Monday, November 12, 2007
FREE Webinar Invitation
AML INDEPENDENT AUDIT: DON'T LEAVE WORK WITHOUT IT!
Join us for a Webinar on November 13
Bekker Compliance Consulting Partners, LLC (BCCP), a full-service global consulting firm that specializes in providing proactive compliance solutions to the financial services industry .has announced today that it will hold its first webinar , to be hosted on BCCP’s website: www.bccp-llc.com. The webinar will feature Ross Delston, CAMS, attorney and former banking regulator, and Kenneth Barden, CAMS, attorney and international consultant, both Senior Compliance Consultants. “Independent audit has been targeted by financial regulators as an area for special attention, particularly for banks, broker-dealers and mutual funds. Insurance companies and MSBs are also subject to an independent audit requirement. Learn more about how to avoid common mistakes, whether independent really means independent, and why regulatory examiners take all of this so seriously. And we'll have some fun, with two experts who are also accomplished speakers with a sense of humor.”
Title:
AML INDEPENDENT AUDIT: DON'T LEAVE WORK WITHOUT IT!
Date:
Tuesday, November 13, 2007
Time:
12:00 PM - 1:00 PM EST
System RequirementsPC-based attendeesRequired: Windows® 2000, XP Home, XP Pro, 2003 Server, Vista
Macintosh®-based attendeesRequired: Mac OS® X 10.3.9 (Panther®) or newer
Space is limited.Reserve your Webinar seat now at:https://www.gotomeeting.com/register/428978871
Join us for a Webinar on November 13
Bekker Compliance Consulting Partners, LLC (BCCP), a full-service global consulting firm that specializes in providing proactive compliance solutions to the financial services industry .has announced today that it will hold its first webinar , to be hosted on BCCP’s website: www.bccp-llc.com. The webinar will feature Ross Delston, CAMS, attorney and former banking regulator, and Kenneth Barden, CAMS, attorney and international consultant, both Senior Compliance Consultants. “Independent audit has been targeted by financial regulators as an area for special attention, particularly for banks, broker-dealers and mutual funds. Insurance companies and MSBs are also subject to an independent audit requirement. Learn more about how to avoid common mistakes, whether independent really means independent, and why regulatory examiners take all of this so seriously. And we'll have some fun, with two experts who are also accomplished speakers with a sense of humor.”
Title:
AML INDEPENDENT AUDIT: DON'T LEAVE WORK WITHOUT IT!
Date:
Tuesday, November 13, 2007
Time:
12:00 PM - 1:00 PM EST
System RequirementsPC-based attendeesRequired: Windows® 2000, XP Home, XP Pro, 2003 Server, Vista
Macintosh®-based attendeesRequired: Mac OS® X 10.3.9 (Panther®) or newer
Space is limited.Reserve your Webinar seat now at:https://www.gotomeeting.com/register/428978871
Friday, October 19, 2007
Live from the 2007 NSCP Conference, it's Katie Hanks!
Hello from the Basement of the JW Marriott in Beautiful Downtown Washington, DC!!
This year’s NSCP conference, the 19th I’ve attended in 22 years, was back in the City after several years in the nearby suburbs of Crystal City, VA.
As a DC-ophile I can proudly say, the Dine-Around was much better attended than in those last several years. Indeed, it was sold out 10 days before the conference started! Now just why do I talk about the Dine-Around??? Well, from my perspective the informal meetings with colleagues still provides the greatest kernels of actionable facts and thoughts – those that I will take home, ponder, and implement in my own inimitable fashion. Which is not to say that the meetings weren’t good – they were. And, even more importantly, given that my purpose at the conference this year was also to spread the word about Bekker Compliance Consulting Partners, LLC, it was at lunch on the second day that generated my one strong lead of the conference!
The best panelist story award goes to Pamela Fritz of MWA Financial Services. She related this interaction between one of her staff members in compliance and an RR they were considering hiring. After an FBI report came back on the prospective rep, her compliance officer quizzed the salesman on his record of having stolen ‘a steak’ at age 18.
The answer came back as a question, “Haven’t you ever been high and hungry?”
Presumably there was no response by the compliance officer.
No word was given about whether they hired the guy.
~Katie Hanks
Hello from the Basement of the JW Marriott in Beautiful Downtown Washington, DC!!
