When you automate watch list screening with an API-powered solution, your credit union can easily and quickly incorporate the best practices described here. To learn even more, download CSI’s new white paper, Fueling Modern Risk Mitigation with APIs: A Quintessential Guide to Watch List Screening.Co-Authored by: Fred Teumer is technical product manager with CSI’s Regulatory Compliance Group, and is focused on bringing high-tech solutions to the forefront of the financial regulatory industry. As technology becomes more sophisticated and continues to influence the way organizations conduct business, the need for efficient and dependable watch list screening increases exponentially. For those caught dealing with a blocked entity on the Office of Foreign Assets Control’s (OFAC) Specially Designated Nationals (SDN) List, the financial penalty now often reaches into the millions. In fact, OFAC alone imposed $4.37 billion in fines between 2006 and 2018. The violators include medium asset-size credit unions and local businesses alongside large, sophisticated conglomerates. Many of their enforcement actions noted the lack of an adequate or formal compliance program.Given the increasing complexity of regulatory environments, credit unions need to realize what’s at stake when they violate watch list sanctions. More importantly, they must understand the most effective and efficient way to mitigate that risk.Changes in the Regulatory EnvironmentSeveral converging factors make watch list screening more complex than ever. The purpose of OFAC’s SDN List has not changed—to prevent U.S. citizens and companies from engaging in business with potential terrorists, money launderers and any other persons or entities deemed enemies of the United States. Neither has the purpose of the lists from the Department of Commerce’s Bureau of Industry and Security (BIS), which restrict export privileges and enforce specific licensing requirements of targeted individuals and businesses. However, since the turn of this century, several factors have vastly increased the significance of restricted party watch lists: Expanded Regulatory Reach: Prior to the 9/11 attacks, federal regulators mostly scrutinized watch list screening at banks and credit unions. The USA PATRIOT Act changed that with its expanded definition of “financial institution,” adding the following businesses with a higher risk for money laundering and OFAC violations:CasinosImporters and ExportersInsurance IndustryJewelry, Precious Gem and Metal DealersMoney Service BusinessesNon-profits and CharitiesReal Estate FirmsTravel and Tourism IndustryVehicle Dealers Increasing OFAC Fines: In addition, the amounts of OFAC fines have risen drastically in the last several years. For instance, in 2008, OFAC fines totaled $3.5 million, with the largest single fine coming in at $1.2 million. For 2014, those numbers were $1.205 billion and $963.6 million, respectively.Watch List Update Frequency and Unpredictability: On any given day, OFAC, BIS and other watch list sources may add, change or delete multiple parties to their lists, often with multiple name variations for each party. A review of the SDN List updates for one month—January 2018—revealed more than 350 changes over nine unpredictable days. Best Practices for Automated Watch List Screening SolutionsThe most effective watch list screening program includes an automated solution that incorporates the following technology, functionality and methods to strengthen and streamline compliance and reduce the risk of costly fines:API Integration: APIs have recently emerged as a game changer in watch list screening. They facilitate full integration between otherwise separate systems. In other words, APIs can help your watch list screening solution communicate across your institution’s various systems in real time. With APIs incorporated into the solution, credit unions see a unified, cohesive view of their compliance across their entire organization.Streamlined Screening: For the best and most cost-effective watch list screening results, your automated solution should monitor, gather, cleanse and deploy list updates in real time; allow you to screen multiple lists simultaneously via one data integration; screen retroactively; and do it all while ensuring your transactions flow uninterrupted.Sophisticated Matching: The veracity of individual matches is a vital best practice. A solution that generates too many false positives creates unnecessary, costly work and may lead to missed true matches, while also harming the customer experience. Additional Technology, Tools and Services: There are several other functions that are considered crucial for watch list screening, including:a centralized, cloud-based API Gatewayaudits and reports customization outsourced watch list services 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,James Ferguson James Ferguson serves as vice president of CSI’s Regulatory Compliance Group. Web: www.csiweb.com Details
Published on December 28, 2014 at 11:39 am Phil D’Abbraccio (9-2): Syracuse 66, Long Beach State 54Sun of a beachGive Long Beach State credit for playing such a tough schedule so far, but this isn’t a matchup that bodes well for the 49ers. They coughed up 17 turnovers against a small St. John’s lineup on Monday, and now face the length of Syracuse’s 2-3 zone. And although the Orange has battled with foul trouble, Long Beach State is only shooting 63.7 percent from the line. It should be another day at the beach for Syracuse and its nonconference track record in the Carrier Dome.Jesse Dougherty (9-2): Syracuse 68, Long Beach State 49Long way from homeSyracuse comes out with a holiday hangover but ultimately runs past Long Beach State in the Carrier Dome. Trevor Cooney, who’s buried early-season shooting struggles with a string of good performances, continues his upward swing and keys the Orange offense. SU’s frontcourt doesn’t let Cooney steal the whole show, and dominates on both ends in a lopsided post-Christmas win.Jacob Klinger (9-2): Syracuse 70, Long Beach State 61Beaches ain’t sh*tLong Beach State is small, young and all too accustomed to running traditional power programs close, only to fall apart in the second half. Syracuse is far from the traditional height of its powers and the 49ers are a good shooting team — 38.6 percent from 3 this season — but the Orange should clean the boards enough to have an off shooting night itself and still come out on top. Comments Facebook Twitter Google+
