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The IdentityMind Blog

Sanctions Screening – Reduce False Positives

September 22, 2016

Sanctions Screening review of a flagged individual or company isn’t hard, but it does take time, on average more than 19 minutes per flag. That’s not a lot of time, but when Financial Institutions (FIs) have thousands of flagged applications to review every day, it becomes a fulltime job for a team of people. The […]

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Doing business in Canada? Some Rules You Must Know

July 28, 2016

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), recently updated the Anti-Money Laundering regulation applicable to Financial Entities (FE’s) that need to validate customers in Canada. Below is a breakdown of the changes to existing regulation for Identity Verification and for politically exposed person (PEP) screening. Identity Verification Canada has some of the […]

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Case Management and the SAR Filing Process

July 12, 2016

Case Management and SAR (Suspicious Activity Report) filing go hand-in-hand, with an effective case management program significantly bolstering the quality of SAR filing and recordkeeping capabilities. So, what should you look for in a case management and SAR filing programs? The panelists that led in our “Case Management & SAR Filing” webinar provided a wealth […]

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DeRisking a year after Chokepoint

June 10, 2016

Recent FCA Research reminds us about the unintended consequences of working with high-risk businesses and individuals. While the report recognizes that terminating accounts is far more complex than just compliance issues, it continues to show that a significant number of organizations are still being affected by banks’ fear of dealing with high-risk businesses and individuals. The report […]

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Bitcoin Ransomware- Is a “SAR” Required?

August 13, 2015

Guest Blog Post by Andrew Beal. Andrew Beal is a corporate attorney in Los Angeles and advises virtual currency companies on regulatory issues related to state and federal compliance. CryptoLocker and other bitcoin “ransomware” have become somewhat of a cyber security phenomenon over the last few years, and the recent charges filed against New York-based exchange […]

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The Risk of Having More PEP In Your Step

September 10, 2014

It’s necessary for financial institutions, including Virtual Currency institutions, to know which of their customers are Politically Exposed Persons or “PEPs”- to stay in business, avoid massive fines, and acquire or keep banking relationships. Although not well known, PEP regulation exists nearly worldwide, and institutions that do not comply, or do not comply adequately, pay […]

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