Skip to main content

Get Anti-Money Laundering Under Control at Your Organization

Melissa Hruza
Dec 23, 2013

When it comes to the media, anti-money laundering schemes make for a great story. Television dramas display gangsters and mob bosses with an intricate web of lackeys at their disposal for complex wire transfers. Many consumers are aware of these types of schemes through thrilling, award-winning shows like Breaking Bad or Weeds. It is the final step in order to use money stolen from a bank robbery or a high-stakes drug deal. Anti-money laundering schemes are also present in the mortgage industry. As a financial services provider, anti-money laundering schemes are detrimental to your business. Anti-money laundering revolves around deceit; tricking your staff into believing that the real source of the money was legitimate. Money laundering is a serious crime with federal convictions carrying sentences of 20 years in prison and a fine of up to $500,000, according to Pate Law Firm. Criminals that take that kind of risk do not make great customers. If you are a financial institution, you are accountable for any anti-money laundering activity that takes place at your business. When high-profile criminal cases take place, they can link your organization to criminal activity involving a drug cartel, global terrorist organizations, and it can lead to large, expensive settlements. Not to mention the cost of the resources required to address these types of cases, the loss of productivity of staff, reputational damages, etc. So, how can financial institutions avoid anti-money laundering? ►Find out if your organization is required to follow the laws set in place by the Bank Secrecy Act (BSA). ►To find out more information about the companies required to comply with the BSA, visit the Financial Crimes Enforcement Network at If you are required to follow the BSA, it’s time to get compliant. You can do that in a few ways. ►You must satisfy annual requirements for anti-money laundering training. ►Get a policy in place quickly to cover all aspects of the BSA. ►Finally, work with the experts to make sure your bases are covered with ongoing training, tracking, and implementation of compliance procedures. ►Training: According to the Federal Financial Institutions Examination Council (FFIEC), training needs to be ongoing, include your own policies/procedure/processes, but also be applicable to your staff’s specific responsibilities. ►Tracking and implementation: If you are facing a BSA examination, you will need to ensure that you have a comprehensive compliance program. You will need to keep track of your policies and procedures. It is also recommended that you conduct independent testing or an audit every 12-18 months for banking institutions. Melissa Hruza is a marketing and communications specialist for AllRegs. AllRegs has a variety of resources to help meet your company’s anti-money laundering needs, including turnkey policy manuals, training, tracking and implementation resources, and even a free online course to get you started. Visit to register for the free course. Or, learn more about AllRegs and the full suite of products and services at today or call (800) 848-4904.
Dec 23, 2013
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021