TOPIC: FinCEN

Webinar - Banking Marijuana Related Businesses - Join us on March 13

Banking Marijuana Related Businesses
Regulatory & Due Diligence Challenges for Financial Institutions
March 13 from 12:30 – 1:30 PM EST

Register now: https://verafin.com/event/banking-marijuana-related-businesses-3/?src=CBANC

As the cannabis industry continues to grow in the US, financial institutions are facing increased regulatory uncertainty and due diligence challenges for banking Marijuana-Related Businesses (MRBs).

Join us for an educational webinar, during which we will cover:

  • Highlights from FinCEN Guidance on Marijuana-Related Businesses.
  • Challenges of Customer Due Diligence for high-risk customers, including direct and indirect cannabis companies.
  • Technology to improve due diligence and compliance processes for MRBs.

Register now: https://verafin.com/event/banking-marijuana-related-businesses-3/?src=CBANC

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    How the Government Shutdown is Affecting Regulatory Agencies

    Good afternoon, Bankers! Today's topic is the current government shutdown. This post originally appeared on the Ncontracts blog.

    How the Government Shutdown is Affecting Regulatory Agencies

    The partial government shutdown has furloughed workers at the national parks, the Smithsonian museums, the IRS, courts, and other federal institutions, but enforcement actions from federal banking agencies continue...

    READ THE FULL PDF: Download the attached PDF

      Infographic: Marijuana-Related Businesses – The risks and rewards of banking a multi-billion-dollar industry

      Marijuana-related businesses (MRBs) have been receiving a lot of attention lately. This growing industry is already worth $7 Billion in the U.S., with that number projected to more than quadruple over the next 8 years, creating many questions for financial institutions around banking MRBs.

      This infographic provides a handy introduction to the world of MRBs, quickly mapping marijuana law by state, examining the number of businesses that have been flagged as marijuana-related in the Verafin Cloud to date, and offering insight into identifying and assessing related compliance risk.

        Joint Statement Offers Support and Guidance for New Innovation Pilot Programs

        Some financial institutions have had a fear that they will receive regulatory scrutiny for exploring emerging technologies in the BSA/AML space. This week, the Fed, FDIC, FinCEN, NCUA and OCC (the Agencies) laid some of that fear to rest by collectively issuing a statement showing strong support for innovation in the fight against money laundering and terrorist financing. The joint statement aims to encourage responsible innovation to protect our financial system from illicit financial activity.

        In our latest blog, Jessica Caballero, CRCM explains what this means for financial institutions and their BSA programs and advice on how to implement a pilot program at your institution.

        Read the full blog.

          FinCEN and Federal Banking Agencies Encourage Banks to Innovate

          Joint Statement Supports Adopting New Technology to Combat Money Laundering and Terrorist Financing

          December 4, 2018 by Verafin

          FinCEN and its regulatory partners released a joint statement yesterday, encouraging financial institutions to embrace innovative approaches to combat money laundering, terrorist financing, and other illicit financial activity.

          By reassuring institutions that the new approaches or participation in pilot programs will not increase regulatory expectations, financial institutions should be encouraged to evaluate innovative solutions and new technologies with confidence.

          In this blog, we discuss some of the key takeaways from the statement and outline the potential benefits for BSA/AML compliance programs that are considering innovative approaches and technologies.

          Read the full blog now: https://verafin.com/2018/12/fincen-and-federal-banking-agencies-encourage-banks-to-innovate/?src=CBANC

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            Finding Renewed Purpose in the Bank Secrecy Act

            Blog Series - 50 Years of the BSA - Part 1
            Finding Renewed Purpose in the Bank Secrecy Act
            November 7, 2018 by Jim Richards

            In Part 1 of this 3-blog series, Jim Richards, former Global Head of Financial Crimes Risk Management at Wells Fargo & Co., provides his commentary on Finding Renewed Purpose in the Bank Secrecy Act. He examines the influences that have forged its history and discusses how the Act’s purpose might appear to have become lost over the course of an almost-50-year evolution.

