TOPIC: FFIEC

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.

    Learning the truth about overdrafts can lead to better service

    It is no secret that overdraft fees are a valuable source of non-interest income for most financial institutions. What may not be as obvious to some is the fact that overdraft privilege provides as much of a benefit to the consumers that use it as it does to the institutions that offer it. The fact is, Americans are seeking short-term liquidity sources now more than ever to help them with life’s most important purchases: groceries, healthcare, insurance, etc. Overdraft privilege helps them bridge that gap without seeking higher-cost alternatives.

    Despite the fact that Consumer Financial Protection Bureau (CFPB) has indicated it is leaning toward only minor changes in how institutions manage the programs, some community institutions may still be hesitant to offer the service.

    How should these institutions view overdraft privilege in the current environment?

    The first place to start is by learning the truth about the service. Armed with the facts, your financial institution can make a well-informed decision about whether to provide such a program. Or if you already offer it, you can better educate consumers and personnel about the assistance it provides. Here are some common myths about overdraft privilege, and the truths that debunk them:

    MYTH: The majority of Americans overdraft each year.
    FACT: In a given year, approximately only 25% of account holders experience an overdraft. As such, it is only a small percentage of consumers who look to overdraft programs to help them when they are in a bind. The rest of consumers use other options, such as credit cards, payday lenders or even pawn shops. But, the question remains: if even a handful of consumers need this service, shouldn’t we strive to honor their overdraft items (provided they have the ability to repay)?

    MYTH: It is the poor who overdraw their accounts the most.
    FACT: People from all economic brackets experience overdrafts from time-to-time. Yet, the account holders who overdraft their accounts the most often are also the ones who deposit money into their accounts most often. They also deposit higher dollar amounts than those who rarely overdraft. Our data shows that people who overdraft ten or more times in a given year have monthly deposits that range from $3,500 to $6,000. These frequent and large deposits give them the cash flow they need to pay for the convenience of the service.

    MYTH: Most debit card transactions that trigger an overdraft fee occur while consumers are buying coffee or other small-ticket items.
    FACT: Our research shows that the bulk of debit card transactions that result in overdraft fees occur in grocery stores, vehicle repair shops, and at gas stations—NOT in coffee shops, as some in the media would have you believe. A recent Bankrate.com (NYSE: RATE) report states that almost two in three Americans don’t have enough savings to pay for a $500 car repair or a $1,000 emergency room bill. When emergencies happen or funds fall short, consumers seek short-term liquidity options. If your institution does not provide it, they will look elsewhere.

    MYTH: Banks and credit unions assess overdraft fees as a punishment.
    FACT: Financial institutions charge overdraft fees as a way to cover the cost of providing the service to consumers. Overdraft protection allows millions of consumers to pay their mortgage, rent and insurance payments, buy food and tend to their medical needs. Financial institutions assume risk in providing this service and charge off millions of dollars per year in losses when consumers do not repay their overdrawn balances. It is appropriate to charge a fee for assuming this risk and providing the service. Revenue from overdraft fees is important to financial institutions to fund technology and other services account holders demand, such as online banking, mobile access, etc.

    Despite any future changes the CFPB may enact, the fact remains: there will always be a small percentage of account holders who rely on their institution for this form of short-term liquidity. Those institutions that champion the service aspect of the program can provide a valued benefit to consumers and preserve this important revenue source.

      Demo | Overview of Verafin’s risk-based AML approach that aligns with the FFIEC Exam Manual

      Benefits of Automating your CDD Process with Verafin
      September 05 at 12:30 PM - 01:30 PM EST

      A critical first step to prepare for your next exam is assessing your current CDD processes — whether they are manual or automated — to ensure that they align with the exam requirements for collecting customer information at account opening, risk profiling, high-risk customer management, and ongoing transaction monitoring.

      Has your institution considered the benefits of completely automating your end-to-end CDD process by using software? Verafin allows you to understand your customer’s risk at every aspect of their lifecycle to provide an accurate picture of your institution’s risk profile — while ensuring complete compliance with the FFIEC CDD requirements.

