Friday, August 17, 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.

FHA updates Puerto Rico and Virgin Islands disasters policy
To help struggling borrowers in Puerto Rico and the U.S. Virgin Islands impacted by Hurricanes Irma and Maria, the Federal Housing Administration (FHA) announced yesterday that it is updating its menu of foreclosure prevention options to allow borrowers with delinquent FHA-insured mortgages easier access to bring their mortgages current without increasing their interest rates or monthly payments. FHA is also providing a final 30-day extension of its foreclosure moratorium to allow distressed FHA-insured homeowners in Puerto Rico and the U.S. Virgin Islands an opportunity to find a permanent mortgage resolution. A letter about the options has been sent to mortgage servicers.

Prevent and Manage Card Fraud Losses using Verafin
Card Fraud Detection, Reporting and Dashboards, Case Management
Learn how Verafin's innovative fraud analytics can uncover unusual ATM and point-of-sale transactions, counterfeit cards, as well as common point of transactions for compromised cards. Our consolidated fraud management solutions help your institution more effectively manage your fraud processes, with adaptive alerts, reporting and dashboards, and robust case management with dispute and recovery tracking.
— Verafin

FFIEC releases census and geocoding information
The 2018 Census Data Products report and an update of the 2018 Geocoding System have been released by the FFIEC.

White Paper:
Human Trafficking and Major Sporting Events — A Growing World Problem
Major sporting events provide venues for millions of people to come together and spend large sums of money to attend these events. Unfortunately, they also attract more nefarious types of citizens into host cities: those who lead and promote human trafficking rings. Learn to spot the warning signs and how your BSA staff can stop this growing crime.
— Banker's Toolbox

Citigroup pays $10.5M for SEC violations
The SEC announced yesterday that Citigroup has agreed to pay $10.5 million in penalties to settle two enforcement actions involving its books and records, internal accounting controls, and trader supervision. The charges stem from $81 million of losses due to trader mismarking and unauthorized proprietary trading and $475 million of losses due to fraudulently-induced loans made by a Mexican subsidiary. More …

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