Compliance Briefing for Tuesday, September 2, 2014

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.

FDIC enforcement actions
The FDIC has publicized a list of 39 orders for administrative enforcement actions taken against banks and individuals in July (and one from June). Included was a $15,000 civil money penalty (CMP) against a Tennessee bank for violations of the UDAP provisions of the Federal Trade Commission Act relating to prepayment penalties on residential mortgage loans. Also included was a $20,000 CMP against a Georgia bank for UDAP violations related to failures to disclose cash advance fees on its credit cards and violations related to its ID Theft add-on product. Another Georgia bank was assessed a $10,000 CMP for UDAP violations for failing to disclose that consumers could opt out of its ID Theft add-on product. And an Iowa bank was assessed $2,420 for Flood Act violations, details of which will be added to the BOL Flood Penalties Watch page.

For Dummies eBook Download
Debit Card Fraud Detection
This handy booklet reveals the increasingly sophisticated methods criminals use to commit debit card fraud and shares tips on how to prevent card fraud using advanced technologies such as Common Point of Compromise detection.
— Verafin

OFAC designations
Treasury has announced the targeting of a diverse set of entities and individuals under various Iran-related sanctions programs, targeting Iran's missile and nuclear programs, sanctions evasion efforts, and support for terrorism. The Department of State also announced additional actions under its authorities. As a result of this action, U.S. persons are now generally prohibited from engaging in transactions with the designated parties and all property and interests in property under U.S. jurisdiction in which the designees have an interest are blocked. Information regarding the actions has been posted in a BOL OFAC Update.

AML RightSource
When It Matters

AML RightSource [a Gabriel Partners company] is the leading provider of outsourced AML/BSA compliance services. Our state of the art team of compliance professionals assist clients with Lookbacks and Backlog Remediation, Enhanced Due Diligence Reviews, BSA staffing enhancement / Case Overflow Management, and Total BSA Work Flow Outsourcing. When compliance matters, think AML RightSource.
— AML RightSource

TALF report delivered to Congress
The Federal Reserve Board has filed with Congress an update on the outstanding Federal Reserve loans authorized under the Term Asset-Backed Securities Loan Facility (TALF).

UDAAP Compliance Starts with Understanding Your Risk
The best way to navigate UDAAP compliance is by conducting a self-assessment of your UDAAP risk. TRUPOINT's UDAAP RiskCheck™ is an easy to use self-assessment tool designed to do just that! Request more information on UDAAP RiskCheck™ today (pricing included). It's easy to use, provides the answers you need, and comes with a NO RISK 30‑day money back guarantee.
— TRUPOINT Partners

Fourth quarter CRA exam schedules
The OCC and the FDIC have issued their respective fourth quarter 2014 CRA evaluation schedules.

OCC & CFPB New Third-Party Oversight Requirements:
Using Multiple AMCs?
If you're using multiple AMCs, compliance with new oversight requirements can be difficult or impossible without this framework. Download this free white paper with fourteen recommendations and step-by-step guidelines.
— a la mode

NCUA prohibition orders issued
The NCUA has announced the issuance of three orders prohibiting individuals from participating in the affairs of any federally insured financial institution. Copies of the orders are available online.

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