            Richards explores FinCEN’s role in the BSA, and how regulatory expectations as outlined in the FFIEC’s BSA/AML Examination Manual, have changed the compliance and risk management landscape over time. He goes on to suggest that an increased focus on the nuts and bolts of compliance programs has resulted in an increased divergence between regulatory mandates and the stated purpose of the Act.

            In this insightful commentary, Richards’ suggests subtle changes to the Manual’s language that could strengthen and refocus the intended purpose of the BSA — providing actionable intelligence to law enforcement.

            Read the full blog now: https://verafin.com/2018/11/finding-renewed-purpose-bank-secrecy-act/?src=CBANC

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              How Serious is SAR Confidentiality?

              It’s not too often that SARs advance from the BSA department to the mainstream media, but it happened in a big way recently. A senior advisor at FinCEN was arrested and charged with leaking confidential bank records involving Paul Manafort, Rick Gates, Maria Butina and the Russian Embassy. The confidentiality of SARs is something taken very seriously in the BSA profession, by FinCEN and by examiners.

              In our latest blog, Terri Luttrell, CAMS-Audit discusses the severity of disclosing a SAR, who can know about them and the exception to this rule.

              Read more.

                Demo - Oct 24 | Collaborative Investigations: Cross-institutional Analysis & Information Sharing

                Uncovering Complex Crimes with FRAMLx
                October 24 at 12:30 PM - 01:30 PM EST

                As organized criminal groups become more sophisticated in their efforts to generate and move illicit funds, financial institutions need to innovate to get ahead of money laundering, fraud and crime ring activity.

                Processing over a billion transactions a week in the cloud, Verafin’s crime-fighting platform can provides unprecedented visibility into fraud trends, money laundering risks, and crime ring activity that spans multiple institutions.

                In this demonstration, you will learn how FRAMLx cross-institutional analytics and 314(b) information sharing can improve detection, investigation and reporting of connected criminal activity, that would otherwise go undetected by a single institution.

                We will demonstrate Verafin’s suite of crime-fighting solutions, including:

                • Targeted Fraud & AML Analytics enriched with third-party, open-source, and cloud data that alert you to potential criminal activity, including Money Mules, Online Scams, Funnel Accounts, and more
                • Investigation Tools including visual smart evidence, such as check images, graphical maps, charts and timelines to help expedite your investigations
                • Enterprise Case Management & Suspicious Activity Reporting for your end-to-end investigation and reporting of financial crime, including direct filing to FinCEN
                • Cross-Institutional Analysis in the cloud provides your institution with early warning of potential fraud and money laundering risks, and a complete picture of activity across multiple institutions.
                • Collaborative Investigations that facilitate information sharing between multiple institutions and investigators, to help strengthen cases and enrich reporting to law enforcement.

                Register now: https://verafin.com/event/uncovering-complex-crimes-framlx/?src=CBANC

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                  Demo - Oct 24 | Collaborative Investigations: Cross-institutional Analysis & Information Sharing

                  Uncovering Complex Crimes with FRAMLx
                  October 24 at 12:30 PM - 01:30 PM EST

                  As organized criminal groups become more sophisticated in their efforts to generate and move illicit funds, financial institutions need to innovate to get ahead of money laundering, fraud and crime ring activity.

                  Processing over a billion transactions a week in the cloud, Verafin’s crime-fighting platform can provides unprecedented visibility into fraud trends, money laundering risks, and crime ring activity that spans multiple institutions.

                  In this demonstration, you will learn how FRAMLx cross-institutional analytics and 314(b) information sharing can improve detection, investigation and reporting of connected criminal activity, that would otherwise go undetected by a single institution.

                  We will demonstrate Verafin’s suite of crime-fighting solutions, including:

                  • Targeted Fraud & AML Analytics enriched with third-party, open-source, and cloud data that alert you to potential criminal activity, including Money Mules, Online Scams, Funnel Accounts, and more
                  • Investigation Tools including visual smart evidence, such as check images, graphical maps, charts and timelines to help expedite your investigations
                  • Enterprise Case Management & Suspicious Activity Reporting for your end-to-end investigation and reporting of financial crime, including direct filing to FinCEN
                  • Cross-Institutional Analysis in the cloud provides your institution with early warning of potential fraud and money laundering risks, and a complete picture of activity across multiple institutions.
                  • Collaborative Investigations that facilitate information sharing between multiple institutions and investigators, to help strengthen cases and enrich reporting to law enforcement.

