TOPIC: Complaint

2019 CECL Survey - Chance to win a $300 Yeti cooler!

Each year MST, now Abrigo, has been implementing an allowance survey. This year we’re asking about your progress in the CECL transition, how you are preparing and what you are determining in terms of how CECL will impact your institution. As always, we’ll compile answers and share the results so you can compare what you are doing with your peers. We encourage you to participate. As a token of our appreciation, you will have the chance to win a $300 Yeti cooler or a Bluetooth speaker.

We wish you a productive and profitable 2019!

Take the survey: https://www.surveymonkey.com/r/J236LTW

    Having trouble keeping up with all these CECL updates?

    CECL is in the news a LOT now that we're less than a year out from the transition. Robert Ashbaugh and Chris Emery are making sure your financial institution understands all of the recent changes and the ways that those changes and proposals might affect your institution's CECL implementation. Tune in for our free webinar in two weeks -- get registered here: http://bit.ly/2GrF1mr

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      1 CAMS Credit | Learning from Fraud Detection: Segmenting AML to Fight Financial Crime

      Complimentary ACAMS Webinar Rebroadcast
      December 12 at 12:30 PM - 01:30 PM EST

      Why do we think about AML as a single idea, when fraud is segmented specifically by customer, channel or loss type? In this insightful session, Jim Richards and Brendan Brothers discuss the limitations of the current one-size-fits-all approach to compliance and anti-money laundering. Learn why segmentation is effective at fighting fraud, and how these lessons can be applied to transform the AML industry.

      Learning Objectives

      • Review of the limitations of current AML approaches and technologies to effectively fight financial crime
      • Understand how segmentation improves fraud detection and how these lessons can be applied to strengthen anti-money laundering efforts
      • Learn how innovative technologies and customer segmentation will transform the AML industry

      Register now: https://verafin.com/event/learning-fraud-detection-segmenting-aml-to-fight-financial-crime/?src=cbanc

      Verafin will provide attendees with a certificate of attendance for 1 CAMS Credit. Attendees are responsible for submission of the certificate and reporting of credits to ACAMS.

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        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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          Announcing the 2019 FRAMLx Tour

          Fraud Detection & Regional Seminars

          Verafin is pleased to announce dates and locations for our 2019 FRAMLx Tour. Join us for a complimentary Fraud Detection & AML Regional Seminar near you.

          At these free educational events, join industry and product experts as they discuss current trends in financial crime and the latest advances in banking technology. You will receive in-depth training on detection and investigation strategies to help stop financial crime.

          Register now: https://verafin.com/regional-seminars/?src=cbanc

          2019 FRAMLx Tour Locations:
          Portland, OR – Tuesday, January 30
          Seattle, WA – Thursday, January 31

          San Francisco, CA – Tuesday, February 26
          Los Angeles North, CA – Wednesday, February 27
          Los Angeles South, CA – Thursday, February 28

          Charlotte, NC – Tuesday, March 26
          Orlando, FL – Wednesday, March 27
          Atlanta, GA – Thursday, March 28

          Dallas, TX – Tuesday, April 23
          San Antonio, TX – Wednesday, April 24
          Houston, TX – Thursday, April 25

          Washington, DC – Monday, May 13
          New York, NY – Tuesday, May 14
          Boston, MA – Wednesday, May 15

          Detroit, MI – Tuesday, June 11
          Minneapolis, MN – Wednesday, June 12
          Chicago, IL – Thursday, June 13

          Visit the FRAMLx Tour website for more information, and keep checking back for updates on additional locations, accreditations, speakers and agenda details. https://verafin.com/regional-seminars/?src=cbanc

          We look forward to seeing you at an event in your area!

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            1 CAMS Credit | Learning from Fraud Detection: Segmenting AML to Fight Financial Crime

            Complimentary ACAMS Webinar Rebroadcast
            Learning from Fraud Detection: Segmenting AML to Fight Financial Crime
            December 12 at 12:30 PM - 01:30 PM EST

            Register now: https://verafin.com/event/learning-fraud-detection-segmenting-aml-to-fight-financial-crime/?src=CBANC

            Why do we think about AML as a single idea, when fraud is segmented specifically by customer, channel or loss type? In this insightful session, Jim Richards and Brendan Brothers discuss the limitations of the current one-size-fits-all approach to compliance and anti-money laundering. Learn why segmentation is effective at fighting fraud, and how these lessons can be applied to transform the AML industry.

