Identity theft has happened to us. Several of our customers were victims through their debit cards. Our debit card partner traced the source of the identity theft to our database. We have thoroughly overhauled our IT security in light of this breach. We have also re-evaluated our risk for future attacks.

What I’m wondering is: Could we use this horrible event as an opportunity to teach customers about their responsibility to reduce risk? Or should we not broadcast our mistakes and risk losing customers?

How much should we communicate about this theft to our customers? 

— Vicki Gray, Compliance Officer

We are a community bank located in a large, urban area. The types of customers who use our bank are changing. Every year, as the demographics in our area change, we wonder if we are more at risk for money laundering activities.

When should we change our AML program to reflect this perceived risk? It’s hard to remain confident that our current procedures will work as our neighborhood continues to change. We also want to keep a balance between customer service and AML compliance.

How often should we re-evaluate our risk for money laundering, and what's the best way to do this?

— Martin J., Compliance Officer

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