June 15 is World Elder Abuse Awareness Day and with good reason. According to the National Adult Protective Services Association, one in 20 older adults have indicated some form of financial mistreatment in the past. However, only one in 44 cases is reported. Annual losses are estimated to be between $2.9 billion to $36 billion. That’s money that should go to housing, food and medical care. Instead, it’s going into the pockets of criminals.more →
The Financial Crimes Enforcement Network (FinCEN) released an advisory Tuesday alerting financial institutions to the connection between corrupt senior foreign political figures and their enabling of human rights abuses. They utilize the U.S. and international financial systems, sometimes through a financial facilitator, to circumvent laws and move or hide illicit funds. Find out how you can better protect your financial institution from doing bad business with corrupt people.more →
Just as the CDD rule rollout came and went last Friday, FinCEN issued a 90-day limited exceptive relief to covered financial institutions from the Beneficial Ownership requirements Wednesday, retroactive to May 11. This is specifically aimed at certain financial products and services that automatically rollover or renew (CDs, loan accounts, etc.) that were established before May 11.more →
Now that we’ve crossed the May 11th, 2018 deadline, the enhanced Customer Due Diligence requirements (otherwise known as “Beneficial Ownership”) are in effect. With that, the Federal Financial Institutions Examination Council (FFIEC) issued new examination procedures that apply to financial institutions, including banks, savings and loan associations, credit unions, and branches, agencies, and representative offices of foreign banks.more →
The new CDD rule deadline is here. Is your financial institution prepared for Beneficial Ownership? Here are a few resources to make sure you are in compliance.more →
The new Beneficial Ownership regulations and Customer Due Diligence rule deadline is just a few days away. This is considered the most significant change to BSA since the US Patriot Act and non-compliance will result in severe penalties.
In case you’re not quite there yet, here are seven ways to make sure your financial institution is ready come May 11th…more →
We’ve been serving our customers for nearly two decades and through that time, we’ve been fortunate to see a lot of our clients grow from small community banks into bigger regional institutions.
In honor of that, and April is Community Banking Month, we wanted to celebrate what makes those banks so special.more →
Most every BSA Officer (and their staff) at one time or another has struggled with what seemed like an insurmountable number of alerts, all of which must be investigated in a timely manner. Not only is timeliness expected, quality investigations and an internal quality assurance program are a must. This can all equate to several man hours, regardless of the size and risk profile of your institution. Capping BSA alerts based on your staff can result in violations. Regulators care nothing about your institution’s budget when it comes to compliance.more →
Writing impactful SARs can be challenging. Whether you file 10 or 100 SARs a month, it is important to know who’s reading your SARs and what type of action is taken upon them. In part one of our Best Practices for Writing SARs blog post, we addressed the five essential elements of information that should be included in every SAR, as well as three types of SAR readers. Knowing the five essential elements of information will not only help you write a powerful SAR narrative, but will also ensure that you are providing law enforcement with the information they need to build a case against criminal activities.more →