Members of the CRA team led an AML program assessment for a financial institution in emerging markets. The work included the investigation of the origins of investment funds coming from South American sources, established a basis to distinguish legitimate account holders, and developed a protocol to raise alerts on accounts based on a system of risk assessment measurements. The team also devised risk-based due diligence screening and controls to support the bank in developing an automated account opening system for potential customers.
Biden administration directs creation of sweeping new program to protect Americans’ sensitive personal data
On February 28, 2024, President Biden signed an executive order (EO), EO 14117, “Preventing Access to Americans’ Bulk Sensitive Personal Data and United States...