You Say Gaddafi, I Say Qadhafi…
And OFAC’s SDN List Says Gaddafi, Qadhafi, Ghadafi, and So On and So On
By Lori Moore, CRCM, Director of Compliance

You say Gaddafi, I say Qadhafi. You say Osama, I say Usama. Let’s call the whole thing off. Unfortunately, when it comes to OFAC compliance, no one can call it off because it is one U.S. law that impacts every U.S. person, which includes businesses, regardless of industry or size. You don’t need to be able to reel off the fact that there are over twelve name variations on OFAC’s Specially Designated Nationals (SDN) List for the long feared, now deceased Qaddafi. However, your organization does need to have an OFAC compliance solution that can recognize each variation, as well as adjust when new aliases are added. Lest you argue that your organization obviously wouldn’t do business with Ghadafi, consider the last names of Hyde, Moore and Dooley. Might you do business with someone with those last names? In fact, persons with those very American sounding last names are listed on the current SDN List.  Given that fact and much more, is your organization prepared for the complex, ever changing status of OFAC sanctions in the 21st century?  
 



BSA/AML: The Art and Science of Identifying and Monitoring Suspicious Activity

Suspicious activity monitoring continues to be a primary focus of the BSA/AML exam process and rightly so.  Fraud, in its many forms, continues to be on the rise and is ever evolving.  And, the illicit proceeds derived from such are being filtered through the U.S. financial system in various ways.  Identifying activity that may be indicative of money laundering begins with an understanding of the known stages and commonly associated characteristics.  This webinar is designed to help you combine both the art and science of identifying suspicious activity to ensure a more effective enterprise-wide AML program.

Speakers: 

Lori Moore, CRCM
Director of Compliance

and

Ledra Finley, CAMS
BSA/AML & Information Security Compliance Consultant

12/8/2011 3:00PM to 4:00PM ET

Question: What type of suspicious activity might a financial institution encounter and be required to report, where a suspect may not be known?

Answer:  A couple examples come to mind. The first is computer intrusion from an outside source – your system has been compromised, but you do not know who did it. The second is a more common occurrence. A customer may present a check that appears to have been received in connection with an advanced fee scam. In many instances, the name of the maker appearing on the item is legitimate, but is also a victim of the fraud being purported. Therefore, the true suspect might not be known. These are just two examples. By looking at the various types of activity listed on the Suspicious Activity Report (SAR), you might be able to identify other potential scenarios.

Got a question on a tricky regulation? We want to hear from you. Submit your question and an expert will answer it in a future issue.



Skimming Stopped by Bank, Merchants
Pay-at-the-Pump Scheme Launches 10-Month Spree
Tracy Kitten, bankinfosecurity.com

A U.S. District Court in Orlando, Fla., has charged two suspects in a pay-at-the-pump skimming scheme that resulted in numerous fraudulent retail transactions worth hundreds of thousands of dollars.

According to the criminal complaint, authorities believe the two men carried on their scheme for at least 10 months, compromising a minimum of 175 credit cards in central Florida.

The scheme was ultimately foiled by the criminals' brazenness. After multiple fraudulent purchases totaling at least $73,500 at area Target stores, the suspects were busted by banks' transactional fraud-detection systems and retailers' in-store surveillance.

Once merchants and card issuers started connecting the dots, it was easy to trace the scheme's steps.

Deposit Insurance Coverage
Free Nationwide Seminars for Bank Officers and Employees
FDIC.gov

The FDIC will conduct free telephone seminars on deposit insurance coverage for bank representatives through December 7, 2011. The FDIC believes that these seminars provide a unique opportunity for bank employees to receive training about federal deposit insurance coverage from FDIC subject matter experts.The final two dates are: November 14, 2:00PM and December 7, 1:00PM EST.

Questions about all aspects of the FDIC deposit insurance seminars, including registration procedures and problems accessing “Deposit Insurance Coverage, Free Nationwide Seminars for Bank Officers and Employees” from the FDIC website, should be directed to the FDIC Call Center at 1-877-275-3342.


5 Compelling Invitations to Achieve Employee Engagement
The Importance of Sustainable Engagement in Environment, Health, and Safety
David Zinger, davidzinger.com

Leverage engagement to achieve environmental and sustainability results.

The end goal is to improve your company’s performance and competitive position. But to do that, you need to get people engaged in the hard and rewarding work of greening your core business, your strategies, your operations, and your products and services. When your employees are more knowledgeable about and connected to environmental issues, your chances of getting there go way up. But here’s the best part for tight times: engagement and behavior changes are close to free.