This year’s NSCP conference, the 19th I’ve attended in 22 years, was back in the City after several years in the nearby suburbs of Crystal City, VA.
As a DC-ophile I can proudly say, the Dine-Around was much better attended than in those last several years. Indeed, it was sold out 10 days before the conference started! Now just why do I talk about the Dine-Around??? Well, from my perspective the informal meetings with colleagues still provides the greatest kernels of actionable facts and thoughts – those that I will take home, ponder, and implement in my own inimitable fashion. Which is not to say that the meetings weren’t good – they were. And, even more importantly, given that my purpose at the conference this year was also to spread the word about Bekker Compliance Consulting Partners, LLC, it was at lunch on the second day that generated my one strong lead of the conference!
The best panelist story award goes to Pamela Fritz of MWA Financial Services. She related this interaction between one of her staff members in compliance and an RR they were considering hiring. After an FBI report came back on the prospective rep, her compliance officer quizzed the salesman on his record of having stolen ‘a steak’ at age 18.
The answer came back as a question, “Haven’t you ever been high and hungry?”
Presumably there was no response by the compliance officer.
No word was given about whether they hired the guy.
~Katie Hanks
Wednesday, October 10, 2007
BCCP News You Can Use!!
We've had a busy autumn season here at BCCP!! The ACAMS Conference in Las Vegas was a huge success and now we are organizing trips for CEO Carrie Bekker to the GAIM Middle East Conference in Dubai, Nov. 26-28 as well as a journey to the major financial centers of Asia to discuss regulatory compliance issues and opportunities.
In the personnel department, we welcome our two new Executive Assistants, Michelle Page and Nikki Gonzalez. Michelle is our Research Specialist, while Nikki will be giving direct assistance our CEO Carrie.
UPCOMING EVENTS:
We are hard at work on our first Webinar, hosted by Carrie Bekker and presented by Kenneth Barden JD, ACAMS Jakarta, Indonesia and Ross Delston JD, ACAMS, Washington DC. The topic will be:
In the personnel department, we welcome our two new Executive Assistants, Michelle Page and Nikki Gonzalez. Michelle is our Research Specialist, while Nikki will be giving direct assistance our CEO Carrie.
UPCOMING EVENTS:
We are hard at work on our first Webinar, hosted by Carrie Bekker and presented by Kenneth Barden JD, ACAMS Jakarta, Indonesia and Ross Delston JD, ACAMS, Washington DC. The topic will be:
Robust Independent AML Audit:
Don’t Leave Work Without It!
or
How NOT to follow in the footsteps of
American Express…
American Express…
Please plan to join us for this informative webinar on Nov. 13, 2007, 12:00 PM EST. To sign up for our mailing list for the webinar, please email me at mkradnich@bccp-llc.com
Did You Know?
BCCP Consultants are available for speaking engagements on a variety of compliance topics. If you are looking for a speaker, please contact our COO Kelli Hillmar at khillmar@bccp-llc.com.
And lastly, I want to share a special treat from Caesars Palace & the ACAMS Conference last month. The BCCP Exhibtor Booth was conveniently located at the doors of the main ballroom. And the bar for the cocktail reception was set up right next to our booth! In chatting with the bartender, Rob Reinherz, I requested something tasty and a little sweet to drink. He created the Bekker Compliance Cocktail for us!! We want to share the recipe with all of you, our readers:
The Bekker Compliance Cocktail
Captain Morgan Rum
Orange Juice
Pineapple Juice
Sweet and Sour
Cranberry Juice Cocktail
Enjoy and have a great week!
~ Mary Kay Radnich CIO
Tuesday, October 02, 2007
Photos from ACAMS 2007 @ Caesars Palace, Las Vegas !
Top photo: Carrie Bekker CEO with Jeffrey Aronofsky, CAMS, Account Executive
Bottom photo: Kelli Hillmar, COO of Bekker Compliance Consulting Partners LLC, manning our booth at the ACAMS conference.
Sunday, September 30, 2007
ACAMS Las Vegas 2007 !!
At this year's ACAMS/Las Vegas Conference, BCCP's first time with an exhibitor booth was a huge success!! We visited with many friends, both old and new, catching up and spreading the news of the services offered by BCCP.
