Why Capping BSA Alerts to Match Your Staffing is a Bad Idea

Why Capping BSA Alerts to Match Your Staffing is a Bad Idea

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 →
SAR Tips Part 2 | 5 Things To Remember When Writing A SAR Narrative

SAR Tips Part 2 | 5 Things To Remember When Writing A SAR Narrative

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 →
CDD Team Training – Don’t Skip A Beat

CDD Team Training – Don’t Skip A Beat

With the CDD Final Rule mandatory compliance date quickly approaching, there is a lot of stress and fear around all of the changes that need to be made. In a time of uncertainty, one of our customers went above and beyond and took her staff training on the new CDD Rule  to the next level. Anita Garrett, CRCM of First National Bank of Layton wrote a rap to teach her staff all they need to know about the changes they can expect come May 11th. We admire her for her hard work, creativity and bringing out the fun in beneficial ownership. 

more →
6 Action Items For Customer Communication Around Beneficial Ownership

6 Action Items For Customer Communication Around Beneficial Ownership

We all know the mandatory compliance date for the CDD Rule is approaching. You are probably Banker’s Toolbox has stressed the importance of updating your processes and procedures, training your staff and making sure you have the rights solutions in place to capture and store beneficial ownership information. However, you don’t want to drop the ball on spending the time and resources to educate your customers/members on changes they can expect to see as a result of the CDD Rule.

more →
SAR Tips Part 1 – Secrets To Effective SAR Writing

SAR Tips Part 1 – Secrets To Effective SAR Writing

As a BSA Officer you may often ask yourself, “What happens to my SAR once it is submitted? Is anyone even reading this information?” Well, honestly, it depends. Different SAR review teams have different goals and focus, so as a BSA Officer it is important to understand your readers and what they are looking for.

more →
How Can You Protect your Clients from Tax Refund Fraud?

How Can You Protect your Clients from Tax Refund Fraud?

Tax season is here. With more than 155 million individual tax returns expected to be filed in 2018, the threat of tax refund fraud is on the minds of consumers and financial institutions alike. So what can financial institutions do to flag and prevent tax refund fraud?

more →
New Year Preparations & Partnership Through AML Industry Changes

New Year Preparations & Partnership Through AML Industry Changes

It’s that time of year again. We are closing out one year and preparing for the next. Regardless of the line of work you are in, this is a practice we all participate in. As we approach the New Year, it is a perfect time to look back on our accomplishments throughout the past 12 months, and aim to make changes to improve ourselves and our environments...

more →