TOPIC: Procedures

Procedures for Phase I Exemptions?

Employee at a bank ($196MUSA)

Curious on everyone's procedures for Phase I exemptions.  If a Federal, state, local or interstate government department, agency or authorities (example local city accounts, county treasurers, police or fire departments, etc.) open up an account with you, do you automatically mark them as exempt at account opening in your system since they would be considered a Phase I?

    Guardian Analytics

    Manager at a bank ($488MUSA)
    Do any of you also use Guardian Analytics for Business Online & ACH anomaly detection? We're in the early stages of implementation and data gathering, but I was hoping some more seasoned users would be willing to share their daily process and what you look for/review. Thanks in advance!

      Review of large dollar items

      SVP at a bank ($2.2BUSA)

      We have two different reviews of large dollar items, and are curious as to others are handling these from a risk perspective. I know a lot depends on management's tolerance for risk based on experience/tolerance with losses, but please include your asset size.

      1. As the paying bank, we review all checks over $10,000 paying against our customers’ accounts, approximately 250-350 items. All aspects of the check are reviewed including date, signatures, endorsements, any irregularities.

      2. As the BOFD, we review items over $35,000 that were sent out in yesterday’s cash letter verifying proper endorsements and deposit into the correct account, approximately 50-75 items. These items should have been verified by the teller at the time of deposit.

      We are over $2 billion in assets.

        BSA/AML Compliance, Fraud Detection & High-Risk Customer Management - Join us on Feb. 27

        A Consolidated Solution to Fight Financial Crime
        February 27 at 12:30 PM - 01:30 PM EST

        Register now:

        Today’s criminals do not limit their illicit activities to a single financial institution. More and more, multiple institutions are targeted for increasingly complex financial crimes. As these criminals evolve, traditional approaches to combat crime are largely ineffective.

        Single institutions with siloed departments lack the visibility necessary to see the bigger picture, often seeing only a very small component of the crime within their data. These isolated teams often deploy point solutions that use broad rules in an attempt to catch suspicious or fraudulent activity – an approach that perpetuates the industry-wide problem of false positives. The solution? Working together to fight crime, in the same way criminals work together to exploit victims and institutions.

        So, why choose Verafin?

        Unlike first generation systems, Verafin builds deep analytical models for you, and uses machine learning and artificial intelligence to keep you ahead of evolving financial crime trends. Verafin’s FRAMLx software includes highly targeted detection scenarios that are enriched with open-source and third-party data, and provides cross-institutional analysis and collaboration through the power of the cloud. The result? Higher-quality alerts, expedited investigations, and richer, more detailed reporting.

        • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customer Due Diligence Questionnaire, high-risk customer identification analytics, stratified risk-models for high-risk customers and automated risk-reviews.
        • Targeted AML and Fraud scenarios including structuring, international activity, terrorist financing, human trafficking and funnel accounts, first-party deposit fraud, deposit fraud scams, online account takeover, wire & ACH fraud, debit card fraud, and loan fraud.
        • Risk-rated alerts enriched with third-party, open-source, and cloud data that provide you with more information at your fingertips, and help you expedite investigations and strengthen reporting.
        • FRAMLx cross-institutional detection and 314(b) information sharing including Risky Entity Analysis, and facilitating collaboration with investigators at any 314(b)-registered institutions.
        • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.

        Register now:


          UCC processes and procedures

          SVP at a bank ($149MUSA)

          Does anyone in the state of Texas have and would be willing to share procedures and processes for filing a UCC 1 with the state and/or the county, including when it is necessary to file wtih one or both respectively?