FinCEN says that “Banks specifically are expected to “obtain information at account opening sufficient to develop an understanding of normal and expected activity for the customer’s occupation or business operations.” In short, to understand the typ
When your account holder's name does not match for IRS purposes, you are sent a CP2100 and your financial institution has to being the B notice process and often times backup withholding on your customer. This is time consuming and expensive.
Creating and maintaining a Culture of Compliance in your organization is to the success of your BSA/AML compliance grogram as a sturdy foundation is to the safety and security of your home or the buildings where you work.
This program tackles OFAC compliance from a community bank perspective, helping you understand regulatory expectations so that you minimize both regulatory risk and compliance risk relating to OFAC sanctions.
Compliance often focuses on change; whether it is focused on a new regulation or deregulation, the constant in compliance is “change.” Still, we can’t ignore the current rules whether they’re two months or two decades old, because examiners continue
Is your new accounts process in compliance? In this webinar we examine 20 necessary tasks to be undertaken in the course of setting up an account for a new customer.
Does your customer use a Square? PayPal? Bitcoin? Popmoney? These are exciting new payment mechanisms that our customers embrace. The issue is the impact on your bank.
Why are there so many legal entities? Why do customers choose certain types of legal entities? Who is in charge? Who can change signers? Who can get a debit card? What accounts can be hooked up online? What happens when the customer dies?
You may be banking third party payment processors (TPPPs) and in some instances you may not even realize it. Third party payment processors are considered high risk and you must follow BSA guidance in mitigating that risk.