Asset Managers on harnessing technology

Asset managers have swerved the money laundering impact faced by their banking counterparts, progressive capabilities from financial criminals are forcing the sector to notice glaring flaws in their AML processes.

FinCEN penalty against USAA Federal Savings Bank

USAA FSB admitted that it willfully failed to implement and maintain an AML program that met the minimum requirements of the BSA and failed to accurately and timely report thousands of suspicious transactions to FinCEN involving suspicious financial...