Identity Resolution Daily Links 2007-09-18
[Daily Post from Infoglide Software] The Diogenesian Pursuit of Honest Employees
“Trying to find honest employees can make you feel like Diogenes, the Greek philosopher who walked the streets of Athens looking for an honest man. To help out in his quest, Diogenes carried a lantern with him during the light of day, but purportedly never had much luck. Fortunately, rather than using lanterns, retailers now have more advanced technology tools that can help out with the employee screening process.”
Homeland Security Affairs: Generational Hazards
“So what can the fall of Rome teach us? Are there any lessons for today’s homeland security officials in the threat matrix faced by ancient Rome? Perhaps the overarching lesson is that to prosper, great societies must acknowledge and manage both external and internal threats. To simply focus on one while ignoring the other is a recipe for disaster.”
Los Angeles Times: Union Bank agrees to settle criminal charge
“Union Bank of California agreed to forfeit $21.6 million to settle a criminal charge that it failed to maintain an effective program to prevent money laundering, even after promising to do a better job of complying with federal regulations, the U.S. Justice Department said.”
Associated Content: California Bank Fined $31 Million for Skimping on Anti-Money Laundering Campaign
“The Bank Security Act requires the banks to establish and maintain a program that must at least provide for internal policies, procedures, and controls that are specifically designed to guard against money laundering, the bank must coordinate and monitor the day-to-day compliance with the Bank Secrecy Act, maintain an ongoing employee training program; and implement independent testing for compliance conducted by bank personnel or an outside party. Their program must also be able to identify and report suspicious financial transactions to the U.S. Treasury Department’s Financial Crimes Enforcement Network.”
Forbes: UnionBanCal’s Drug Money Problem
“U.S. financial institutions have increasingly been implicated in drug money laundering networks and have been hit hard when they get caught. In August, Forbes first disclosed that American Express (nyse: AXP) had been used by Colombians to launder drug money through the black market peso exchange, a trade-based money laundering system. American Express agreed to pay $65 million, the largest money laundering penalty paid by a U.S. financial institution, to deal with Justice Department claims that its international private banking group was used to launder $55 million of Colombian drug proceeds. BankAtlantic Bancorp (nasdaq: BBXT), a small bank in Fort Lauderdale, Fla., paid $10 million to settle similar allegations last year.”
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