ABA Risk and Compliance
 
 
 
 
June 23, 2023
Synthetic identity fraud: Can your team recognize it?
Thomson Reuters®
Synthetic identity fraud is a relatively new phenomenon, enabled by an increasingly digital and mobile financial landscape that remains easy to exploit. One of the reasons synthetic ID fraud is so hard to detect, is that the scammers are as familiar with Know Your Customer (KYC) protocols as banks are. How do synthetic ID fraudsters get away with it, and what can banks do to protect themselves?
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Features
The latest episode of the ABA Banking Journal Podcast features the winners of ABA’s Distinguished Service Awards for Risk and Compliance: Jim Bedsole, chief risk and compliance officer at BankSouth and Joanne Campbell, EVP and chief risk officer at Camden National Bank.
Banks, third-party providers of all sizes and, most importantly, customers could benefit from a new oversight establishment for the rapidly evolving fintech marketplace.
Customer experience focuses are heading beyond call centers, chatbots and mobile banking to include prioritizing credit-risk infrastructures.
SYSTRAN
Thomson Reuters
Bank boards need data-driven, independent intelligence to flag reputational crises on the horizon.
Statements and research from the Fed may undermine the case for the SEC’s approach to climate risk disclosures.
A well-structured and supported mentoring program can help bring along those individuals who are eager to learn more about compliance and have the baseline skills to succeed.
Ncontracts Launches Nstitute: An Online Training Program to Earn Nstitute Certified Vendor Management Professional (NCVMP) Certification
Ncontracts®
Ncontracts, launched an online training program “Nstitute Certified Vendor Management Professional (NCVMP)" certification based on the new interagency guidance on 3rd party risk management. Nstitute is a self-paced, training program that covers essential areas of third-party risk management to empower vendor managers and professionals tasked with overseeing third-party vendors, consultants, fintechs, and others. Ncontracts is currently offering an exclusive 30% discount. 
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Risk and Compliance News
The FDIC released updated guidance clarifying that, with regards to conducting a lookback review for multiple non-sufficient funds fees being charged for transactions presented multiple times against insufficient funds in a customer’s account, the agency "does not intend to request an institution to conduct a lookback review absent a likelihood of substantial consumer harm."
The recent bank failures show that banks with more than $100 billion in assets can pose genuine financial stability risks, and federal regulators will take that into account as they craft new capital requirements, FDIC Chairman Martin Gruenberg said.
The Bank for International Settlements released a special chapter of its upcoming Annual Economic Report 2023 that lays out a "blueprint" for a future monetary system underpinned by central bank digital currency.
K2 Integrity
Winnow Solutions, LLC
A group of Republican lawmakers wrote to Treasury Secretary Janet Yellen and Financial Crimes Enforcement Network Director Him Das to raise concerns about FinCEN’s plans to educate stakeholders, including 32.6 million U.S. small businesses that may become reporting companies pursuant to new beneficial ownership rules, about their future filing obligations, and possible penalties for non-compliance when the rules take effect Jan. 1, 2024.
Payment app providers could take several steps to better protect servicemembers and their families from fraud, including new investments in anti-fraud measures and improving their responsiveness when an incident occurs, the CFPB said.
Federal regulators must reassess whether the prevailing approach to bank merger enforcement is a fit for modern market realities, given that the guidance they use to review proposed mergers was drafted nearly three decades ago, the Department of Justice’s top antitrust enforcement official said.
Unveiling the Future: The Data Breach Industry Forecast is Here!
Experian Partner Solutions®
Get ready to unlock exclusive insights into the ever-evolving world of cybersecurity! Our 11th annual "Experian 2024 Data Breach Industry Forecast" is here, offering a tantalizing glimpse into the future. With six pivotal predictions that will reshape the cybersecurity landscape, this report is a must-read for data breach professionals, cyber experts, and industry leaders.
Download Now!
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Training

June 27
Webinar: Complaints and UDAAP – Why You Should Increase Your Testing and Monitoring

July 19
Webinar: Regulatory Updates and Compliance Challenges in 2023 — Part 3

July 25
Webinar: The Deposit Difference 

July 26
Webinar: Customer Complaints: Spotting Fraud Trends

July 31 - August 3
School: Risk Management School – Advanced
Hyatt Regency Reston, Reston, VA

July 31 - August 4
School: Risk Management School – Foundational
Hyatt Regency Reston, Reston, VA

July 31 - September 1
Facilitated Training: Managing the Bank's Investment Portfolio