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Recent Posts by John Mulvaney

Appointment of the Special Inspector General for Pandemic Recovery
Posted by John Mulvaney on Wed, Sep 30, 2020 @ 11:57 AM

The pandemic relief law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provided an unprecedented $2 trillion in economic aid to American families, workers and small businesses affected by the Coronavirus Disease 2019 (COVID-19). Congress anticipated that the amount of money that would be involved, and the parameters for the different assistance programs established by the CARES Act would require some additional monitoring.  Hence, the reason for the creation of the Special Inspector General for Pandemic Recovery (SIGPR), an independent federal law enforcement agency charged with the oversight.

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Topics: John Mulvaney, COVID-19, CARES Act, disaster relief, SIGPR

4 Steps to Restoring Your Organization's Reputation After Financial Fraud
Posted by John Mulvaney on Mon, Sep 10, 2018 @ 06:15 PM

As any business leader whose organization has been victimized by a significant fraud can attest to, the impact of such an event and the effect it has on the organization can be paralyzing. First, there’s the obvious financial impact. According to the Association of Certified Fraud Examiner’s (ACFE) 2018 Report to the Nations, the recent study of 2,690 of fraud cases resulted in estimated losses of $7.1 billion, which the ACFE acknowledged is only a fraction of the true cost of global fraud. The study concluded that the median cost of fraud to victim organizations is approximately $130,000, while approximately 24 percent of the fraud cases it studied exceeded $800,000. Further, these costs do not include the cost of attorneys, forensic accountants, and other specialists who will be called upon to assist with the investigation.

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Topics: fraud, John Mulvaney, reputation, financial fraud, ACFE

Keep Your Anti-Money Laundering Program Prepared for Scrutiny
Posted by John Mulvaney on Tue, Oct 31, 2017 @ 11:19 AM

Despite recent announcements from the Trump administration regarding its desire to reduce regulation affecting financial institutions, all indications suggest the new administration believes the enforcement of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) should remain a top priority over the next several years. The pace of inquiries and the amount of fines levied against institutions in the past few years, as well as individual compliance officers who have been cited for personally failing to ensure the proper levels of AML compliance programs at their respective banks, make it imperative that financial institutions of all sizes keep their AML programs up-to-date and effective. Any institution that fails to do so is likely to find itself in the crosshairs of an unwanted and expensive regulatory inquiry.

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Topics: John Mulvaney, AML compliance programs, anti-money laundering, Bank Secrecy Act/Anti-Money Laundering, AML, BSA, The Four Pillars, The Five Pillars, FinCen

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