When it comes to a bank’s due diligence with respect to AML/BSA compliance, having a BSA officer is a necessity. That said, it can be challenging to find a high-quality individual to fill in the role, especially with the volatility of BSA and AML compliance standards constantly changing. A BSA officer holds a lot of weight in regards to maintaining a bank’s reputation and strictly abiding by BSA standards.
Fines and penalties for noncompliance can be incredibly stiff for companies operating within the cannabis industry. Non-compliance knowingly or , unknowingly, can carry serious consequences for your business and yourself. In fact, even providing services (financial or otherwise) to businesses within the marijuana industry can present legal challenges and high risks. Knowing all cannabis business […]
Fraudsters have been using money laundering schemes to cover illegal activities for decades. In an effort to cut back the number of people taking advantage of the system, the government has imposed a set of rules and regulations called AML compliance. Anti-Money Laundering Act (AML) first appeared in the U.S. to stop perpetrators from moving money […]