                  Register now: https://verafin.com/event/uncovering-complex-crimes-framlx/?src=CBANC

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                    Blog: FinCEN Issues Advisory on FATF Updated List of Jurisdictions with AML/CFT Deficiencies

                    On September 21, 2018, FinCEN issued an advisory referencing the June 29, 2018, Financial Action Task Force (FATF) publication which updated its list of jurisdictions with anti-money laundering and combatting the financing of terrorism (AML/CFT) deficiencies. Financial institutions (FIs) should consider these changes when reviewing their overall BSA/AML programs and risk-based policies, procedures and practices.

                    Terri Luttrell, CAMS-Audit explains what these changes mean to your institution in our latest blog post.

                    Read more.

                      Blog: FinCEN Advisory on the Iranian Regime's Attempts to Exploit the Financial System

                      FinCEN just issued an advisory to help financial institutions identify potentially illicit transactions related to the Islamic Republic of Iran (Iran), detailing known key players and their tactics in exploiting the US financial system. FinCEN is warning financial institutions in an effort to prevent financing related to nefarious activities, including the funding of terrorist organizations such as the Islamic Revolutionary Guard Corps and Hamas.

                      The advisory also lists 21 red flags to help financial institutions identify suspicious activity around these warnings.

                      Read more.

                        Demo - Oct 3 | Are you banking Marijuana-Related Businesses?

                        Identifying Your High-Risk Customers
                        October 03 at 12:30 PM - 01:30 PM EST

                        FinCEN’s 2014 guidance outlines BSA obligations including SAR filing requirements for banking Marijuana-Related Businesses (MRBs). Whether or not your institution chooses to bank these businesses, it is imperative to your compliance program that you identify all potential MRBs in your customer base, even if they did not self-identify at account opening.

                        To ensure you identify all potential MRBs in your existing customer base and complete the due diligence necessary to understand the nature of business — you likely have to rely on time-consuming manual reports and keyword searches.

                        Join us for an informative session on how to overcome the challenges of identifying high-risk customers for more effective due diligence, targeted monitoring, and enhanced reporting. Learn how Verafin uses artificial intelligence and open-source data in high-risk customer finders to automatically identify Marijuana-Related Businesses.

                        Highlights of this presentation:

                        • Review of highlights from FinCEN Guidance, including red flags, due diligence requirements, and compliance obligations for Marijuana-Related Businesses.
                        • Discussion on the challenges of identifying Marijuana-Related Business in your existing customer base, who did not self-identify at account opening.
                        • Overview of the benefits of an Intelligent Segmentation approach to your high-risk customer management program with a focus on MRBs.
                        • How to get alerted to Marijuana-Related Businesses and other high-risk customers in your existing customer base with Verafin’s high-risk-finder analysis.

                        Register now: https://verafin.com/event/banking-marijuana-related-businesses-2/?src=CBANC

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                          Demo | Detection & Reporting of Elder Financial Exploitation

                          How Verafin Helps You Protect your Vulnerable Customers
                          September 19 at 12:30 PM - 01:30 PM EST

                          Your senior customers may be at greater risk of loss from fraud and financial abuse — whether it’s through exploitation by a friend or family member, or by falling victim to a scam. Early detection and timely reporting play a critical role in protecting your vulnerable customers from fraud and Elder Financial Exploitation.

                          Verafin can help with targeted scenarios that alert you to potential out-of-pattern and red flag activity for at-risk elderly customers, including unusual deposits and in-clearing checks, suspicious wires & ACH transfers, risky online banking set-up, online account takeover, and excessive spending. Verafin’s SAR workflow, and direct filing to FinCEN can also ensure accurate, timely reporting to law enforcement.

