Banks are automating their systems to comply with anti-money laundering laws made tougher by presidential directives and the USA Patriot Act, with many institutions facing increasing pressure from regulators and auditors.
One of the areas receiving more attention involves the tracking of non- customer transactions for monetary instruments like money orders, Visa gift cards, and traveler's and cashier's checks. Since manually cross-checking the names of non-customers against various government blacklists is difficult and potentially inaccurate, banks have been working at automating, tracking and logging their processing of these transactions electronically to …
No comments:
Post a Comment