Compliance Briefing for Friday, December 30, 2016

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.

Agencies make annual CRA threshold changes
The FDIC, Federal Reserve Board and OCC have announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations. The changes will be effective on publication of the adjustments in the Federal Register. As a result of the adjustments (which have been posted to BOL's Regulations pages for Federal Reserve Regulation BB):
  • "Small bank" or "small savings association" means an institution that, as of December 31 of either of the prior two calendar years, had assets of less than $1.226 billion.
  • "Intermediate small bank" or "intermediate small savings association" means a small institution with assets of at least $307 million as of December 31 of both of the prior two calendar years and less than $1.226 billion as of December 31 of either of the prior two calendar years.
In addition to these adjustments, the FDIC is amending its CRA Notice requirements in Appendix B of its CRA regulations at 12 CFR Part 345 to reflect two technical changes concerning the manner in which the agency will receive public comments considered in the CRA examination process.

Free Fraud Detection & AML Regional Seminars
5 CAMS Credits for Attending
Register today for a Fraud Detection & AML Regional Seminar near you, which will include presentations by industry experts on hot topics including Human Trafficking, Cybercrime, CDD & Beneficial Ownership, and discussions on innovative new technology to detect and prevent financial crimes. Join us for this free educational event to receive 5 CAMS credits and up to 5 CPE credits.
— Verafin

Executive Order adds 11 to SDN List
The Office of Foreign Assets Control announced yesterday that the president has issued an Executive Order (EO), "Taking Additional Steps To Address The National Emergency With Respect To Significant Malicious Cyber-Enabled Activities." The new EO amends EO 13694, "Blocking the Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities," to allow for the imposition of sanctions on individuals and entities determined to be responsible for tampering, altering, or causing the misappropriation of information with the purpose or effect of interfering with or undermining election processes or institutions. Five entities and four individuals are identified in the Annex of the amended Executive Order and have been added to OFAC's list of Specially Designated Nationals and Blocked Persons (SDN List). OFAC designated an additional two individuals who also will be added to the SDN List. For details on the entities and individuals designated, see our OFAC Update.

Free 2017 Compliance eBrief: Prep for Compliance Success!
Get this free 2017 Compliance eBrief to help you prioritize and plan for compliance success! In it, you'll learn key stats and the top 3 compliance priorities for 2017, plus two free worksheets to share with your team!
— TRUPOINT Partners

Dealer financing terms SCOOS released
The Federal Reserve has released the December 2016 results of its senior credit officer opinion survey (SCOOS) on dealer financing, which collected qualitative information on changes over the previous three months in credit terms and conditions in securities financing and over-the-counter (OTC) derivatives markets. In addition to the core questions, the survey included a set of special questions about the use of central clearing services for OTC derivatives and the ease of porting client portfolios from another clearing agent.

Free Webinar: The Latest State of Cryptocurrencies - 2017 and Beyond
Unconventional payment technologies can be challenging to track. These technologies can pose threats to anti-money laundering efforts, yet we can expect their usage to grow in 2017. Join us on January 12th as we cover how you can enhance your due diligence on cryptocurrency transactions.
— Banker's Toolbox

Endings and beginnings
As 2016 comes to a close, we at BankersOnline wish each of you a happy and healthy New Year. There is one thing certain about the coming year -- there will be changes! We look forward to another year of helping you stay current and informed as those changes unfold, so that you can meet the challenges and take advantage of the opportunities that each change brings.

January 11, 2017
issues and HMDA

January 12, 2017
IRA Basics

January 17, 2017
Annual OPERATIONS Compliance Recap

January 18, 2017
Annual LENDING Compliance Recap

January 19, 2017
IRA Advanced

Register Now!

Sign up for Training Announcements
Receive $25 off your first training webinar when you sign-up to receive our training updates!
Sign up NOW!

Support the vendors who support BOL!
Through their advertising and sponsorships on BankersOnline, the companies offering banking products and services help to make this site possible. When you're looking for a supplier, give your business to companies who support Learn more now on our Sponsors page.

You are subscribed to BankersOnline Daily Compliance Briefing, 2541 Flint Ridge Rd, Edmond, OK 73003 (888)-229-8872 (ext. 87)