Several weeks ago, FinCEN penalized a trust company known as Kingdom Trust to the tune of $1.5 million for violations of the Bank Secrecy Act, specifically in regard to their deficiencies in identifying and reporting suspicious transactions. Even though this is a penalty levied against a trust company, there are lessons to be learned for all financial institutions. In this Compliance “Quick Bite”, Matthew Hovis, CAMS, CFE, CPP, Director of BSA/AML Services at Sheshunoff Risk Management, shares a key takeaway and reviews targeting high-risk transactions in your manual processes.
Mr. Hovis leads the BSA/AML practice area for Sheshunoff Risk Management Division and is responsible for the delivery of the firm’s BSA/AML audit, model validation, and consulting services. He has over 13 years of experience in BSA/AML compliance and fraud management. He has subject matter expertise and experience in anti-money laundering monitoring systems including Verafin, FCRM, YellowHammer, BAM+, Patriot Officer, SAS, and FIS Prime, BSA/AML best practices, lookbacks and remediation, and managing the BSA/AML aspects of high-risk products/services such as payment processors, cryptocurrency, and cannabis-related banking. Matt earned a M.S. in Economic Crime Management from Utica College and a B.S. in Criminal Justice from the University of Massachusetts – Lowell. He is a Certified Anti-Money Laundering Specialist (CAMS), Certified Fraud Examiner (CFE), and a Certified Payments Professional (CPP).