      Join us as we demonstrate how Verafin’s AML approach aligns with CDD requirements as outlined in the FFIEC Exam Manual and is the optimal solution for end-to-end due diligence to help you meet examiner expectations for CDD/EDD and ongoing monitoring of higher-risk customers.

      Highlights of this product demonstration will include:

      • Review of FFIEC CDD Exam procedures for Customer Due Diligence, Customer Risk Profile, and Customer Information – Risk-based Procedures, including Higher Risk Profile Customers, Ongoing Monitoring of Customer Relationships
      • Overview of Verafin’s risk-based AML approach that aligns with the FFIEC Exam Manual for Customer Due Diligence including:
      • Account Opening Questionnaire to collect information to uncover high-risk categories of customers and establish baseline activity for ongoing monitoring.
      • Identification of Risk Factors from integrated AOQ, open-source data enrichment, and targeted analytics to find higher risk customers you are not able to identify.
      • Configurable Risk Models that allow for appropriate assessment based on your institution’s risk appetite, and intelligent segmentation that categorizes and stratifies customer risk profiles for more accurate institutional risk profile.
      • Targeted Transaction Monitoring for High-Risk Categories to help identify activity that may pose a greater risk to your institution, and customer’s that may require enhanced due diligence.
      • EDD workflow to help alleviate the challenges of maintaining and updating information throughout the lifecycle of a customer.

      Register now: https://verafin.com/event/benefits-automating-cdd-process-verafin-2/?src=CBANC

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        Demo | Benefits of Automating your CDD Process with Verafin

        End-to-End CDD/EDD, Customer Risk Profiling, High-Risk Customer Management & Ongoing Monitoring
        September 05 at 12:30 PM - 01:30 PM EST

        A critical first step to prepare for your next exam is assessing your current CDD processes — whether they are manual or automated — to ensure that they align with the exam requirements for collecting customer information at account opening, risk profiling, high-risk customer management, and ongoing transaction monitoring.

        Has your institution considered the benefits of completely automating your end-to-end CDD process by using software? Verafin allows you to understand your customer’s risk at every aspect of their lifecycle to provide an accurate picture of your institution’s risk profile — while ensuring complete compliance with the FFIEC CDD requirements.

        Join us as we demonstrate how Verafin’s AML approach aligns with CDD requirements as outlined in the FFIEC Exam Manual and is the optimal solution for end-to-end due diligence to help you meet examiner expectations for CDD/EDD and ongoing monitoring of higher-risk customers.

        Highlights of this product demonstration will include:

        • Review of FFIEC CDD Exam procedures for Customer Due Diligence, Customer Risk Profile, and Customer Information – Risk-based Procedures, including Higher Risk Profile Customers, Ongoing Monitoring of Customer Relationships
        • Overview of Verafin’s risk-based AML approach that aligns with the FFIEC Exam Manual for Customer Due Diligence including:
        • Account Opening Questionnaire to collect information to uncover high-risk categories of customers and establish baseline activity for ongoing monitoring.
        • Identification of Risk Factors from integrated AOQ, open-source data enrichment, and targeted analytics to find higher risk customers you are not able to identify.
        • Configurable Risk Models that allow for appropriate assessment based on your institution’s risk appetite, and intelligent segmentation that categorizes and stratifies customer risk profiles for more accurate institutional risk profile.
        • Targeted Transaction Monitoring for High-Risk Categories to help identify activity that may pose a greater risk to your institution, and customer’s that may require enhanced due diligence.
        • EDD workflow to help alleviate the challenges of maintaining and updating information throughout the lifecycle of a customer.