~Mary Kay Radnich, Senior Media Analyst
Without a doubt, our "tchotchkis" were a big hit, especially our "Got Compliance?" hand sanitizer - keeping you both compliant AND clean! Our grand prize drawing was a Solio solar battery charger for small electronics and its uniqueness created a lot of "energy" on its own.
One of the highlights of the conference for me was attending the presentation by James Richards of Wells Fargo Bank on mining the web for information. Very informative and apropos to the essential aspect of due diligence and KYC.
Another highlight was having dinner with the AML Unit of the Fairfax County Police Dept.'s Narcotics Division. These gentlemen, by using their CAMS knowledge, were able to break up a very large narcotics ring. ACAMS awarded them for their success in the field. The dinner was hosted by ACAMS' own Jeffrey Aronofsky, Account Executive.
But the best highlight for me was, unquestionably, meeting my CEO and friend, Carrie Bekker and her husband Robert!! With a virtual business model, meeting the various A-Team consultants and other management team members can be quite a challenge. Thus far I have met Kelli Hillmar, COO and ace assistants Brenda Smith and Michelle Page. At the ACAMS conference I also was very privileged to meet A-Team members William Akel and Brian Stoeckert. While riding his bike in Las Vegas, Willliam Akel had the misfortune of being hit by a car and consequently was sporting a bright blue cast on his right arm! We wish William a speedy and complete recovery!!
Caesars Palace was an excellent venue for such a conference, with first class amenities and service. Many thanks to all who helped make the ACAMS conference such a huge success for both BCCP and the AML industry.
~Mary Kay Radnich, Senior Media Analyst
Monday, September 24, 2007
SOLIO
Wednesday, September 19, 2007
UPCOMING EVENTS!!
ACAMS Conference Las Vegas! Sept. 23-26, 2007: Be sure to stop by our booth to learn more about our services as well as sign up for our grand prize drawing!
WEBINAR: October 17, 2007: Check back after the ACAMS conference for more information about our first ever BCCP Webinar hosted by CEO Carrie Bekker! Mark your calendars now!
WEBINAR: October 17, 2007: Check back after the ACAMS conference for more information about our first ever BCCP Webinar hosted by CEO Carrie Bekker! Mark your calendars now!
FinCEN and OCC Assess Civil Money Penalties Against Union Bank of California
NR 2007-95
FinCEN and OCC Assess Civil Money Penalties Against Union Bank of California
September 17, 2007
WASHINGTON — The Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) today announced the assessment of concurrent civil money penalties, each $10 million, against Union Bank of California, N.A. (Union Bank) of San Francisco, California, for violations of the Bank Secrecy Act. Union Bank, without admitting or denying the allegations, consented to payment of the civil money penalties, which will be satisfied by a single payment of $10 million to the U.S. Department of the Treasury. Union Bank also consented to issuance of a Cease and Desist Order by the OCC.
The enforcement actions are part of coordinated actions with the U.S. Department of Justice, which issued a Deferred Prosecution Agreement and accompanying $21,600,000 forfeiture in connection with charges that Union Bank failed to maintain an effective anti-money laundering program.
The OCC concurrently issued a Cease and Desist Order requiring Union Bank to take certain corrective actions. The OCC based its assessment of a $10 million civil money penalty, and issuance of a Cease and Desist Order, on failure of Union Bank to establish and maintain an adequate anti-money laundering program and to file timely suspicious activity reports.
The OCC's actions are based on its determination that Union Bank failed to adequately monitor certain Mexican casa de cambio accounts, and failed to identify and file hundreds of suspicious activity reports in a timely manner.
Union Bank also failed to comply with the requirements of a Memorandum of Understanding it entered into in 2005, including an article that required the bank improve its processes for identifying and reporting suspicious transactions. Union Bank’s failures resulted in the movement of millions of dollars of suspected proceeds of drug sales through certain casa de cambio accounts without detection or reporting of the suspicious transactions. At the most recent examination the OCC found that the bank's financial intelligence unit still was ineffective in detecting and reporting suspicious activity, as required by the MOU.
In assessing a $10 million civil money penalty, FinCEN determined that Union Bank failed to implement an adequate anti-money laundering program reasonably designed to identify and report transactions that exhibited indicia of money laundering or other suspicious activity, considering the types of products and services offered by the Bank, the volume of its business, and the nature of its customers. Union Bank failed to monitor Mexican casa de cambio transactions and report suspicious activity, despite knowledge of the heightened risk of money laundering posed by those Bank customers.
