FinCEN issued a 30-day extension on the original 90-day limited exceptive relief to covered financial institutions from the Beneficial Ownership requirements. 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 →
As regulatory scrutiny increases for financial institutions, enforcement actions resulting in civil money penalties are only growing. How can you better protect yourself and your Financial Institution? It’s simple: be proactive. If there is an area that your institution’s BSA program is lacking in, address that aggressively before it becomes the reason you get slapped with an enforcement action.
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.
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.
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 →