May 27 at 12:30 PM - 01:30 PM EST
BSA/AML Compliance and Management
Uncover Suspicious Activity & Strengthen Compliance

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Today, there is enormous pressure on compliance professionals to uncover potential money laundering and keep ahead of changing regulatory requirements. The need to reduce false positives and generate higher quality alerts is critical for a proactive view of suspicious activity and to enhance your institution’s ability to detect, investigate and report it.
 
Join us as we demonstrate how Verafin’s end-to-end BSA/AML Compliance and Management software uses a big data intelligence approach, leveraging artificial intelligence and machine learning to proactively alert you to a wide range of suspicious activity. See how your institution can have a complete view with enterprise case management and reporting, along with threshold testing and performance management for added confidence in examinations — all in a single, consolidated platform.

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Asking as a non-accountant so any help would be greatly appreciated.

How do other FI's handle small member over payments related to loan payoffs or other loan-related transactions? Specifically, when there is a small over payment of say $0.01 or $2 do you send that to the member or is there an accounting rule or industry regulation allowing a de minimis exception to allow the FI to put that small dollar amount into the GL? 

The issue is when this is a recurring event, and there are many members in the situation, the research and mailing costs add up. Obviously, if the dollar amount is significant the amount must be returned. But what about these tiny over payments? Whether it is one penny or $100 the money belongs to the member but is there something in the accounting rules or regs that allow for a de minimis over payment to go into a GL. 

The goal is to find a workable solution with limited staff and hours available for the research and processing of these small over payments. 

Thanks in advance and please let me know if I may clarify. 

Good morning,
I was reaching out to other FI that use horizon. I wanted to know how you are handling loan impairments and impairment tests. Our way seems to be a little outdated and was just curious to see what other users are doing. 

Thanks,