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Last updated on April 19, 2014 at 18:42 EDT

Latest Bank Secrecy Act Stories

2013-08-06 23:29:23

S.D. Daniels & Co., LLC ("SDDCO-LLC") lends guidance to broker-dealers on the mandatory testing of their anti-money laundering programs. Overview includes the timing and requirements of AML testing, the minimum standards of AML compliance, the scope and process of the AML audit, and the contents of the final report. New York, NY 10022 (PRWEB) August 06, 2013 Money laundering—the act of using a legitimate financial system to mask ill-gotten gains—makes dirty money appear...

2013-07-24 23:26:28

With a rather large penalty, taxpayers are torn on whether or not they should participate in the Offshore Voluntary Disclosure Initiative (OVDI). Perfect Tax offers advice on the course of action taxpayers should undertake when faced with OVDI concerns. (PRWEB) July 24, 2013 The Offshore Voluntary Disclosure Initiative (OVDI) is a program where holders of foreign-based accounts submit undisclosed information to the IRS. Those with dual citizenship are usually the ones who make use of it....

2013-07-22 23:02:15

If an aggregate balance from 2004 to 2011 exceeds $10K--even for a day in a taxpayer’s foreign assets, a FBAR has to be filed, as foreign financial institutions have treasury mandates to declare them under FATCA law, which had been included in the 2010 new hire act. Perfect Tax can help taxpayers reduce penalties from 0% to 27.5% under an IRS FBAR Amnesty. Plano, Texas (PRWEB) July 22, 2013 June 30, the deadline for the filing of the Report of Foreign Bank and Financial Accounts or...

2012-11-12 08:24:54

MENLO PARK, Calif., Nov. 12, 2012 /PRNewswire/ -- Protiviti (www.protiviti.com), a global consulting firm, has published a new version of its Guide to U.S. Anti-Money Laundering Requirements: Frequently Asked Questions for organizations faced with the everyday challenges of identifying and preventing money laundering. The fifth edition of the guide (www.protiviti.com/AMLguide) covers a wide range of topics from the basics of anti-money laundering (AML) and sanctions compliance to...

2012-10-17 07:30:17

NEW YORK, October 17, 2012 /PRNewswire/ -- NICE Actimize, a NICE Systems (NASDAQ:NICE) business and the largest and broadest provider of a single financial crime, risk and compliance software platform for the financial services industry, is implementing its solutions at Iowa-based MetaBank (NASDAQ: CASH) to support the company's financial crime risk strategy for MetaBank and Meta Payment Systems, its electronic payments division. MetaBank will utilize the Actimize...

2012-01-18 09:09:00

SAN ANTONIO, Jan. 18, 2012 /PRNewswire/ -- LST Financial, Inc., a leading payment processing firm, today announced the Company successfully completed two important annual independent audits: the Bank Secrecy Act, Anti-Money Laundering and Office of Foreign Assets Control (BSA/AML/OFAC) audit; and the annual third-party ACH audit as required by the National Automated Clearing House Association (NACHA), the standards body for ACH processing. The BSA/AML/OFAC audit is the...

2011-12-05 16:50:00

ARLINGTON, Va., Dec. 5, 2011 /PRNewswire-USNewswire/ -- New FATCA foreign financial assets disclosure rules require reporting that, at first blush, looks like FBAR reporting. But this is a whole new set of tax reporting rules that in many (if not most) cases will overlap and duplicate the Bank Secrecy Act (FBAR) rules. The FATCA disclosure rules are found in new section 6038D, which underpins new IRS Form 8938 (Statement of Certain Foreign Financial Assets). These rules are effective...

2011-10-06 11:00:00

CHARLOTTE, N.C., Oct. 6, 2011 /PRNewswire/ -- ATTUS Technologies Inc., an affiliate company of Computer Services, Inc. (CSI) (OTCQX: CSVI) and a leading regulatory compliance solutions provider, today announced its enhanced WatchDOG® Wire Software is ready for release when Federal Reserve changes go into effect Nov. 19, 2011. (Logo: http://photos.prnewswire.com/prnh/20081118/ATTUSLOGO ) "WatchDOG(®) Wire keeps money out of the hands of terrorists,...

2011-07-11 00:00:30

NxSystemsâ“ž¢, Inc. announced today that it has appointed Ruth Costigan as the company's Compliance Officer. With over twenty years of prepaid card experience in the banking industry, including management positions with Bank One and PNC Bank, Ruth is certified in BSA, AML and KYC complicance regulations. In addition to Ruth's day-to-day administrative and operational compliance activities, Ruth will manage the company's risk management, OFAC and PCI regulatory...

2010-11-18 16:38:00

ARLINGTON, Va., Nov. 18, 2010 /PRNewswire-USNewswire/ -- BNA Books, a division of specialized news and information publisher BNA, announced today the publication of Criminal Tax, Money Laundering, and Bank Secrecy Act Litigation by Peter D. Hardy. This treatise provides practitioners with expert analysis of the law and procedures relating to federal criminal cases handled by the IRS and DOJ, addressing the pragmatic and strategic challenges at every stage of litigation. (Logo:...