Alogent’s Post

From the Finopotamus Press Room: Eltropy Heats Up Webinar Season: Equipping Credit Unions and Community Banks with Powerful Fraud Prevention Strategies #fintech #creditunions

Excited to share my video for the CIB Phase 2 competition! Watch the video to learn important tips on how to protect yourself from bank fraud. #CIB_Summer_Internship_2024 #BankFraudProtection

New task in the CIB bank for the company, which is phase 2. In this phase, there is a competition to choose a topic from phase 1 and role-play in this phase. I chose the topic of Fraud detection and awareness #CIB_Summer_Internshep_2024 #phase2

FINTRAC and 3 federal regulatory banking agencies in the U.S., Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board have signed a Memorandum of Understanding. The MOU establishes a framework for the sharing of supervisory information between FINTRAC and the U.S. Federal Reserve, OCC, and FDIC, focusing on anti-money laundering and anti-terrorist financing compliance for banks with cross-border operations. The cooperation and communication between the authorities will allow for each agency to effectively respond to emerging risks, enhance risk identification prevention and detection, in an effort to mitigate ML/TF risk exposure.

🔐🔍 𝘔𝘰𝘳𝘦 𝘈𝘔𝘓/𝘈𝘛𝘍 𝘕𝘦𝘸𝘴: FINTRAC Canada | CANAFE Canada and three major U.S. federal banking agencies—the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve Board—have signed a Memorandum of Understanding (MOU). This MOU sets up a framework for sharing supervisory information, focusing on anti-money laundering and anti-terrorist financing compliance for banks with cross-border operations. This collaboration will enhance risk identification, prevention, and detection, helping to mitigate money laundering/terrorist financing (ML/TF) risk exposure.🌐🤝 Gowling WLG | Alana Scotchmer | Natalia Castro | #RobinMcKechney | Kavi Sivasothy

Fraud prevention tip #9: Call the bank. Call the bank when you suspect or see any suspicious activity. The sooner the bank is aware of the situation, the greater chance you have in minimizing risk to your account.

💥 Secret Bank Ratings Show U.S. Regulator’s Concern on Handling Risk: "In the confidential assessments, the Office of the Comptroller of the Currency said 11 of the 22 large banks it supervises have “insufficient” or “weak” management of so-called operational risk, said the people, who asked not to be identified because the information isn’t public." https://lnkd.in/e22yuXih What could go wrong?! Check out today's Illicit Edge newsletter for more top financial crime news. https://lnkd.in/ee2K-QYr #sanctions #AML #OCC #moneylaundering #financialcrime #fraud #bribery #corruption #trafficking

The Bank Secrecy Act (BSA) The Bank Secrecy Act was originally passed in 1970 with the goal of combating money-laundering activity in the United States. It has evolved over time to keep pace with new and emerging threats related to financial crime. The Bank Secrecy Act requires financial institutions (not just banks) to help the federal government detect and prevent money laundering, terrorist financing, and other illegal activities. It has grown to be one of the most important regulations and carries stiff penalties for non-compliance.   The Bank Secrecy Act outlines many methods financial institutions are to use to detect and prevent money laundering, terrorist financing, and other illegal activities. These include written policies and procedures, identification of customers and beneficial owners, filing required forms and/or other recordkeeping, suspicious activity monitoring, etc.

Celebrating Financial Crime Fighter Day 🕵️ On October 26th, National Financial Crime Fighter Day honors the unsung heroes working in Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) roles. These professionals are essential in the fight against financial crime and terrorism. Yesterday, I was proud to celebrate this important day at #DanskeBank. Cheers to all the amazing colleagues and professionals in this field! 🏦💼🎉 💡What is Financial Prevention Day? Financial Prevention Day highlights the importance of protecting financial systems from fraud, money laundering💵, and terrorism financing. It’s a reminder for everyone—individuals, businesses, and governments—to uphold measures that secure the financial world. How to Combat Financial Crime and Terrorism 1. Education: Raise awareness on fraud and scams. 2. Strong Regulations: Enforce #KYC and #AML laws. 3. Reporting: Encourage quick reporting of suspicious activity. 4. Technology: Use AI and secure systems to detect threats. 5. Collaboration: Share information between institutions and authorities. 6. Community Engagement: Empower communities to resist exploitation. 💡Together, we can make a difference by promoting awareness and prevention strategies for a safer financial world💰🌍. #DanskeBankPoland #EvenTeam #teamwork #FinancialCrimePreventionDay #FinancialSecurity #TogetherWeCan

Scams and Scammers are increasing on an on-going basis and the fight against financial crime continues! Some keytakeaways are: Analyze case studies to gain insights into real-life scam scenarios that involve receiving banks Conduct a thorough examination of the vulnerabilities inherent in the receiving bank processes that scammers exploit.  How receiving banks can protect themselves from money mule accounts. #CFCS #amlcompliance #financialcrimecompliance