A bipartisan group of Senators, with the support of the American Bankers Association, recently introduced bill S.2563, known as the ILLICIT Cash Act. The acronym “ILLICIT” stands for “Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings.” As that name suggests, the bill’s primary purposes are to close loopholes involving shell companies, improve information collection, and encourage communication between financial institutions and law enforcement. … More
While it is often said that “you have to spend money to make money,” it is less often said, but equally true, that you have to spend money to avoid spending a whole lot more money later. For a bank, investing in a strong Bank Secrecy Act (“BSA”) Officer with an ample anti-money laundering (“AML”) compliance staff could help avoid significant expense down the road.