        Register now: https://verafin.com/event/benefits-automating-cdd-process-verafin-2/?src=CBANC

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          Free Webinar: Tips To Improve Your CDD/EDD Program

          Tuesday, August 28th - 1:00 PM CT

          Now that the new Beneficial Ownership and Customer Due Diligence changes have gone into effect, are you confident in your CDD/EDD program or are you feeling the pressure of falling behind on your reviews? In this webinar learn how the Banker’s Toolbox Professional Services team of CAMS-certified consultants can help you improve your CDD/EDD program and help your organization become more efficient with ongoing due diligence. Let us be your partner in success and help you tackle the work required to comply with regulatory guidelines and keep up-to-date on industry trends.

          Key learning objectives:

          • Understand the importance of keeping up with due diligence reviews in order to comply with regulatory guidelines
          • Learn how Banker’s Toolbox Professional Services Team can help you and your institution enhance your CDD/EDD program
          • Explore examples of how our experts have helped financial institutions to become more efficient with their due diligence reviews and improve their BSA program

          Register here.

            Webinar | Key Considerations for your BSA/AML Compliance Program

            New FFIEC Exam Procedures for Customer Due Diligence
            August 29 at 12:30 PM - 01:30 PM EST

            On May 11, 2018, the FFIEC released new Customer Due Diligence Examination procedures that reflect and codify the requirements of FinCEN’s final CDD rule.

            These updates detail how financial institutions must establish appropriate risk-based CDD procedures to understand the nature and purpose of their customer relationships. By following this risk-based approach, institutions develop and maintain an accurate customer risk profile with an increased focus on higher-risk customers and incorporate ongoing monitoring for enhanced due diligence and suspicious activity monitoring.

            Join us for this educational webinar, as we discuss the updated FFIEC Exam Procedures for Customer Due Diligence and outline key considerations for your BSA/AML Program as you prepare for your next examination.

            Highlights of this educational webinar will include:

            • Discussion on the challenges of meeting regulatory expectations for CDD with a focus on higher risk customers.
            • Overview of CDD Requirements according to the FFIEC Exam Manual:
            • Customer Due Diligence including the impact of the new CDD Rule, Ultimate Beneficial Ownership, and Guidance on CDD
            • Customer Risk Profile including the importance of proper identification and assessment of risk
            • Customer Information – Risk-based Procedures including Higher Risk Profile Customers and Ongoing Monitoring of Customer Relationships
            • Enhanced Due Diligence for Higher Risk Customers including the spectrum of risk within categories of customers and risk mitigation through ongoing monitoring.
            • Key considerations for your BSA/AML program in preparation for your next examination.

            Register now: https://verafin.com/event/new-ffiec-exam-procedures-customer-due-diligence-2/?src=CBANC

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              Webinar | Key Considerations for your BSA/AML Compliance Program

              New FFIEC Exam Procedures for Customer Due Diligence

              August 29 at 12:30 PM - 01:30 PM EST

              On May 11, 2018, the FFIEC released new Customer Due Diligence Examination procedures that reflect and codify the requirements of FinCEN’s final CDD rule.

              These updates detail how financial institutions must establish appropriate risk-based CDD procedures to understand the nature and purpose of their customer relationships. By following this risk-based approach, institutions develop and maintain an accurate customer risk profile with an increased focus on higher-risk customers and incorporate ongoing monitoring for enhanced due diligence and suspicious activity monitoring.

              Join us for this educational webinar, as we discuss the updated FFIEC Exam Procedures for Customer Due Diligence and outline key considerations for your BSA/AML Program as you prepare for your next examination.

              Highlights of this educational webinar will include:

              • Discussion on the challenges of meeting regulatory expectations for CDD with a focus on higher risk customers.
              • Overview of CDD Requirements according to the FFIEC Exam Manual:
              • Customer Due Diligence including the impact of the new CDD Rule, Ultimate Beneficial Ownership, and Guidance on CDD
              • Customer Risk Profile including the importance of proper identification and assessment of risk
              • Customer Information – Risk-based Procedures including Higher Risk Profile Customers and Ongoing Monitoring of Customer Relationships
              • Enhanced Due Diligence for Higher Risk Customers including the spectrum of risk within categories of customers and risk mitigation through ongoing monitoring.
              • Key considerations for your BSA/AML program in preparation for your next examination.

