the team and when I did I thought I did pretty well. It was a good decision by the manager.” Szczesny added: “Hopefully I can be the club’s number one this season. It is important, I want to win a trophy for this club because that is what is missing in my career and I’m sure it is what the fans have been missing. It’s a big season.” Ozil, 24, completed a transfer-deadline switch from Real Madrid, in what is understood to be a £43million deal, to give manager Arsene Wenger the new top-level addition he has long craved. Many of Ozil’s team-mates at Madrid were stunned by his departure – the creative midfielder suddenly no longer central in the plans of manager Carlo Ancelotti following the world-record signing of Gareth Bale from Tottenham. last_img read more

Gombe Bulls, Kwara Falcons Drag NBBF to Court

first_imgThey argued that the 2018 Kwese Premier Basketball League which is the recognised avenue for such selection, has been concluded and Gombe Bulls as champions and Kwara Falcons as runners-up qualified to represent the country at the continental championship.Both teams argued that they are non – partisan and therefore should not be dragged into the politics of the sport by either faction of the NBBF and approaching the court shows their commitment to defend their hard-won mandate to play in the continental tournament.A date for the hearing of the suit is being awaited.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram The Gombe Bulls Basketball Club and Kwara Falcons Basketball Club have dragged the Nigeria Basketball Federation (NBBF) board led by Musa Kida to an Abuja High Court over its plan to organise an ‘abridged’ Premier Basketball League for the purpose of selecting the country’s representativesin the 2018/2019  Africa Basketball League, the FIBA Africa Champion Clubs tournament.In the suit No. FHC/CS/1317/2018 filed on November 6, 2018 on behalf of the managements of Gombe Basketball Association and Kwara Basketball Associations respectively, the clubs are seeking an Order of Interlocutory Injunction prohibiting and/or restraining the Musa Kida-led NBBF from conducting any fresh Premier Basketball League for the “purposes of selecting men’s representatives of the 2018/2019 Africa Basketball League pending the determination of the substantive suit”.last_img read more