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In: *Connecting the Dots Blog*, Regulatory Compliance, Risk Management

  Miami-based Pacific National was fined a $7 million penalty for violations to the Bank Secrecy and USA Patriot acts. Lessons Learned: Fines for gaps in AML practices are becoming more severe.  Financial organizations must ensure they have the appropriate policies and procedures in place and ensure their people are aware and accountable for their decisions to meet ongoing compliance requirements.  Organizations also need legal-ready and audit-ready documentation to avoid expensive fines, lawsuits, and embarrassing headlines.Read More →

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In: *Connecting the Dots Blog*, Information Privacy, Information Security, Regulatory Compliance

  I recently came across an interview on BankInfoSecurity entitled, “Banks Must Assume Customers Will Compromise Themselves”. In this interview, Tom Oscherwitz, chief privacy officer and vice president of government affairs for ID Analytics, discussed why online security measures are failing due to basic authentication techniques.  With the use of current social networking sites, such as Facebook, customers are often revealing all the information fraudsters need to figure out their log-in credentials. Many experts (and vendors) are recommending banks increase their security measures and implement expensive fraud detection technology solutions and measures.  Unfortunately this is merely reacting to a symptom rather than preventing the problem. Read More →