            Learning Objectives

            • Review of the limitations of current AML approaches and technologies to effectively fight financial crime
            • Understand how segmentation improves fraud detection and how these lessons can be applied to strengthen anti-money laundering efforts
            • Learn how innovative technologies and customer segmentation will transform the AML industry

            Register now: https://verafin.com/event/learning-fraud-detection-segmenting-aml-to-fight-financial-crime/?src=CBANC

            Verafin will provide attendees with a certificate of attendance for 1 CAMS Credit. Attendees are responsible for submission of the certificate and reporting of credits to ACAMS.

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              Visual Storytelling: See the Full Picture of Activity, Faster

              November 21 at 12:30 PM - 01:30 PM EST
              Visual Storytelling: See the Full Picture of Activity, Faster
              How smarter tools help expedite your investigation & enrich reporting

              Part 2 in a Special Series on The New Future of Fighting Crime

              Register now: https://verafin.com/event/visual-storytelling-see-full-picture-activity-faster/?src=cbanc

              As an investigator, you are tasked to determine if a customer’s activity is unusual, but have you ever wondered what you might be missing? With limited time and resources, spending time on false positive alerts, and navigating multiple systems can take time away from your investigation. As crime becomes more complex, the ambiguous results of first-generation systems can make it even more difficult to see the complete picture of activity.

              Your time is valuable, and Verafin’s Visual Storytelling approach gives you all the information you need right at your fingertips. Visualization tools are incorporated directly into targeted alerts, so you can quickly assess risk-rated evidence, view check images, examine balance charts, and review geographic maps. Our interactive relationship graphs increase your visibility and provide greater context to customer activity to strengthen investigation and reporting.

              Join us to learn how Verafin provides all the information you need to increase confidence in your decision making, expedite your investigations, and file richer, more detailed reports.

              Highlights of this presentation will include Verafin’s Visual Storytelling tools, including:

              • Risk-rated evidence and info cards in each alert for detailed information on the indicators used in analysis, to help inform your decision making.
              • Smart evidence tools included in alerts to enhance your investigations, including visual maps, turnover graphs, and interactive timelines.
              • Interactive customer relationship graphs that show you related transactions, linked entities and connections between customers that otherwise might have been missed.
              • Workflow dashboards that provide a centralized location to access alerts, cases and reports, and more.

              Register now: https://verafin.com/event/visual-storytelling-see-full-picture-activity-faster/?src=cbanc

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                Webinar: Interpreting CECL Modeling Results

                For those who are currently building out their CECL models, did your results not match your expectations? Are you confused on what to do next?

                Join us on Monday, December 10th from 1:30-2:30 p.m. ET. for an interactive walkthrough of common modeling problems and questions. Common questions include:

                • What happens if I don’t have enough loan-level historical data?
                • What do I do if my results are zero?
                • Are there shortcuts for anticipating when certain approaches won’t work before building models to test?

                Sageworks risk management consultants Brandon Quinones and Danny Sharman will answer these questions and discuss how results can be interpreted and pivoted to other approaches that may provide more transparent outcomes.

                Register now: https://web.sageworks.com/interpreting-cecl-results/

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                  Whitepaper: CECL amortized cost basis considerations and applications

                  The Current and Expected Credit Loss (CECL) accounting standard, ASU 2016-13 (Topic 326), outlines that the allowance for credit losses should be a valuation account deducted from the amortized cost basis of financial assets. Amortized cost basis includes, but is not limited to, adjustments for accrued interest, unamortized premium and discounts, and net deferred fees or costs. Entities valuation techniques should present the net amount expected to be collected on the financial asset.

                  This complimentary document is intended to cover amortized cost basis application, specific guidance, and conceptual soundness under the context of ASU 2016-13 (Topic 326).

                  Access here: https://web.sageworks.com/cecl-amortized-cost-basis

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                    Upcoming Events | Big Data Intelligence, Visual Storytelling, Collaborative Investigations, and more

                    Register for an upcoming event today to learn more about how Verafin's FRAMLx software can help enhance you institutions fraud detection & anti-money laundering efforts.

