Friday, April 20, 2018

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.

OCC enforcement actions
The Office of the Comptroller of the Currency has released its April 2018 report of enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.
  • A Seattle, Washington, bank was issued an Order to Cease and Desist based on findings that the bank had deficiencies in its BSA/AML compliance program.
  • Three individuals now or formerly affiliated with Merchants Bank of California, NA, of Carson, California, were issued orders to pay civil money penalties totaling $60,000. Two of those individuals were also issued personal cease and desist orders.
  • Two former personal bankers with JPMorgan Chase Bank, NA, Columbus, Ohio (theft of bank funds from vault on two occasions) , and Wells Fargo Bank, NA, Sioux Falls, South Dakota (misappropriation of over $59,000 from a bank customer), were issued removal/prohibition orders.
Fraud Prevention and Management — What's the Difference?
Webinar Series: Fraud Hot Topics
Join us for a 20-minute session on the benefits of consolidating fraud prevention and management functions with a quick overview of Verafin's Enterprise Fraud Platform. Learn how to reduce losses, get a complete picture of true fraud, and meet compliance requirements for filing SARs on fraudulent activity.
— Verafin

Revised interagency exam procedures for Regs X and Z
The Federal Reserve Board has released Consumer Affairs Letter 18-3 with revised interagency examination procedures for Regulations X (RESPA) and Z (TILA), recently developed by the Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council.

Are You Prepared For May 11th?
If not, Banker's Toolbox Professional Services Team can help get you to a 100% compliant state with the Beneficial Ownership Readiness Plan. Our team will take a comprehensive look at your current situation, identify any readiness deficiencies, and provide a BSA program review, gap analysis, CDD/BO adoption plan, and board and staff training.
— Banker's Toolbox

US and UK form financial reg working group
Treasury has released a joint statement on the formation of a U.S. – UK financial Regulatory Working Group with a view to the further promotion of financial stability; investor protection; fair, orderly, and efficient markets; and capital formation on both sides of the Atlantic. The Working Group will be a forum for Her Majesty's Treasury and the Treasury Department of the United States staff, along with staff from applicable U.S. and UK financial regulatory authorities, to exchange views on the regulatory relationship between the United States and the UK. The group plans to meet twice a year, with additional technical meetings and calls, as appropriate. The Working Group will be used as a platform for furthering financial regulatory cooperation, with the general operational objective to improve transparency, reduce uncertainty, identify potential cross-border implementation issues, work towards avoiding regulatory arbitrage and towards compatibility, as appropriate, of each other's national laws and regulations.

Tax Return Document Tracking
Bank technology company AccuSystems is offering a free tax-related webinar on Tuesday, April 17 at 2 pm Eastern. Can't attend? Register anyway, and you'll be sent the recording.
— AccuSystems

NCUA adopts final rules reducing regulatory burdens
The NCUA Board has unanimously approved two items:
  • A final rule reducing regulatory burdens on federally insured credit unions with assets of $10 billion or greater by removing certain current capital planning and stress testing requirements.
  • A final rule revising parts of the agency's advertising rule to provide regulatory relief by allowing an additional advertising option, expanding exemptions, and eliminating one requirement.
FRB cites Taiwanese bank and NY agency for BSA/AML violations
The Federal Reserve Board has announced the execution of a Cease and Desist Order against Hua Nan Commercial Bank Limited, Taipei City, Taiwan and Hua Nan Commercial Bank Limited New York Agency, New York, New York. An examination of the Taiwanese bank's agency office identified significant deficiencies in its risk management and compliance with anti-money laundering compliance and its BSA/AML compliance.

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