Though its probably been a year or two (or 10 or 20) since your school days, the idea still rings true that the best way to prepare for an examination is to know what is going to be on the examination. That was true in then, and it’s true in a compliance examination, too. Spending time becoming familiar with what the examiners will be working with in your next examination is a vital part of a well-rounded compliance program. And since the FDIC updated its manual in December 2015 Continue reading →

A wave of cyber extortion appears to be heading our way. The question is no longer if it might hit, but when.

The Federal Financial Institutions Examination Council released a statement warning financial institutions about the increasing frequency and severity of cyber attacks involving extortion. What do these attacks look like and what should you be doing about them now?

What is Cyber Extortion?

So what does cyber extortion look like? Your bank or credit union may get an email with a 48-hour deadline telling you that Continue reading →

While the overall number of Suspicious Activity Reports associated with crowdfunding is relatively low, the Financial Crimes Enforcement Network has found that mentions of crowdfunding in SAR filings increased 171% just through the first half of 2014 compared to all of 2013. Crowdfunding has become a new favorite tool in the hands of money launderers. Here are the warning signs you should be aware of.

First of all, let’s take a look at what crowdfunding is. You’ve probably seen the sites on the internet. Entrepreneurs Continue reading →

When regulators discuss the root causes of the problems in a financial institution’s Bank Secrecy Act and Anti-Money Laundering programs, invariably the cause that comes out at the top of their list is a weak culture of compliance. These points come from an advisory by FinCEN, the Financial Crimes Enforcement Network.

The regulatory agencies have found that poor BSA performance is as much about the culture of a financial institution as it is about the products, services, customers, and geographic location of the business. How does Continue reading →

On Oct. 15, 2015, the CFPB released its final rule amending Reg. C, the Home Mortgage Disclosure Rule. The changes are significant. The final rule and its official interpretation clocks in at 797 pages. Digesting that will take some time. But in the meantime, here’s the one-sheet you should take to your next compliance meeting. Download it here.

As long as personal identification numbers (PINs) exist, they will continue to be a target for criminals. The Payment Card Industry (PCI) Security Standards Council continues to update the PIN Security Requirements to enhance usability and understanding by stating the requirements in a more granular manner. And though security has been enhanced with the recent switch to the new EMV chip, PIN safety standards are still as important as ever. Which of the recent PIN security requirements are most relevant to your institution?

To understand the Continue reading →