Tag Archives: aml

An appropriate fate — Ocean Bank fined $11 million for poor controls in latest fraud case

August 25, 2011 by Mike Byrnes     No Comments

As my grade 11 accounting teacher used to say, “It all comes out in the wash!” And he was right. Sooner or later, things have a way of “righting” themselves. When you’re in a tough situation and life doesn’t seem fair, this statement is not always easy to believe. But in my experience, somehow, in [Read More...]

Filed Under: Fraud Tagged With: bank fraud, cybercrime, FDIC

KYC – isn’t it about time banks apply this well known process to the online channel?

June 27, 2011 by Mike Byrnes     No Comments

KYC or Know Your Customer is a very familiar term within banking; all aspects, sectors and people involved in banking from local branch employees right to the top dogs. Banks, investment firms, mortgage and loan companies all apply KYC policies, procedures and technologies to ensure they know who they are dealing with to help protect [Read More...]

Filed Under: Fraud Tagged With: kyc