On the Way to a National Beneficial Ownership Registry?

On the Way to a National Beneficial Ownership Registry?

As you well know, beneficial ownership information is now required to be collected by every financial institution for those with at least a 25% stake in a company when a relationship begins. Now Treasury Secretary Steven Mnuchin is hoping to make your job a lot easier by creating a national beneficial ownership registry within the next six months through legislation. The thought behind this is to give law enforcement access to this information to help stop money laundering and financial crimes in the United States.

 

more →
We’re Hitting the Road This Summer

We’re Hitting the Road This Summer

It’s officially the first day of Summer! Time to break out the flip-flops, put on some sunscreen and hit the road… with Banker’s Toolbox! We’re going on the ultimate summer road trip for our free BSA/AML Summer Workshop Series, focusing on mitigating customer risk. Register and join us in one of these exciting cities for the free workshop focusing on accurately identifying customers/members that present an elevated risk, collecting and storing information used to perform due diligence exercises (including updated beneficial ownership information), and ensuring your data is accurate and complete.

 

more →
World Elder Abuse Awareness Day Highlights Elder Financial Abuse

World Elder Abuse Awareness Day Highlights Elder Financial Abuse

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 →
FinCEN Issues Advisory on Human Rights Abuses Enabled by Corrupt Senior Foreign Political Figures

FinCEN Issues Advisory on Human Rights Abuses Enabled by Corrupt Senior Foreign Political Figures

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 →
FinCEN Announces Beneficial Ownership Exceptive Relief

FinCEN Announces Beneficial Ownership Exceptive Relief

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 →
Updated CDD Exam Procedures

Updated CDD Exam Procedures

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 CDD Rule Deadline is Here

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 →
7 Ways to Be Prepared for May 11th

7 Ways to Be Prepared for May 11th

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 →
BUG 2018 Recap

BUG 2018 Recap

Another great year! Here's to BUG 2018! This past week, we hosted our 14th annual Banker’s Toolbox User Group (BUG) conference at the Hotel Van Zandt in Austin, Texas. We had a great time learning, networking and sharing best practices with other members of the Banker’s Toolbox family on how to stop financial criminal minds together. We kicked off the week with our Pre-BUG product workshop on Monday and Tuesday before our welcome happy hour at Max’s Wine Dive on Tuesday evening. The conference officially started Wednesday morning with a keynote speech from…...more →
Celebrating Community Banking Month

Celebrating Community Banking Month

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 →