Will the enforcement message get through with major fines?
With Bank of America just receiving a fine of $1.2 billion for ignoring suspicious transactions this AML analyst’s post is apropos in that you have to question what are banks as large as Bank of America doing with all of their resources to detect and prevent fraud. As this post raises, are large fines enough […]
Where is the independent verification of new wire instructions?
This post is on the City of Mobile Alabama losing $14.7 million in a fraudulent wire transfer. However, it could be the same with an individual too if the financial institution fails to do any verification of the transaction. The clickable media story under this post reveals that the City of Mobile will no longer […]