December 28, 2020

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December 28, 2020

Read "COVID-19 Fraud: How BSA and Fraud Professionals Can Increase Productivity” and learn best practices to report financial fraud, tips for writing effective SARs, and how banks can efficiently manage the increasing workload of reports.

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Features

Compliance Priorities for 2021

In light of the challenges throughout 2020, a high compliance priority will be ensuring that your interactions with your borrowers are above reproach.

Opening the Post-COVID Bank Books

Banks moved heaven and earth to help clients through COVID-19. While examiners are stepping cautiously in exams, bankers must prepare for more probing questions.

WHY YOUR BANK NEEDS A CMS

Regulators have been emphasizing the importance of a strong and effective Compliance Management System. This whitepaper will walk you through the basics of a CMS while offering practical advice on how to ensure your CMS supports your strategic goals.Takeaways include:

·A primer on CMS requirements

·4 key elements to prioritize when designing or updating a CMS

·7 CMS features that should align with your bank’s goal and structure

·Examples of failed CMSs and compliance controls

CLICK HERE TO DOWNLOAD AND LEARN ABOUT OUR CMS SOFTWARE

Risk and Compliance News

FinCEN Proposes New Reporting, Recordkeeping Requirements for Crypto Transactions

With criminals increasingly turning to virtual currencies to move illicit funds, the Financial Crimes Enforcement Network has proposed new requirements for certain transactions involving convertible virtual currency or digital assets with legal tender status.

A panel of the Centers for Disease Control and Prevention have voted to include financial services workers in Phase 1c of COVID-19 vaccinations.

Speaking at a virtual industry event, Federal Reserve Board Governor Lael Brainard highlighted the need to understand risks related to climate change, noting that it is "vitally important to strengthen the U.S. financial system" to meet this challenge.

Breathing Easy, from A to C

When fighting an airborne virus, air flow and filtration are building blocks for getting back to work.

CFPB Finalizes Rule on Consumer Disclosures Related to Debt Collection

The Consumer Financial Protection Bureau has finalized the second part of its debt collection rule, which covers disclosures that debt collectors must provide to consumers pursuant to the Fair Debt Collection Practices Act.

The Office of the Comptroller of the Currency issued an interpretive letter last Friday that sets out how it interprets the preemption standards and requirements in the Dodd-Frank Act and describes its framework for compliance.

Data Breach Response Ready

Your free go-to hub to help your business take those crucial first steps in preparing a customer first notification response. Data breach incidents unfortunately happen daily, across all businesses, all over the world. We created this hub especially for businesses to feel confident, secure, and prepared for a data breach. Whether your business is small, medium or large, we will partner to help you take proactive steps in all stages of a breach.

Be Response Ready®

Training

January 25 - February 26
Facilitated Training: Managing Funding, Liquidity and Capital

March 17-26
Virtual School: Compliance School - Intermediate

March 22 - April 23
Facilitated Training: Managing the Bank's Investment Portfolio

April 7-21
Virtual School: Compliance School - Foundational