August 2, 2024

Past Issues | Subscribe | ABA Bank Compliance magazine | ABA Banking Journal

August 2, 2024

Purchase Positively with Amazon Business

Many businesses have established ESG goals to improve their corporate stewardship, bolster their brands and win customer loyalty. Maximizing the impact of business purchases doesn’t have to be complicated. Amazon Business makes it easy for procurement departments and individual employees across distributed locations to buy office supplies from preferred vendors.

Learn More

Features

Why API governance is a necessary strategy

Banks face challenges with maximizing their APIs as rapid adoption outpaces control measures.

Banks are only one contributor to the overall safety and security of the payments ecosystem and cannot single-handedly prevent criminals from defrauding consumers or financial institutions, the ABA and three bankers associations said in a joint statement to lawmakers.

FTC warns young adults about social media fake check scam

A new social media scam seeks to trick young people into depositing fake checks in exchange for paintings of the victims, according to a new Federal Trade Commission alert.

Recent incidents have shown that nonbank entities can create or amplify risk throughout the global financial system, but the pace of agreed-upon reforms has been "uneven" across nations "and we may already be losing momentum," Klaas Knot, chair of the Financial Stability Board, said in a letter to G20 finance members and central bank governors.

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.

Learn More

FinCEN issues guidance to help bank customers understand new BOI reporting rules

The Financial Crimes Enforcement Network issued a notice to financial institution customers about the new beneficial ownership information reporting rule requirements, explaining why certain customers must report directly to the agency in addition to giving information to their banks, which are subject to the customer due diligence rule.

A Texas court has issued a stay for a Department of Labor final rule that expands fiduciary status to nearly all financial professionals, ruling that the plaintiffs in a lawsuit seeking to overturn the rule are likely to succeed on the merits.

The Office of Foreign Assets Control released guidance announcing plans to issue an interim final rule to extend recordkeeping requirements from five years to 10 years, likely with an effective date six months after publication.

Federal agencies seek comment on bank-fintech arrangements, warn of third-party risks

The Federal Reserve, FDIC and Office of the Comptroller of the Currency have issued a joint request for information on bank partnerships with financial technology companies to provide banking services. The agencies also released a related joint statement "to note potential risks related to arrangements between banks and third parties to deliver bank deposit products and services to end users."

The Consumer Financial Protection Bureau has issued a circular to "remind regulators and the public" that requiring employees to sign broad confidentiality agreements—without expressly permitting employees to communicate freely with government enforcement agencies—could violate legal protections for whistleblowers.

Four federal agencies have proposed a joint rule that would align each agency’s Bank Secrecy Act compliance program requirements with proposed anti-money laundering and countering the financing of terrorism requirements proposed by the Financial Crimes Enforcement Network.

How Do SMB Lenders Combat Fraud?

This 2024 SMB Lending Fraud Study highlights how SMB lenders are using technologies that recognize your customers, determine their point of access and distinguish them from fraudsters and malicious bots.

Learn how you can empower your organization with the knowledge to enhance security, minimize losses, and foster customer loyalty in an increasingly digital landscape.

Download the Study and Uncover Effective Strategies Today

Training

August 8
Webinar: Controlling Redlining Risks: How to Impact Performance

August 13 - 22
Virtual School: AML and Fraud School

August 14
Webinar: Critical Risk Conversations – Part 3

August 20
Webinar: Credit Score Modernization – Description and Update

August 27
Webinar: #BanksNeverAskThat – Everything You Need to Know

September 24
Webinar: Rising Above the Waters: Ensuring Flood Compliance for Commercial Loans

October 8 - 10
Conference: ABA/ABA Financial Crimes Enforcement Conference
Crystal Gateway Marriott, Arlington, VA

October 14 - 17
School: Risk Management School – Advanced
Emory Conference Center, Atlanta, GA

October 14 - 18
School: Risk Management School – Foundational
Emory Conference Center, Atlanta, GA

October 14 - 18
School: Compliance School – Advanced
Emory Conference Center, Atlanta, GA