                    November 7 - Using Big Data Intelligence for Big Gains in Fighting Crime
                    https://verafin.com/event/using-big-data-intelligence-big-gains-fighting-crime/?src=CBANC

                    November 21 - Visual Storytelling: See the Full Picture of Activity, Faster
                    https://verafin.com/event/visual-storytelling-see-full-picture-activity-faster/?src=CBANC

                    November 29 - 2018 Crime Trends & Technology: A Year in Review
                    https://verafin.com/event/2018-crime-trends-technology-year-review/?src=CBANC

                    December 05 - Collaborative Investigations: Connecting the Dots to Stop Crime
                    https://verafin.com/event/collaborative-investigations-connecting-dots-stop-crime/?src=CBANC

                    Be sure to check out our Upcoming Events page as we are always working on new Webinars and Product Demonstrations that can help you understand industry challenges and how Verafin can help you overcome them. https://verafin.com/events/?src=CBANC

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                      Last chance to register: CECL webinar panel TODAY!

                      Time: 10/10 2:00-3:30 p.m. ET
                      Worth one CPE credit

                      The transition to the FASB’s CECL accounting standard is well underway for many financial institutions. In this panel discussion, hear from a banker, three auditors and two consultants from Sageworks, MST, Grant Thornton, BKD, Camden National Bank and PWC who are helping thousands of institutions through this critical change.

                      They’ll discuss how CECL has influenced everything — implementation, validation, organizational changes and more, while addressing your top concerns and questions.

                      Register now: http://bit.ly/2oN421G

                        1 day left: Learn automated methodology calculations, loan segmentation and more

                        As CECL is approaching, financial institutions are evaluating vendors to help them automate their allowance processes. From methodology selection, economic forecasting and proper loan pool segmentation, manual calculations will be more difficult to implement under CECL as credit losses need to be predicted over the life of the loan.

                        Join to learn:

                        • Best practices that every institution can apply during their CECL preparation process
                        • The importance of choosing the right methodology from data on-hand
                        • How to optimize loan pool segmentation and economic forecasting
                        • Ways the Sageworks ALLL software solution creates a seamless CECL transition

                        Register now: http://bit.ly/2xJk29M

                          Demo - Tomorrow - Sept 20 | A Consolidated Solution to Fight Financial Crime

                          BSA/AML Compliance & Multi-Channel Fraud Detection
                          September 20 at 12:30 PM - 01:30 PM EST

                          While trying to get ahead of fraud losses and uncover illicit activity, have you ever asked yourself what you might be missing? Whether you have a single solution or a variety of systems in place, quality alerts are critical first step to your overall effectiveness. The right solution should reduce false positives, consolidate your efforts, and improve decision-making so your valuable time can be better spent on cases of what is truly suspicious or fraudulent.

                          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.

                          Join us for an overview of Verafin’s suite of crime-fighting solutions and a discussion on the benefits of FRAMLx to detect, investigate and report fraudulent and suspicious activity including:

                          • End-to-end BSA compliance and process automation including regulatory reporting for SARs and CTRs, OFAC/Watchlist scanning, Case Management, Enterprise Reporting, etc.
                          • Integrated CDD/EDD and intelligent segmentation of high-risk customers including a Customers Due Diligence Questionnaire, 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.

                          Register now: https://verafin.com/event/bsa-aml-compliance-multi-channel-fraud-detection/?src=CBANC

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                            Learn how to unlock actionable risk insights

                            Complimentary Group Demo: September 20th, 2:00 – 3:00 p.m. ET

                            In August, Sageworks launched one of their newest products, “Insights”, to help leaders leverage loan portfolio data in new and meaningful ways. Lack of and limited access to bank-wide data, accompanied by time-consuming analysis, can hurt leadership’s ability to make well-informed, timely decisions. In this complimentary group demonstration, we aim to show how our newest offering can help bridge that gap.

                            Join to learn:

                            • How to perform simulations of the loan portfolio in order to inform financial statement impact for budgeting purposes
                            • How Insights can help as part of Dodd Frank Act Stress Test preparation (or stress testing under CECL, more broadly)
                            • How to set up scenarios to view how the portfolio would respond with various assumptions
                            • Using the Acquisition Analyzer as part of potential acquisition due diligence
                            • How Segment Insights can be leveraged for board & concentration reporting
                            • Potential Roadmap for continued development

                            Learn more: https://web.sageworks.com/cbanc-sageworks-insights-demo

                              CECL Webinar Panel: Answers to your top questions

                              The transition to the FASB’s CECL accounting standard is well underway for many financial institutions. In this panel discussion, hear from a banker, three auditors and two consultants from Sageworks, MST, Grant Thornton, BKD and PWC who are helping thousands of institutions through this critical change.

                              They’ll discuss how CECL has influenced everything — implementation, validation, organizational changes and more while addressing your top concerns and questions.

                              Register now: https://web.sageworks.com/cecl-webinar-panel/