              Register now: https://verafin.com/event/new-ffiec-exam-procedures-customer-due-diligence-2/?src=cbanc

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                Webinar Series On Demand | Intelligent Segmentation: A New Approach to Identify, Monitor & Manage High-Risk Customers.

                Special BSA/AML Webinar Series

                Every financial institution is under regulatory pressure to identify, monitor and manage high-risk customer types, such as Privately-Owned ATMs, MSBs, MRBs and NGOs and more, as outlined in the FFIEC BSA Exam Manual.

                In this webinar series, we will explore the challenges of identifying, monitoring and reviewing high-risk customers and discuss the risk factors of each group. Learn how Verafin’s end-to-end approach to Intelligent Segmentation eliminates manual processes, reduces costs and strengthens compliance with identification, risk scoring and targeted monitoring tailored specifically for each high-risk customer category.

                Watch now: https://verafin.com/bsa-aml-webinar-series/?src=CBANC

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                  DEMO - July 10 | Benefits of Automating your CDD Process

                  End-to-End CDD/EDD, Customer Risk Profiling, High-Risk Customer Management & Ongoing Monitoring

                  July 10 - 12:30PM EST

                  A critical first step to prepare for your next exam is assessing your current CDD processes — whether they are manual or automated — to ensure that they align with the exam requirements for collecting customer information at account opening, risk profiling, high-risk customer management, and ongoing transaction monitoring.

                  Has your institution considered the benefits of completely automating your end-to-end CDD process by using software? Verafin allows you to understand your customer’s risk at every aspect of their lifecycle to provide an accurate picture of your institution’s risk profile — while ensuring complete compliance with the FFIEC CDD requirements.

                  Join us on July 10 as we demonstrate how Verafin’s AML approach aligns with CDD requirements as outlined in the FFIEC Exam Manual and is the optimal solution for end-to-end due diligence to help you meet examiner expectations for CDD/EDD and ongoing monitoring of higher-risk customers.

                  Highlights of this product demonstration will include:

                  Review of FFIEC CDD Exam procedures for Customer Due Diligence, Customer Risk Profile, and Customer Information – Risk-based Procedures, including Higher Risk Profile Customers, Ongoing Monitoring of Customer Relationships

                  Overview of Verafin’s risk-based AML approach that aligns with the FFIEC Exam Manual for Customer Due Diligence including:

                  • Account Opening Questionnaire to collection information to uncover high-risk categories of customers and establish baseline activity for ongoing monitoring.
                  • Identification of Risk Factors from integrated AOQ, open-source data enrichment, and targeted analytics to find higher risk customers you are not able to identify.
                  • Configurable Risk Models allows for appropriate assessment based on your institution’s risk appetite, and intelligent segmentation categorizes and stratifies customer risk profiles for more accurate institutional risk profile.
                  • Targeted Transaction Monitoring for High-Risk Categories to help identify activity that may poses a greater risk to your institution and customer’s that may require enhanced due diligence.
                  • EDD workflow to help alleviate the challenges of maintaining and updating information throughout the lifecycle of a customer.

                  Register now on verafin.com: https://verafin.com/event/benefits-automating-cdd-process-verafin/?src=cbanc

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                    [DEMO - July 12] Benefits of Consolidating Fraud & AML

                    How Verafin Improves Alert Quality, Expedites Investigations and Enhances Reporting

                    July 12 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.

                    Register here: https://verafin.com/event/consolidated-bsa-aml-compliance-multi-channel-fraud-detection/?src=cbanc

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                      Job Aid | Preparing for a Successful Exam Checklist

                      What to do before, during, and after the exam.

                      Cramming for any exam is no fun. Nobody wants (or needs) that last minute pressure! Certainly not when examiners are coming onsite in a few weeks.

                      The best way to ensure a successful exam is to be prepared.

