ABA Banking Journal - November/December 2016 - 46


>>> ANTI-MONEY LAUNDERING
means better SARs. And because
the information we include in the
SAR narrative is gathered from
numerous banks, law enforcement
can see a pattern, know what banks
are involved and who they need to
talk to, and recognize it's something
much bigger than an isolated incident.
As a former policeman, I know the
more information I have, the quicker
I can put the numbers together and
take action."

Today's environment of increasingly
organized and sophisticated criminals
makes the fuller picture of criminal
activity that collaboration brings to
banks even more important. In a
recent industry white paper, Chris
Swecker, retired assistant director
at the FBI, emphasized how much
the FBI, U.S. Secret Service and
Department of Justice rely on banks
and the SARs they file to open
investigations. However, due to limited

resources, federal prosecutors are
forced to set dollar loss thresholds
before a prosecution can be initiated.

Breaking out of BSA siloes
Criminal enterprises are now using the
often-siloed approach to BSA reporting
to hide the proceeds of crimes ranging
from human trafficking to international
terrorism. With a lack of resources
plaguing banks and all levels of law
enforcement in the fight against
financial crime, the ability to shine a
light on the truly suspicious and build
a robust picture of criminal activity
that enables law enforcement to take
quick, decisive action is mandatory.
Collaboration is an answer.
"I commonly ask investigators at other
institutions if they collaborate," says
Josh Brown. "If they tell me no, I ask
them 'Why not?' There's no additional
workload. Why wouldn't you want to
know what risks someone poses to
your institution and our country? You
can protect your customers from elder
abuse, human trafficking, international
terrorism-why wouldn't you want to
do that?"

The TurnKey lending platform from Reverse Mortgage Funding LLC (RMF):
The only Home Equity Conversion Mortgage (HECM) program
endorsed by the American Bankers Association through its subsidiary,
The Corporation for American Banking.
To learn more, contact Mike Mooney at 855.331.6039
or mmooney@reversefunding.com

Even Sherlock Holmes would
be proud.

This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency.
NOT FOR CONSUMER USE. © 2016 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003.
Company NMLS ID# 1019941. www.nmlsconsumeraccess.org. L360-Exp022017

partners.reversefunding.com/aba
46 ABA BANKING1 JOURNAL | NOVEMBER/DECEMBER 2016
793543_Reverse.indd

With financial crime growing in
complexity and the already limited
resources available to BSA/AML and
fraud detection departments stretched
to the breaking point, information
sharing gives banks the opportunity
to expand their ability to uncover
suspicious activity and provide law
enforcement with the information
necessary to quickly act on criminal
activity-all while making valuable
efficiency gains.

JAMIE ROWSELL is a market
researcher at Verafin, a
provider of fraud detection and
AML software used by banks.
He has written numerous
published articles and white
papers on a wide range of topics pertaining
to fraud, AML and financial crime detection
technology.

2/25/16 4:23 PM


http://partners.reversefunding.com/aba http://www.nmlsconsumeraccess.org http://partners.reversefunding.com/aba

Table of Contents for the Digital Edition of ABA Banking Journal - November/December 2016

Chairman’s View
Upfront
Picture This
Banking’s ‘Amazon Moment’
Special Report on Innovation and Technology
Building an ‘Internet of Value’
Do You Do What the Data Tell You?
Innovation in the Bank
Core Exercises
Cover Story Pillar of Her Community
Maintaining a Commitment to Ag Customers
Who You Gonna Call?
Anti-Money Laundering
Power Up Profile
Compliance ‘When Can I Call My Customer?’
Risk Management
ABA Compliance Center Inbox
From the States
Corporate Social Responsibility
Index of Advertisers
ABA Banking Journal - November/December 2016 - bellyband1
ABA Banking Journal - November/December 2016 - bellyband2
ABA Banking Journal - November/December 2016 - cover1
ABA Banking Journal - November/December 2016 - cover2
ABA Banking Journal - November/December 2016 - 3
ABA Banking Journal - November/December 2016 - 4
ABA Banking Journal - November/December 2016 - 5
ABA Banking Journal - November/December 2016 - 6
ABA Banking Journal - November/December 2016 - 7
ABA Banking Journal - November/December 2016 - Chairman’s View
ABA Banking Journal - November/December 2016 - 9
ABA Banking Journal - November/December 2016 - 10
ABA Banking Journal - November/December 2016 - Upfront
ABA Banking Journal - November/December 2016 - 12
ABA Banking Journal - November/December 2016 - 13
ABA Banking Journal - November/December 2016 - 14
ABA Banking Journal - November/December 2016 - 15
ABA Banking Journal - November/December 2016 - Picture This
ABA Banking Journal - November/December 2016 - 17
ABA Banking Journal - November/December 2016 - 18
ABA Banking Journal - November/December 2016 - 19
ABA Banking Journal - November/December 2016 - Special Report on Innovation and Technology
ABA Banking Journal - November/December 2016 - 21
ABA Banking Journal - November/December 2016 - 22
ABA Banking Journal - November/December 2016 - Building an ‘Internet of Value’
ABA Banking Journal - November/December 2016 - 24
ABA Banking Journal - November/December 2016 - 25
ABA Banking Journal - November/December 2016 - Do You Do What the Data Tell You?
ABA Banking Journal - November/December 2016 - 27
ABA Banking Journal - November/December 2016 - insert1
ABA Banking Journal - November/December 2016 - insert2
ABA Banking Journal - November/December 2016 - Innovation in the Bank
ABA Banking Journal - November/December 2016 - 29
ABA Banking Journal - November/December 2016 - 30
ABA Banking Journal - November/December 2016 - Core Exercises
ABA Banking Journal - November/December 2016 - Cover Story Pillar of Her Community
ABA Banking Journal - November/December 2016 - 33
ABA Banking Journal - November/December 2016 - 34
ABA Banking Journal - November/December 2016 - 35
ABA Banking Journal - November/December 2016 - 36
ABA Banking Journal - November/December 2016 - 37
ABA Banking Journal - November/December 2016 - Maintaining a Commitment to Ag Customers
ABA Banking Journal - November/December 2016 - 39
ABA Banking Journal - November/December 2016 - 40
ABA Banking Journal - November/December 2016 - Who You Gonna Call?
ABA Banking Journal - November/December 2016 - 42
ABA Banking Journal - November/December 2016 - 43
ABA Banking Journal - November/December 2016 - Anti-Money Laundering
ABA Banking Journal - November/December 2016 - 45
ABA Banking Journal - November/December 2016 - 46
ABA Banking Journal - November/December 2016 - Power Up Profile
ABA Banking Journal - November/December 2016 - 48
ABA Banking Journal - November/December 2016 - Compliance ‘When Can I Call My Customer?’
ABA Banking Journal - November/December 2016 - 50
ABA Banking Journal - November/December 2016 - Risk Management
ABA Banking Journal - November/December 2016 - ABA Compliance Center Inbox
ABA Banking Journal - November/December 2016 - 53
ABA Banking Journal - November/December 2016 - 54
ABA Banking Journal - November/December 2016 - From the States
ABA Banking Journal - November/December 2016 - 56
ABA Banking Journal - November/December 2016 - Corporate Social Responsibility
ABA Banking Journal - November/December 2016 - Index of Advertisers
ABA Banking Journal - November/December 2016 - cover3
ABA Banking Journal - November/December 2016 - cover4
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