AffirmX monitors the Federal Register on a daily basis for proposed and final regulatory changes that affect financial institutions. We interpret the changes and send alerts to those staff members within the financial institution that are affected by the change. […]
The AffirmX solution is designed to provide bench strength to your compliance officer or compliance department. You still need someone to ensure that the requirements of new and existing regulations are implemented in a timely manner and to satisfy requirements under BSA, OFAC etc. for a designated compliance officer. You still need to ensure that [...]
This can happen as all audits are based on a review of a sampling of artifacts (documents, loan files, disclosures , reports, etc.) at a particular point in time. An examiner may look at artifacts not reviewed during our AffirmX compliance review or may have a different interpretation of a particular regulatory requirement. We will [...]
Financial institutions have a variety of sources they can turn to to obtain compliance assistance. First, most financial institutions belong to one or more trade associations and most trade associations have attorneys or other compliance experts on staff that are available to answer questions on compliance issues. Many have compliance helpline numbers and email addresses, [...]
AffirmX does not have a preferred provider relationship with NAFCU.
It’s difficult to put a price tag on the average cost for compliance, but all financial institutions can agree that their costs are increasing. A financial institution’s compliance costs include the cost of personnel, software to monitor suspicious transactions and to assist with other aspects of regulatory compliance, and/or the use of outside vendors. In [...]
As financial institutions become ever more vigilant in monitoring for suspicious activity, it seems that criminals find ever more inventive ways to launder money and commit financial crimes. One of the more recent tactics involves using “dirty” money to purchase prepaid cards that can then be used by, sold by, or transferred to other parties. As a [...]
