Links in “Compliance Tips”

If you've ever been asked why your institution won't cash a check payable to a corporation, but requires first that it is deposited into the corporate account and then funds drawn after the fact, here's the scoop. [4/18]

Money services businesses offer a very valuable service to their customers. Unfortunately, these businesses are also a favorite for money launderers. In this episode of Risk Watch, expert Jane Pannier will provide compliance guidelines for financial institutions that offer or maintain accounts for MSBs.

Asking which is the most common compliance question is like asking which is the most popular ice cream flavor. AffirmX's Coppelia Padgett breaks down the most common questions into four categories: Regulation 2.0 Questions, Numbers Questions, Catch-22 Questions, and Dark Arts Questions. She also includes the questions we should be asking. [4/14]

The FDIC promotes the active use of cyber-related risk resources to respond to ever emerging threats facing today's FIs. The issued press release seeks to ensure that Information Security staff are aware of and subscribe to a list of 5 reliable and recognized resources aimed at identifying cyber risks as they emerge. [4/11]

Probably not. However, with the annual CEO turnover rate currently at 10% to 15%, your board should be aware of certain pitfalls, such as assuming the CEO is best positioned to pick his/her successor or that boards are prepared to identify the talents of potential CEO candidates. [4/8]

Writing the Suspicious Activity Report narrative is arguably the most challenging part of many financial institution’s BSA programs. From the AffirmX Operations Center, where SARs from financial institutions all across the country are constantly reviewed, Analyst Rachel Osborn presents some examples of bad and good SAR narratives. (Part 2 of 2.)

With Financial Literacy Month upon us, AffirmX's Ken Agle takes a look at how a lesson Greg Brady learned about caveat emptor would seem to be a useful addition in the world of payday lending. [4/2]

The CFPB's new Small Entity Compliance Guide for the TILA/RESPA integrated disclosures rule clocks in at 89-pages, which seems long, but is substantially more manageable than the nearly 2,000-page final rule. Here's some info on the guide. [4/2]

Credit unions have been struggling for years with the desire to implement a “sales culture.” Maybe what’s needed is rethinking the conversion from selling something to the member to “saving the member.”  Here’s a look at the tools that your front line staff needs to perform these lifesaving functions. [4/1]

Writing the Suspicious Activity Report narrative is arguably the most challenging part of many financial institution's BSA programs. From the AffirmX Operations Center, where SARs from financial institutions all across the country are constantly reviewed, Analyst Rachel Osborn describes the common characteristics of a well-written SAR narrative. [3/31]