                      We’ve created this exam checklist to streamline the exam prep process for you. Download now to:

                      • Know what will be covered on your exam
                      • Plan for the upcoming examiner visit
                      • Review and organize your compliance materials/documents

                      Download now: https://verafin.com/resource/preparing-for-a-successful-exam/?src=CBANC

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                        Demo - 1 CAMS Credit | Key considerations for your BSA/AML Program as you prepare for your next exam

                        New FFIEC Exam Procedures for Customer Due Diligence

                        June 26 at 12:30 PM - 01:30 PM EST
                        1 CAMS CREDIT

                        On May 11, 2018, the FFIEC released new Customer Due Diligence Examination procedures that reflect and codify the requirements of FinCEN’s final CDD rule.

                        These updates detail how financial institutions must establish appropriate risk-based CDD procedures to understand the nature and purpose of their customer relationships. By following this risk-based approach, institutions develop and maintain an accurate customer risk profile with an increased focus on higher-risk customers and incorporate ongoing monitoring for enhanced due diligence and suspicious activity monitoring.

                        Join us on June 26 for this CAMS-accredited webinar, as we discuss the updated FFIEC Exam Procedures for Customer Due Diligence and outline key considerations for your BSA/AML Program as you prepare for your next examination.

                        Highlights of this educational webinar will include:

                        • Discussion on the challenges of meeting regulatory expectations for CDD with a focus on higher risk customers.
                        • Overview of CDD Requirements according to the FFIEC Exam Manual:
                        • Customer Due Diligence including the impact of the new CDD Rule, Ultimate Beneficial Ownership, and Guidance on CDD
                        • Customer Risk Profile including the importance of proper identification and assessment of risk
                        • Customer Information – Risk-based Procedures including Higher Risk Profile Customers and Ongoing Monitoring of Customer Relationships
                        • Enhanced Due Diligence for Higher Risk Customers including the spectrum of risk within categories of customers and risk mitigation through ongoing monitoring.
                        • Key considerations for your BSA/AML program in preparation for your next examination.

                        Register now: https://verafin.com/event/new-ffiec-exam-procedures-customer-due-diligence/?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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                          Demo | Benefits of Automating your CDD Process with Verafin

                          End-to-End CDD/EDD, Customer Risk Profiling, High-Risk Customer Management & Ongoing Monitoring

                          July 10 at 12:30 PM - 01:30 PM EST

                          A critical first step to prepare for your next exam is assessing your current CDD processes — whether they are manual or automated — to ensure that they align with the exam requirements for collecting customer information at account opening, risk profiling, high-risk customer management, and ongoing transaction monitoring.

                          Has your institution considered the benefits of completely automating your end-to-end CDD process by using software? Verafin allows you to understand your customer’s risk at every aspect of their lifecycle to provide an accurate picture of your institution’s risk profile — while ensuring complete compliance with the FFIEC CDD requirements.

                          Join us on July 10 as we demonstrate how Verafin’s AML approach aligns with CDD requirements as outlined in the FFIEC Exam Manual and is the optimal solution for end-to-end due diligence to help you meet examiner expectations for CDD/EDD and ongoing monitoring of higher-risk customers.

                          Highlights of this product demonstration will include:

                          • Review of FFIEC CDD Exam procedures for Customer Due Diligence, Customer Risk Profile, and Customer Information – Risk-based Procedures, including Higher Risk Profile Customers, Ongoing Monitoring of Customer Relationships
                          • Overview of Verafin’s risk-based AML approach that aligns with the FFIEC Exam Manual for Customer Due Diligence including:
                          • Account Opening Questionnaire to collection information to uncover high-risk categories of customers and establish baseline activity for ongoing monitoring.
                          • Identification of Risk Factors from integrated AOQ, open-source data enrichment, and targeted analytics to find higher risk customers you are not able to identify.
                          • Configurable Risk Models allows for appropriate assessment based on your institution’s risk appetite, and intelligent segmentation categorizes and stratifies customer risk profiles for more accurate institutional risk profile.
                          • Targeted Transaction Monitoring for High-Risk Categories to help identify activity that may poses a greater risk to your institution and customer’s that may require enhanced due diligence.
                          • EDD workflow to help alleviate the challenges of maintaining and updating information throughout the lifecycle of a customer.

