Friday, April 19, 2019

To access specific issuances, go to our Top Stories section, where you'll find links to all the relevant documents.
Risk Scoring — The Essential Element of BSA/AML Compliance

PATRIOT OFFICER automatically calculates risk scores for each customer to identify higher-risk customers and monitors them more closely as the regulations mandate. The solution automatically detects check fraud, check kiting, deposit fraud, ACH fraud, wire fraud, Internet banking fraud, credit/debit card fraud, ATM fraud, employee fraud, and financial fraud to prevent losses. PATRIOT OFFICER is the only BSA/AML/FRAUD solution endorsed by American Bankers Association.
— GlobalVision Systems, Inc.

Currency exchanger pays $35,350 for BSA violations
FinCEN has announced the assessment of a $36,350 civil money penalty on Eric Powers for willfully violating the Bank Secrecy Act's (BSA) registration, program, and reporting requirements. Powers, who operated as a peer-to-peer exchanger of bitcoin convertible virtual currency, failed to register as a money services business, had no written policies or procedures for ensuring compliance with the BSA, and failed to report suspicious transactions and currency transactions. For additional information, see BankersOnline's penalty posting, "P2P virtual currency transmitter fined for BSA violations."

Reducing Risk: Finding High-Risk Accounts and Preventing Fraud Losses in Real Time
Case Study
In this case study, you'll learn how Verafin boosted Bell Bank's ($5.4B) confidence with extra scrutiny for identifying and managing high-risk customers, as well as the success they are seeing with Verafin's targeted Wire Fraud analytics for real-time loss prevention.
— Verafin

HUD issues carbon monoxide notice
In an effort to protect families living in federally subsidized housing from potentially deadly carbon monoxide (CO), HUD yesterday sent all public housing authorities and private owners of HUD-subsidized housing a notice to remind and encourage them to install working CO detectors in their properties. The notice reminds HUD-subsidized housing providers of their legal obligation to install working carbon monoxide detectors in those jurisdictions where these devices are required. In those states and local communities where CO detectors are not required, the Department is strongly encouraging housing authorities and owners to install them. Additionally, HUD indicated that it will propose new regulations to require working CO detectors in all HUD-subsidized housing programs nationwide.

Whitepaper: Are Financial Institutions Prepared for CECL?
Results from our 2019 CECL Survey
For the third year in a row, Abrigo surveyed 125 individuals at a wide range of financial institutions to gauge CECL preparedness. The 2019 survey shows that as the Q1 2020 compliance date looms for SEC registrants, institutions of all types are making progress — but not enough, according to CECL experts.
— Abrigo

Proposed modification of custodial bank capital requirements
The Federal Reserve, FDIC, and OCC are requesting comment on a proposal to modify a capital requirement for U.S. banking organizations predominantly engaged in custodial activities, as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

The agencies said that current data suggest that only The Bank of New York Mellon Corporation, Northern Trust Corporation, and State Street Corporation, with their depository institution subsidiaries, would be affected by the proposed rule change. Comments will be accepted for 60 days following publication.

Free Risk Management and Compliance Guide
Top 10 Risk Management Trends for 2019
Risk management and compliance requirements are necessary but challenging and complex areas for companies to manage. 360factors' free guide is specifically focused on and explores the top risk management initiatives that many small and mid-sized banks and financial service companies expect to implement and/or improve in 2019.
— 360factors

Treasury and IRS plan to modernize business operations
A six-year plan to modernize IRS business operations has been released by Treasury and the IRS. The plan is organized around four "Modernization Pillars" critical to the IRS's mission and future development:
  • Taxpayer Experience
  • Core Taxpayer Services and Enforcement
  • Modernized IRS Operation
  • Cybersecurity and Data Protection
Data Governance and Management in BSA/AML and Sanctions Compliance
An increasing reliance on data to carry out various tasks has put a focus on data management in recent years. Listen to our webcast to learn how to use data governance and management to address challenges specific to BSA/AML and Sanctions compliance groups.
— ACA Telavance

New symposia series from CFPB
CFPB Director Kraninger has announced a symposia series exploring consumer protections in today's financial services marketplace. The series is aimed at stimulating a proactive and transparent dialogue to assist the Bureau in its policy development process, including possible future rulemakings. During each symposium, the Bureau will host a discussion panel of experts with a variety of viewpoints on the topic. The first topic for the series will focus on clarifying the meaning of abusive acts or practices under section 1031 of the Dodd-Frank Act. Additional details on dates and panelists will be forthcoming.

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