                          Join us as we demonstrate how Verafin helps you protect your vulnerable customers from financial exploitation and fraud with targeted detection analytics, and Suspicious Activity Reporting.

                          Highlights of this software demonstration will include:

                          • Overview of Elder Financial Exploitation & Common Fraud Scams targeting senior customers
                          • Demonstration of Targeted Analytics to detect potential vulnerable victims:
                          • Risky Online Banking Setup
                          • Unusual Incoming Payment: Money Mule
                          • Elder Financial Abuse: Excessive Spending
                          • Demonstration of Verafin’s SAR functionality & workflow for timely reporting of victims and suspicious activity to law enforcement.

                          Register now: https://verafin.com/event/detection-reporting-elder-financial-exploitation-2/?src=CBANC

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                            Demo | How Verafin helps you protect your vulnerable customers from financial exploitation

                            Detection & Reporting of Elder Financial Exploitation
                            September 19 at 12:30 PM - 01:30 PM EST

                            Your senior customers may be at greater risk of loss from fraud and financial abuse — whether it’s through exploitation by a friend or family member, or by falling victim to a scam. Early detection and timely reporting play a critical role in protecting your vulnerable customers from fraud and Elder Financial Exploitation.

                            Verafin can help with targeted scenarios that alert you to potential out-of-pattern and red flag activity for at-risk elderly customers, including unusual deposits and in-clearing checks, suspicious wires & ACH transfers, risky online banking set-up, online account takeover, and excessive spending. Verafin’s SAR workflow, and direct filing to FinCEN can also ensure accurate, timely reporting to law enforcement.

                            Join us as we demonstrate how Verafin helps you protect your vulnerable customers from financial exploitation and fraud with targeted detection analytics, and Suspicious Activity Reporting.

                            Highlights of this software demonstration will include:

                            • Overview of Elder Financial Exploitation & Common Fraud Scams targeting senior customers
                            • Demonstration of Targeted Analytics to detect potential vulnerable victims:
                            • Risky Online Banking Setup
                            • Unusual Incoming Payment: Money Mule
                            • Elder Financial Abuse: Excessive Spending
                            • Demonstration of Verafin’s SAR functionality & workflow for timely reporting of victims and suspicious activity to law enforcement.

                            Register now: https://verafin.com/event/detection-reporting-elder-financial-exploitation-2/?src=CBANC

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                              Blog: Section 314(b) Information Sharing

                              Following the September 11th terrorist attacks, the USA PATRIOT Act (the Act) was passed by Congress to improve U.S. law enforcement’s ability to detect and deter terrorism. The legislation’s official name confirms that: Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism. Many sections of the Act allow for BSA professionals to assist law enforcement with preventing money laundering and other financial crimes. In this blog, we discuss the importance of the voluntary 314(b) information sharing program and things your institution needs to do if your institution decides to register with FinCEN to participate in the program. Read more.

                                Webinar - Sept 12 | Elder Financial Exploitation: Protecting your Vulnerable Customers

                                Best Practices for Financial Institutions for Early Detection & Timely Reporting
                                September 12 at 12:30 PM - 01:30 PM EST

                                Elder Financial Exploitation (EFE) is a growing issue with significant impact on individuals and families. Believed to be largely underreported — it is shocking that this crime could be costing vulnerable older citizens as much as $36.5 billion per year in the US.

                                However, financial institutions can play a key role in helping to prevent this financial abuse of the elderly, with early detection of red flags and timely reporting to law enforcement. This is emphasized in a 2011 Advisory from FinCEN, as well as the Joint Memorandum to encourage coordination among law enforcement, and adult protective service agencies (APS) to protect issued by CFPB, the Department of the Treasury, and FinCEN.

                                Join us for this educational webinar, as we discuss the scale of Elder Financial Exploitation, provide real-life examples from peer institutions, and outline key considerations from industry publications and guidance, including red flag indicators and best practices for reporting.

                                In this webinar, you will learn:

                                • The scale of Elder Financial Exploitation and the challenges of preventing fraud targeting senior customers.
                                • Potential Red Flag Indicators of Elder Financial Exploitation from the FinCEN Advisory
                                • Best practices for reporting Elder Financial Exploitation, including Suspicious Activity Reporting, and contacting appropriate local and state-level agencies.