                          Register now: https://verafin.com/event/benefits-automating-cdd-process-verafin/?src=CBANC

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                            New Blog | Key Takeaways from FFIEC Updated CDD Examination Procedures

                            On May 11, 2018, the FFIEC released new Customer Due Diligence (CDD) Examination procedures that reflect and codify the requirements of FinCEN’s final CDD rule.

                            These updates detail how financial institutions must establish appropriate risk-based CDD procedures to understand the nature and purpose of their customer relationships, in addition to “[c]onducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information”.

                            Check out our latest blog post that takes a closer look at some of the key areas in the updated examination procedures and the FFIEC’s emphasis on the importance of establishing a risk-based approach to CDD/EDD.

                            Read the full blog: https://verafin.com/2018/06/key-takeaways-from-ffiec-updated-cdd-examination-procedures/?src=CBANC

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                              Webinar - 1 CAMS | New FFIEC Exam Procedures for Customer Due Diligence.

                              Key Considerations for your BSA/AML Compliance Program

                              June 26 at 12:30 PM - 01:30 PM EST

                              On May 11, 2018, the FFIEC released new Customer Due Diligence Examination procedures that reflect and codify the requirements of FinCEN’s final CDD rule.

                              These updates detail how financial institutions must establish appropriate risk-based CDD procedures to understand the nature and purpose of their customer relationships. By following this risk-based approach, institutions develop and maintain an accurate customer risk profile with an increased focus on higher-risk customers and incorporate ongoing monitoring for enhanced due diligence and suspicious activity monitoring.

                              Join us on June 26 for this CAMS-accredited webinar, as we discuss the updated FFIEC Exam Procedures for Customer Due Diligence and outline key considerations for your BSA/AML Program as you prepare for your next examination.

                              Highlights of this educational webinar will include:

                              - Discussion on the challenges of meeting regulatory expectations for CDD with a focus on higher risk customers

                              - Overview of CDD Requirements according to the FFIEC Exam Manual:

                              • Customer Due Diligence including the impact of the new CDD Rule, Ultimate Beneficial Ownership, and Guidance on CDD
                              • Customer Risk Profile including the importance of proper identification and assessment of risk
                              • Customer Information – Risk-based Procedures including Higher Risk Profile Customers and Ongoing Monitoring of Customer Relationships
                              • Enhanced Due Diligence for Higher Risk Customers including the spectrum of risk within categories of customers and risk mitigation through ongoing monitoring.

                              - Key considerations for your BSA/AML program in preparation for your next examination.

                              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.

                              Register now: https://verafin.com/event/new-ffiec-exam-procedures-customer-due-diligence/?src=CBANC

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                                Demo | Identifying NGOs or Charities to Better Assess Risk

                                May 29 at 12:30 PM - 01:00 PM EST
                                Special BSA/AML Webinar Series
                                Intelligent Segmentation: A New Approach to Identify High-Risk Customers

                                As the FFIEC BSA Exam Manual states “the flow of funds both into and out of the NGO can be complex, making them susceptible to abuse by money launderers and terrorists.”

                                To ensure you can adequately assess these risks and meet due diligence requirements for Non-Governmental Organizations or Charities — you likely have to rely on time-consuming manual reports and tedious reviews of online databases to identify customers in this high-risk group.

                                Join us on for a 20-minute 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 customers that may be operating as NGOs or Charities.

                                Highlights of this 20-minute presentation:

                                • Review of risk factors and mitigation strategies related to Non-Governmental Organizations or Charities from the FFIEC BSA/AML Exam Manual.
                                • Discussion on the challenges of identifying NGOs or Charities in your existing customer base.
                                • Overview of the benefits of an Intelligent Segmentation approach to your high-risk customer management program with a focus on chartiable organizations.
                                • How to get alerted to NGOs, and other high-risk customers in your existing customer base with Verafin’s high-risk-finder analysis.