…any rank guilty of unofficial searches will be fired – CANU HeadTwo Georgetown families are now sleeping with one eye open as they remain on the alert, following a raid to their homes last Wednesday evening by persons claiming to be Customs Anti-Narcotics Unit (CANU) ranks.Carlene KishnaThe still-traumatised residents of Independence Boulevard, La Penitence, Georgetown, recently related their frustration to Guyana Times , noting how afraid they still were.Sheneza Bacchus, 41, of Lot 241 Independence Boulevard, told this publication on Monday that 10 alleged CANU ranks, two of whom were females, barged into her home about 17:00h on Wednesday last.Bacchus said she was at home with her two daughters and her son when she saw a van pull up in front of her yard and the men started kicking down her gate. The woman said she ran to her two girls, who were eating, to inform them of what was going on and by the time she got to her back door, a man approached her and demanded that she step aside.The frightened woman said she questioned the ‘officers’’ intentions when she was told they were CANU ranks who received reports that the family had drugs. The startled woman told this newspaper that she informed the men that her family was not involved with anything illegal and even requested a search warrant, but she was pushed aside.According to the woman, the men proceeded to her children’s room before ransacking the home. A female rank, Bacchus said, even demanded that she and her daughters strip.“The female rank, she tell me that I have to go in the room and strip, me and my two daughters. She stripped my big daughter first and then I said how can you strip a little girl? she is only 15, so she said okay and she didn’t touch us or anything like that. She took off her top and when they finish with those two, I tell her that ‘I am unclean, I cannot do this’, she said ‘no, you have to go through with this’, so I didn’t take off my clothes completely, I just pulled down my skirt and my top and that was it,” the woman recalled.Following the strip search, Bacchus said the female rank told the male officers that “everything was clear”.According to her, the men said they believed she had something to hide and went into the bottom flat of the house and continued with their search. After nothing was found, Bacchus said one of the men from the group said he was sorry for what happened as they were just doing their jobs.The group then proceeded to the home of Carlene Kishna, who lives a few houses away from Bacchus, who also shared her experience.Kishna told Guyana Times that the same group of men entered her home about 17:30h on Wednesday after finding nothing in her neighbour’s home.The woman, who almost had tears in her eyes, explained that she was home with her sickly husband, two children and grandchildren when the men claiming to be CANU ranks went into her home and flashed what was supposed to be an identification card in front of her face while saying that they received reports that she too had drugs and guns in her home.The mother told this publication that she requested a search warrant, but she was told that they were CANU ranks and did not require one.“When we go upstairs, one of them turn to me and say ‘(if) you have jewellery and hundreds of thousands of dollars in here, bring it out’. So I said ‘where am I going to get that sort of money from; I don’t have no money. We is poor people; we just mind two cows to survive’,” she recounted.Kishna told this publication that after the men searched for about 45 minutes, one shouted from the top flat of her home to abort the search.“When they finished I ask them what about our character and so, because this is what we gun got to be living (with), people gun got to be thinking like if we involved in some sort of illegal things … we really, really scared about this. I am calling even on the President to look into this matter, because is not right. We can’t continue living in fear like this. My children are traumatised. I am traumatised,” she added.The frustrated woman said she suspected that a neighbour, who was an ex-CANU rank, might be the one behind the searches, since they are involved in a land dispute.No record of searchThe two determined housewives, desperate to get justice, on Monday visited the CANU head office and requested to speak to the Head of the agency in relation to the matter. They were, however, unable to meet with the Head.According to Kishna, the ranks told her that they have no records of such a raid in the said area. She noted too that she was told that she could not make a report at the Police Station, because it involved CANU ranks.The Head of CANU, Michael Atherly, when contacted by this newspaper, said that he has no record of such a raid. He, however, noted that should any of his ranks be implicated in the unofficial search, they would be immediately dismissed.
Malaysia Airlines today launched official presence on WhatsAppMalaysia Airlines today launched official presence on WhatsAppMalaysia Airlines (MH) today launched ourofficial presence on WhatsApp, enabling customers to receive their flight booking confirmation and flight status directly through the popular messaging app. Malaysia Airlinesis the first airline in Malaysia and the fifth in the world to integrate with the WhatsApp Business solution.This follows the launch of three otherdigital solutions, MHguardian, MHfeedback and MHchat back in April 2018 and in line with our digitalization strategy.Malaysia Airlines will continue to look at products and services that enhance the customer experience byallowing our guests to receive important updates such as gate, check-in,boarding or schedule notifications via the messaging app. This new platform is offered in addition to the airline’s traditional methods of communication of email and SMS.Malaysia Airlines’ Group Chief Executive Officer Izham Ismail said, “We are extremely excited to be the first in Malaysia and one of the first in the world to offer this new service on WhatsApp. The WhatsApp Business solution will enable us to reach out to more passengers as WhatsApp is one of the most popular messaging applications with more than 1.5 billion users worldwide. The new service will further enhancethe customer experience for todays always connected customers.”He added, “Malaysian Hospitality is not just about the service. It is about making the journey stress-free andconvenient for our passengers.”Malaysia Airlines’ customers can opt in to this service by sending any WhatsApp message to the number +603 8777 4570Source = Malaysia Airlines