Just as there is a right way (and many wrong ways) to open deposit accounts, there is a right way to close and change them. Closing an account incorrectly can expose your bank to lawsuits and losses.
Financial institutions that are not prepared for an internal embezzlement will make major mistakes. Fraud can be easy to find when only one person is involved.
In today’s high-fraud environment, banks who have gaps in their wire transfer fraud program are set up for significant losses and compliance issues. Often these gaps go undetected until fraud occurs.
Join us to get into the “down and dirty” of investigations!
Regulation E requires that institutions perform an investigation if a consumer makes a claim of an error, such as unauthorized debit activity.
Training is a Pillar of your BSA/AML compliance program. And there is so must to train on! A new CTR, big changes on a new SAR, new beneficial ownership rules and risk-based customer due diligence. Is your staff ready and trained?