Identity Resolution Daily

[Daily Post from Infoglide Software] The Banking Industry Needs Identity Resolution

“Until the BSA is redrafted to clearly outline what is and is not required of Anti-Money Laundering (AML) officers, identity resolution software is the best way to protect the banks assets. To protect itself from an ambiguous law, banks should go beyond what federal regulators require. And for this, they need to implement an identity resolution solution that uses sophisticated similarity search techniques to resolve multiple identities into one unified view.”

New York Times: Cutting Off Terror’s Money Supply

Gary M. Osen: “Ultimately what we were trying to do was send a message to respectable institutions as to why they should get out of this line of work. […] The notion that these foreign terrorist organizations can move money through their local bank like you or I would use Chase Manhattan to send money to our Aunt Tillie is untenable. But it happens. All major terrorist organizations depend on dollars. Dollars are the currency of the realm.”

ACAMS.org: A member’s perspective on the evolution of compliance

“We saw the rapid passage of the USA Patriot Act, implementation of new special recommendations by the FATF and nations previously relaxed in their approach to AML regimes, pass proceeds of crime legislation and create active Financial Intelligence Units (FIUs). Financial institutions sought experienced compliance officers, but they were far and few between. The compliance function was now a hot-button. Insurance companies, money services businesses, jewelers and an expanding array of financial and non-financial trades and businesses were pulled into the AML whirlwind. International fraud schemes, staggering financial levels of official corruption and other organized criminal activities began to fall to money laundering and proceeds of crime statutes around the world. Banks and non-bank financial institutions were struck with extraordinary fines, penalties and lawsuits. There appears to be no end in sight.”

MiamiHerald: Newsletter publisher cleans up on money laundering

“Subscriptions — at $245 annually — started to sell themselves. Bankers were desperate for information on how to comply with voluminous and often confusing laws and regulations. They wanted to know what other banks were doing. And they desperately needed to stay on the good side of regulators to avoid steep fines and negative publicity.”

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This entry was posted on Wednesday, August 22nd, 2007 at 11:58 am and is filed under Anti-Money Laundering, AML, Banking, Identity Resolution, National Security, Federal Government, Daily Link Posts. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.