Regulatory Compliance Audit In Addition To AML Compliance Software

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Anti-money laundering (AML) laws have already been around in the United States for years. What once was a simple system has become more complex with the threat of terrorism and the discovery of how terrorist groups are being funded. Basically keeping records is no longer adequate. Now, an intense program must be implemented to prevent and detect suspicious activity. In 1970, the Bank Secrecy Act (BSA) was put into law as a framework for today’s anti-money laundering regulations. The BSA permitted the Secretary of the Treasury to impose requirements for banking institutions to keep records and report any transaction that might be helpful in the investigation or prosecution of financial crimes like those associated with money laundering. In 2001, the USA PATRIOT Act was passed in reaction to the terrorism attack on the Twin Towers in New York City. This act, passed by Congress, amended the BSA so as to prevent, detect, and prosecute money laundering and financing of terrorism. It laid out a variety of regulatory requirements including execution of AML compliance programs, customer identification programs, due diligence for foreign accounts, due diligence for private banking accounts, and enhanced due diligence for accounts that had particular AML issues.

In 2009, the Securities and Exchange Commission authorized Financial Industry Regulatory Authority’s (FINRA) AML compliance rule, 3310. This new rule necessitates institutions to switch their current AML program design to that of a risk-based framework. The new compliance programs now have to be established in writing by policy and procedure. The new rule also established the designation of an AML compliance officer who is responsible for the regulatory compliance audits and reporting. The program also has to include constant employee training for AML regulations and each institution must have their AML programs independently tested on a yearly basis. Today’s technology can offer options to automate program logistics. Platforms could be programmed to operate the regulatory compliance audits at specific itime ntervals or on-demand. These audits normally include comparison of federally and globally published lists in addition to the lists of politically associated persons. AML compliance software could also help associations with due diligence, client identification, risk assessments, as well as information sharing. A number of software platforms give a database to easily store and access policies and procedures for essential regulatory compliance. Among the finest features for almost all platforms is the ease of information sharing whether it is for a federal request or maybe voluntary sharing with other institutions. The reporting features usually make transmitting required reports to governing agencies a piece of cake. Automating AML compliance and regulatory audits using technology seems to be the smartest way to deal with compliance for all financial institutions. There are many platforms to choose from that will meet the needs of every organization. For more information, click the link.

To make the atmosphere more festive for the uncomfortable party goers, canaries were brought into the room to "sing" for the guests. Unfortunately, the birds died in the frigid room! Another tradition is the Inaugural Parade. President Woodrow Wilson was a forward thinking president, as demonstrated by his parade on March 4, 1917. Women were allowed to participate for the first time! President Lyndon Johnson did not deliver an inaugural address at the beginning of his first term in office. He was sworn in on the official presidential airplane, Air Force One, at Love Field in Dallas. Just minutes later, the plane took off to return to Washington, DC to begin the process of helping the nation heal. Standing by his side was Jackie Kennedy, widow of President John F. Kennedy who had been killed by an assassin just 2 hours and 38 minutes earlier. The American people have always shown great interest in the beginnings of a new presidential term, whether with hopeful anticipation or indignation that their chosen candidate was not the victor in the election process.

President Warren G. Harding was the first president to use a public address system at his inauguration. Prior to that, the crowds at the event could only watch and not hear what was happening. In 1925, President Calvin Coolidge was the first president-elect to have his inauguration speech broadcast over the radio. The first televised ceremony was President Harry Truman's in 1949 when the nation had 170,000 households with televisions. Through modern age technology, President William Clinton's swearing in was available for viewing by the entire world via the Internet. As with many things surrounding the presidency, controversy exists. Such is the case with the oath of office taken by our presidents. It is not certain, but is believed, that after President George Washington repeated his oath, he bent down, kissed the Bible and said, "so help me God". It has been lost in history as whether or not that actually happened.

However, several presidents have added those words at the end of their oaths. That's where the debate begins. Many people feel the words, "so help me God", are not included in the Constitution as part of the oath of office and, therefore, should not be used. It remains to be seen if a tradition and historical precedent that may have been in place since 1789 will endure. Have You Ever Attended a Presidential Inauguration? Sign in or sign up and post using a HubPages Network account. 0 of 8192 characters usedPost CommentNo HTML is allowed in comments, but URLs will be hyperlinked. Comments are not for promoting your articles or other sites. President Franklin Pierce used the word "affirmed" rather than "swear" while taking his oath and refused to have a Bible present. Ray thank you so much for reading my hub and giving your thoughts. You are correct that President Washington wore white silk stockings at the first inauguration instead of black that I had mentioned.