Automating the Fight Against Laundering

Bennett, Shannon; Atchley, Jim
December 2004
Bank Technology News;Dec2004, Vol. 17 Issue 12, p48
Trade Publication
The article reports that the U.S. Financial Crimes Enforcement Network and the Office of Foreign Assets Control are emphasizing that the Bank Secrecy Act (BSA) audits will be thorough and have already demonstrated that BSA violations will result in stiff penalties against financial organizations. Financial organizations are looking to implement an automated AMI system that is effective but also practical. Using technology eliminates many of the manual steps an organization's staff takes to complete a transaction, as well as helps maintain the required information.


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