                                Register now: https://verafin.com/event/identifying-ngos-charities-better-assess-risk/?src=CBANC

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                                  FFIEC Released Updated CDD Exam Procedures – What You Need to Know

                                  After reviewing the new CDD and beneficial ownership exam procedures, Banker's Toolbox has put together a list of major changes that you should pay special attention to.

                                  The new examination procedures issued by the Federal Financial Institutions Examination Council (FFIEC) apply to financial institutions, including banks; savings and loan associations; credit unions; and branches, agencies, and representative offices of foreign banks. The new procedures are replacing those in the current section titled “Customer Due Diligence – Overview and Examination Procedures”.

                                  One of the biggest takeaways from all of these CDD rule updates is that the** “assessment of customer risk factors is bank-specific. There are no required risk profile categories and the number and detail of these categorizations will vary based on the bank’s size and complexity.”** Your risk profile is unique to your institution and it is important that you have a solution in place that gives you full control, transparency and flexibility to keep you in compliance with these changes. If you have concerns about your financial institution’s compliance or are in need of assistance with complying, Banker’s Toolbox Professional Services are here to help. We can provide a comprehensive review with our Fifth Pillar Program Evaluation. Please feel free to reach out to me directly for more information.

                                    Reminder! Free May Webinar - Managing the Risk of Cyber Threats: Assessing Third Parties and Measuring What Matters

                                    Don't forget! You are invited to our May webinar discussing the risks and opportunities associated with cyber threats. Register for free today! If you are not able to make it to the live event, we will send you the recording afterwards.

                                    A recent Harvard Business Review survey stated that 85% of those surveyed expect financial impact to rise from cyber breaches while only 23% of respondents said their strategic plan addresses business risk. Join study co-author & leading cyber expert Reid Sawyer and third-party risk expert Michael Berman for a presentation that’s sure to help both C suite and frontline managers better understand the risks and opportunities associated with this timely issue of cyber risk.

                                    Session takeaways:

                                    • Exploration of how FFIEC, OCC, FDIC and Fed mandates overlap regarding vendor management
                                    • Best practices in vendor due diligence reviews and contract management to decrease cyber risk
                                    • Re-conceptualize threats from a strategic not tactical mindset
                                    • Mandates for stress testing
                                    • What the future holds with cyber risk

                                    Register Today

                                      Demo | Finding MSBs: Check Cashiers & Money Transmitters.

                                      May 15 at 12:30 PM - 01:00 PM EST
                                      Special BSA/AML Webinar Series
                                      Intelligent Segmentation: A New Approach to Identify High-Risk Customers

                                      Despite having robust account opening procedures, it is likely that your financial institution has unidentified Money Service Businesses. After onboarding, your customers may expand their business offering to include check-cashing or money transmitter services at any point in their life-cycle.

                                      While as the FFIEC BSA Exam Manual states “not all MSBs pose the same level of risk, and not all MSBs will require the same level of due diligence.”

                                      To ensure you meet due diligence requirements and examiner expectations for Money Service — you likely have to rely on time-consuming manual reports.

                                      Join us on May 15 for a 20-minute 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 customers that may be operating as MSBs.

                                      Highlights of this 20-minute presentation:

                                      • Review of risk factors and mitigation strategies related to Money Services Businesses from the FFIEC BSA/AML Exam Manual, and highlights from FinCEN Guidance related to MSBs
                                      • Discussion on the challenges of identifying MSBs in your existing customer base, who did not list check cashing or money transmitter services at account opening.
                                      • Overview of the benefits of an Intelligent Segmentation approach to your high-risk customer management program with a focus on MSBs.
                                      • How to get alerted to Money Service Businesses, and other high-risk customers in your existing customer base with Verafin’s high-risk-finder analysis.

                                      Register now: https://verafin.com/event/finding-msbs-check-cashiers-money-transmitters/?src=CBANC

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