Compliance

How to Detect and Report Marijuana/Cannabis-Related Businesses

By some estimates, the cannabis business will be $80 billion by 2022. From 2013 (the Cole memo) until 2018, the federal government was tacitly supportive of some banking activity for cannabis businesses. To date, no financial institutions have been sanctioned for marijuana/cannabis-related banking. The more time passes without enforcement actions while states continue to “legalize” medical or recreational uses, the more politically and regulatorily unpalatable strict enforcement becomes. It is important for financial institutions to have proper detection and reporting of marijuana/cannabis-related businesses whether the financial institution chooses to bank or not bank marijuana/cannabis business.

By |2020-07-03T12:36:52+00:00November 18th, 2019|AML, Blog, Compliance/Regulations|Comments Off on How to Detect and Report Marijuana/Cannabis-Related Businesses

The Cost of AML Compliance

The cost of AML compliance at financial institutions is rising at an enormous rate year over year and even today little is done to alleviate the pain. With such rising AML cost, AML managers and AML investigators need to be more efficient. Designed from the ground up, Guardian Analytics AML Evidence Lake™ empowers AML investigators to improve investigation efficiencies and AML managers to save time overseeing the Smart Rules, KYC Forms, and SAR/CTR Filings.

By |2020-07-03T12:37:07+00:00October 31st, 2019|AML, Blog, Compliance/Regulations|Comments Off on The Cost of AML Compliance

The Equifax breach – a watershed moment for behavioral analytics & machine learning?

Fraudsters are likely now in possession of sensitive personal information and are figuring out ways to exploit this through many means including opening new accounts, taking out loans, filing returns among other damaging actions. The heads of fraud operations at financial institutions (FIs) and corporations are at the focal point of this fluid situation as they’re now expected to raise their defenses to protect the interests of their customers