“Today’s action against Union Bank demonstrates the successful efforts of federal agencies to apply a coordinated and consistent approach to Bank Secrecy Act enforcement,” said FinCEN Director James H. Freis, Jr.
Copies of the agencies’ enforcement actions are attached.
Related Links:
OCC’s Consent Order to a Civil Money Penalty And to Cease and Desist(http://www.occ.treas.gov/FTP/EAs/ea2007-110.pdf)
FinCEN’s Assessment of Civil Money Penalty(http://www.fincen.gov/ASSESSMENT_In_the_Matter_of_Union_Bank_of_California.pdf)
###
Media Contacts:
OCC
Dean DeBuck
202-874-5770
FinCEN
Anne Marie Kelly
703-905-5023
FinCEN and OCC Assess Civil Money Penalties Against Union Bank of California
September 17, 2007
WASHINGTON — The Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) today announced the assessment of concurrent civil money penalties, each $10 million, against Union Bank of California, N.A. (Union Bank) of San Francisco, California, for violations of the Bank Secrecy Act. Union Bank, without admitting or denying the allegations, consented to payment of the civil money penalties, which will be satisfied by a single payment of $10 million to the U.S. Department of the Treasury. Union Bank also consented to issuance of a Cease and Desist Order by the OCC.
The enforcement actions are part of coordinated actions with the U.S. Department of Justice, which issued a Deferred Prosecution Agreement and accompanying $21,600,000 forfeiture in connection with charges that Union Bank failed to maintain an effective anti-money laundering program.
The OCC concurrently issued a Cease and Desist Order requiring Union Bank to take certain corrective actions. The OCC based its assessment of a $10 million civil money penalty, and issuance of a Cease and Desist Order, on failure of Union Bank to establish and maintain an adequate anti-money laundering program and to file timely suspicious activity reports.
The OCC's actions are based on its determination that Union Bank failed to adequately monitor certain Mexican casa de cambio accounts, and failed to identify and file hundreds of suspicious activity reports in a timely manner.
Union Bank also failed to comply with the requirements of a Memorandum of Understanding it entered into in 2005, including an article that required the bank improve its processes for identifying and reporting suspicious transactions. Union Bank’s failures resulted in the movement of millions of dollars of suspected proceeds of drug sales through certain casa de cambio accounts without detection or reporting of the suspicious transactions. At the most recent examination the OCC found that the bank's financial intelligence unit still was ineffective in detecting and reporting suspicious activity, as required by the MOU.
In assessing a $10 million civil money penalty, FinCEN determined that Union Bank failed to implement an adequate anti-money laundering program reasonably designed to identify and report transactions that exhibited indicia of money laundering or other suspicious activity, considering the types of products and services offered by the Bank, the volume of its business, and the nature of its customers. Union Bank failed to monitor Mexican casa de cambio transactions and report suspicious activity, despite knowledge of the heightened risk of money laundering posed by those Bank customers.
“Today’s action against Union Bank demonstrates the successful efforts of federal agencies to apply a coordinated and consistent approach to Bank Secrecy Act enforcement,” said FinCEN Director James H. Freis, Jr.
Copies of the agencies’ enforcement actions are attached.
Related Links:
OCC’s Consent Order to a Civil Money Penalty And to Cease and Desist(http://www.occ.treas.gov/FTP/EAs/ea2007-110.pdf)
FinCEN’s Assessment of Civil Money Penalty(http://www.fincen.gov/ASSESSMENT_In_the_Matter_of_Union_Bank_of_California.pdf)
###
Media Contacts:
OCC
Dean DeBuck
202-874-5770
FinCEN
Anne Marie Kelly
703-905-5023
CEO TRAVEL BLOG
Now that I have hit the road to attend regulatory compliance conferences across the country, I will be staying in touch with you through my brand-new CEO Travel Blog.
I will be sharing with you various tidbits about each conference, including up-to-the-minute regulatory updates, the latest scoop on industry trends, and tips for best practices. I will also be sharing with you details about the latest crop of e-compliance solutions geared towards providing the financial services industry with flexible architecture to address the needs of todayâs risk based compliance programs.
For additional details about upcoming conferences, please click here.
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