Compliance Briefing for Tuesday, January 17, 2017

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.

Labor posts new FAQs on Fiduciary Rule
The Department of Labor has posted a second set of FAQs on its Fiduciary Conflict of Interest rule. This group of questions focuses particularly on technical questions raised by financial service providers, generally limited to investment advice concerning ERISA-covered plans, IRAs, and other plans covered by section 4975(e)(1) of the Internal Revenue Code. The rule carries an "applicability date" of April 10, 2017.

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

ANPR comments extended on enhanced cyber risk management standards
The Federal Reserve, FDIC and OCC have extended to February 17, 2017, the comment period for their advance notice of proposed rulemaking on enhanced cyber risk management standards for large and interconnected entities under their supervision and those entities' service providers. The agencies are considering five categories of cyber standards: cyber risk governance, cyber risk management, internal dependency management, external dependency management, and incident response, cyber resilience, and situational awareness. This announcement extends the comment period by one month.

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

New Jersey bank closed
The FDIC has announced that Harvest Community Bank, Pennsville, New Jersey, has been closed by the New Jersey Department of Banking and Insurance, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of Harvest Community Bank. Harvest Community Bank is the first FDIC-insured institution to fail in 2017.

Seven Goals for BSA Officers in 2017
The holiday season has passed and 2017 is in full swing. Now that we're half way into January, it's time to start conquering your goals. Banker's Toolbox has put together a list of seven goals for BSA Officers to conquer in 2017 and will continue to provide resources to help you achieve them.
— Banker's Toolbox

OCC makes Licensing Manual change
OCC Bulletin 2017-4 announced an update of the "Management Interlocks" booklet of the Comptroller's Licensing Manual. It replaces the booklet of the same title issued in October 2009. The revised booklet incorporates updated requirements following the integration of the Office of Thrift Supervision into the OCC in 2011 and clarifies guidance for both national banks and federal savings associations.

Canadian bank pays $0.5M to settle OFAC violations
OFAC has announced that Toronto-Dominion Bank ("TD Bank"), a financial institution headquartered in Toronto, Ontario, has agreed to remit $516,105 to settle its potential civil liability for 167 apparent violations of the Cuban Assets Control Regulations (CACR), and of the Iranian Transactions Sanctions Regulations (ITSR). OFAC also has issued a Finding of Violation to TD Bank, the parent company of wholly owned subsidiaries Internaxx Bank SA and TD Waterhouse Investment Services for 3,491 violations of the CACR and ITSR.

January 17, 2017

Annual OPERATIONS Compliance Recap

January 18, 2017

Annual LENDING Compliance Recap

January 19, 2017
IRA Advanced

January 25, 2017
Annual BSA/AML

February 7, 2017
20 Tasks of the New Account Interview

February 15, 2017
Safe Deposit Lawsuits:
25 Lessons Learned

Register Now!

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