Security and Privacy
At Optima Compass Group, we are committed to maintaining the highest standards of security to protect our users’ data. Optima’s Security team establishes policies and controls and monitors compliance with those controls to ensure that your data is protected at all times. Our Security Policies are based on the foundational tenets of information security: confidentiality, integrity and availability. Every element of our information security program has been designed to implement one or more of these principles. How we do it ? Data Protection Data at rest Customer data is protected at rest through a multi-layered security approach that includes encryption, access controls, and monitoring. All data in our Google Cloud Infrastructure is automatically encrypted at rest using strong encryption standards, such as AES-256. Data in transit All Google Cloud virtual networking traffic is encrypted by default using TLS. Data that travels over the open internet is protected using several mechanisms, including HTTPS, SSL/TLS, SSH and VPN, all of which use encryption to protect data and credentials. Moreover, server TLS keys and certificates are managed by Google Cloud and deployed via Application Load Balancers. Secret management We use Google Cloud Secret Manager, a secure and convenient storage system for API keys, passwords, certificates, and other sensitive data. Secret Manager provides a central place and single source of truth to manage, access, and audit secrets across our Google Cloud infrastructure. Product Security Penetration Testing We conduct penetration tests on a regular basis and whenever significant changes are made to our infrastructure or applications. Findings from these tests are used to enhance our security posture continuously. We also stay updated with the... read moreCross River Partners with Payment Approved to Evolve the Movement of Money Through a Compliant, All-In-One Solution for Businesses
Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, today announced that it has partnered with Payment Approved, a fintech that offers an easy access to end-to-end payment solutions for clients in the Money Service Business (“MSB”) sector, e-commerce businesses, and retailers, to provide businesses with faster and broader payment options that are safe and secure. Learn more at... read moreFederal Agencies Issue a Joint Statement on Banks and Credit Unions Sharing Resources to Improve Efficiency and Effectiveness of Bank Secrecy Act Compliance
The federal depository institutions regulators and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) today issued a statement to address instances in which certain banks and credit unions may decide to enter into collaborative arrangements to share resources to manage their Bank Secrecy Act (BSA) and anti-money laundering (AML) obligations more efficiently and effectively. Collaborative arrangements as described in the statement generally are most suitable for financial institutions with a community focus, less complex operations, and lower-risk profiles for money laundering or terrorist financing. The statement, which was issued by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, FinCEN, the National Credit Union Administration, and the Office of the Comptroller of the Currency, explains how these institutions can share BSA/AML resources in order to better protect against illicit finance risks, which can in turn also reduce costs. Today’s joint statement is a result of a working group recently formed by these agencies and Treasury’s Office of Terrorism and Financial Intelligence aimed at improving the effectiveness and efficiency of the BSA/AML regime. Link to the press... read moreMajor Crypto Exchanges Face Action Over Money-Laundering Fears
Japan’s financial watchdog is reportedly planning to force improvements at a number of licensed cryptocurrency exchanges over perceived issues with internal systems, including anti-money laundering (AML) measures. According to a report from Nikkei on Tuesday, the country’s Financial Service Agency (FSA) intends to ensure full compliance with current AML rules at larger exchanges as their holdings of customer funds rapidly increases. The report suggests at least five exchanges, including bitFlyer, Quoine, and Bitbank, are on the FSA’s list to receive “business improvement orders” this week. Please click on the link below to read the entire article.... read more
ACFCS member spotlight: Advice to ‘follow the money’ leads to 20-year career in AML for Jorge Guerrero
When it comes to financial crime compliance, a lot can change in 20 years. Just ask Jorge Guerrero, the chief executive of Optima Compass Group, a consultancy that, like the man himself, is pushing the boundaries of convergence and technology to better counter criminals. Please click on the link below to read the entire interview: https://www.acfcs.org/news/329235/Member-Spotlight-Advice-to-follow-the-money-leads-to-20-year-career-in-AML-for-Jorge-Guerrero-.htm... read more
FinCEN issues regulations requiring that financial institutions identify certain beneficial owners
FinCEN is issuing final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: Banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions. Please click on the link below to read the entire FinCen ruling:... read more
FinCEN Fines Kentucky Money Services Business and Its Owner/Compliance Officer for Anti-Money Laundering Failures
The Financial Crimes Enforcement Network (FinCEN) today imposed a civil money penalty against Thriftway Food Mart and its owner and compliance officer, Kustandy Rayyan, for willful and repeated violations of the Bank Secrecy Act (BSA). Mr. Rayyan has admitted to conduct that violated the BSA and has consented to a civil money penalty in the amount of $10,000. News Release: https://www.fincen.gov/news_room/nr/pdf/20160324.pdf Enforcement Action:... read more
FinCEN Issues a Geographic Targeting Order for Certain Real Estate Transactions
The Director of the Financial Crimes Enforcement Network (“FinCEN”), U.S. Department of the Treasury, hereby issues a Geographic Targeting Order (“Order”) requiring [title insurance company] to collect and report information about the persons involved in certain residential real estate transactions, as further described in this Order. This Order supersedes the order applicable to [title insurance company] relating to certain transactions in the Borough of Manhattan in New York, New York that was executed by the Director of FinCEN on January 6, 2016. To read the entire article, please click here:... read more
FinCEN Proposes AML Regulations for Investment Advisers
On August 25, 2015 FinCEN proposed AML regulations for Investment Advisers that continue the path traced by FinCEN Director Jennifer Shasky Calvery to identify and correct AML deficiencies in areas previously ignored despite identified risks. If adopted, the requirements proposed for Investment Advisers would mirror those imposed on other financial service providers. We note that not all Investment Advisers have been lacking in the AML control area. Some, including some Optima clients, have opted to proactively apply controls that they felt were required by the risks they identified in their individual operations. As a whole, FinCEN’s proposed rule will level the playing field between Investment Advisors and other institutions and within the Investment Adviser sector itself. If history can be relied upon to predict the future, the rule will also create a more secure financial system, although some Investment Advisers experience growing pains in the process. FinCEN’s Official Announcement The Financial Crimes Enforcement Network (FinCEN) today proposed a rule requiring certain investment advisers to establish anti-money laundering (AML) programs and report suspicious activity to FinCEN pursuant to the Bank Secrecy Act (BSA). FinCEN also proposed to include investment advisers in the general definition of “financial institution,” which, among other things, would require them to file Currency Transaction Reports (CTRs) and keep records relating to the transmittal of funds. News Release: http://www.fincen.gov/news_room/nr/pdf/20150825.pdf Proposed Rule:... read more