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What is Social Security Fraud? In 1935, the Social Security Act was signed by President Franklin D. Roosevelt. Following on from this act, taxes were collected for the first time in January 1937....

A suspense account is one that temporarily records transactions that have yet to be assigned to their proper accounts. The suspense account is situated on the general ledger and is used to...

Correspondent banking is defined as the provision of banking-related services by one bank (correspondent) to an overseas bank (respondent). The cross-boarder nature of correspondent banking and weak...

What is a BSA Officer? A Bank Secrecy Act or BSA Officer is a person who works for a bank, credit union, or other financial institution to ensure that the Bank Secrecy Act is followed.

What is OFAC? OFAC stands for The Office of Foreign Assets Control. It is a department under the US Treasury that works towards administering and enforcing economic and trade sanctions, which is...

What is fraud? Fraud is a criminal offence where a perpetrator intentionally deceives a victim for an illegal gain or for depriving the victim of a legal right. According to the legal dictionary,...

The Office of Foreign Assets Control (OFAC) creates the Specially Designated Nationals and Blocked Persons list – also known as the OFAC SDN list – in order to carry out its responsibilities.

In order to understand what correspondent banking AML risk is, let’s break it down.

The US Senate passed the National Defense Authorization Act (NDAA) 2021 on January 1, 2021. As part of the NDAA, the Anti-Money Laundering Act of 2020 (AML Act) is poised to amend the Bank Secrecy...

Publicised across the globe in September 2020, the FinCEN Files are more than 2,500 leaked documents from the US Treasury's Financial Crimes Enforcement Network (FinCEN) which collects and analyses...

Cryptocurrencies are a very useful technology innovation that helps individuals and institutions access financial products and services in a faster and cost-effective manner. However, their rise as...

Money laundering and terrorist financing (ML/TF) are financial problems faced across the globe. They are one of the prime reasons why all countries — developed and developing, compromise on their...