                                Register now: https://verafin.com/event/elder-financial-exploitation-protecting-vulnerable-customers-2/?src=CBANC

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                                  FinCEN Extends Exceptive Relief of Beneficial Ownership Requirements

                                  The 90-day limited exceptive relief FinCEN issued to financial institutions following the implementation of the updated Beneficial Ownership/CDD rule was set to expire on August 9. Yesterday, FinCEN issued a 30-day extension of the exceptive relief, now set to expire on September 8. As a reminder, this is specifically aimed at certain financial products and services that automatically rollover or renew (CDs, loan accounts, etc.) that were established before the original Beneficial Ownership deadline of May 11.

                                  With the extension, FinCEN is expected to “determine whether and to what extent additional exceptive relief may be appropriate” for these financial products and services. This exception may be “extended, modified or revoked at FinCEN’s discretion” so FIs should still have policies and procedures in place to deal with these products.

                                  If you have questions regarding the exemption, or your CDD/EDD Program let us know. Banker’s Toolbox can help ensure your program is compliant and that you are ready to meet your examiners at the door with a confident smile.

                                    eBook | Currency Transaction Reporting for Dummies®

                                    3rd Verafin Edition – Updated December 2017

                                    Currency Transaction Reporting for Dummies® helps you understand the latest FinCEN CTR updates and provides information on the benefits of reporting automation.

                                    The now available 3rd Edition covers FinCEN’s latest changes to the CTR form, effective May 31, 2018.

                                    This eBook will show you how to:

                                    • Correctly complete the report
                                    • Avoid costly filing mistakes
                                    • Streamline your process
                                    • Choose the best automated system

                                    Download now: https://verafin.com/resource/currency-transaction-reporting-for-dummies-2/?src=CBANC

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                                      Infographic | Cyber Crime: A Growing Threat

                                      The threat to the U.S. financial system from cybercriminals is evident in this infographic, with highlights from the Internet Crime Complaint Center (IC3), and the advisory from FinCEN on Cyber-Events and Cyber-Enabled Crime.

                                      Learn more about the scale of losses globally, top countries as reported by victims of cybercrime, and highlights from FinCEN’s guidance on these crimes — perpetrated through digital channels.

                                      Download now: https://verafin.com/resource/cyber-crime-growing-threat/?src=CBANC

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                                        Demo | How Verafin Helps You Protect your Vulnerable Customers

                                        Detection & Reporting of Elder Financial Exploitation

                                        June 28 at 12:30 PM - 01:30 PM EST

                                        Your senior customers may be at greater risk of loss from fraud and financial abuse — whether it’s through exploitation by a friend or family member, or by falling victim to a scam. Early detection and timely reporting play a critical role in protecting your vulnerable customers from fraud and Elder Financial Exploitation.

                                        Verafin can help with targeted scenarios that alert you to potential out-of-pattern and red flag activity for at-risk elderly customers, including unusual deposits and in-clearing checks, suspicious wires & ACH transfers, risky online banking set-up, online account takeover, and excessive spending. Verafin’s SAR workflow, and direct filing to FinCEN can also ensure accurate, timely reporting to law enforcement.

                                        Join us on June 28 as we demonstrate how Verafin helps you protect your vulnerable customers from financial exploitation and fraud with targeted detection analytics, and Suspicious Activity Reporting.

                                        Highlights of this software demonstration will include:

                                        • Overview of Elder Financial Exploitation & Common Fraud Scams targeting senior customers
                                        • Demonstration of Targeted Analytics to detect potential vulnerable victims:
                                        • Risky Online Banking Setup
                                        • Unusual Incoming Payment: Money Mule
                                        • Elder Financial Abuse: Excessive Spending
                                        • Demonstration of Verafin’s SAR functionality & workflow for timely reporting of victims and suspicious activity to law enforcement.

                                        Register now: https://verafin.com/event/detection-reporting-elder-financial-exploitation/?src=CBANC

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