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. [...]
Yes, summer is already over and fall is upon us. That means sweater weather, changing leaves, and pumpkin spice. But it also means the year is winding down. If it was your New Year’s resolution to file at least one SAR this year, time is getting short. And if you haven’t been planning on filing, [...]
You can tell a lot about a year by looking at its top news stories. We’ve compiled a list of the most popular Risk InboX posts from 2015 for a look back on the highlights (and perhaps lowlights) of this year in compliance. 1. Having Trouble Taming the Continuing SAR Beast Our most popular blog post [...]
Ever wonder what consumers are saying about you behind your back? Thanks to the monthly CFPB Consumer Complaint Snapshot, there is no wondering required. It gives us a look into what consumers are grumbling about. And if you want to know what red flags are capturing the attention of regulators now, a good place to look [...]
"New" HMDA knock you off your feet? Go here to order a webinar recording breaking things down piece by piece. Still reeling from the new TILA-RESPA Integrated Disclosures, mortgage lenders got about a five-minute breather before the next big bombshell hit: the CFPB's amendments to the Home Mortgage Disclosure Act. Through the Act, Congress has charged [...]
Earlier this year, the CFPB released a compliance bulletin warning mortgage lenders that marketing service agreements, or MSAs, present substantial risks involving illegal kickbacks and referral fees under RESPA, the Real Estate Settlement Procedures Act. With these risks on the rise, here's what you need to know from the compliance bulletin. First of all, the [...]
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 [...]
A thorough BSA program is becoming more essential than ever. What five steps can you take to make sure your BSA Risk Assessment is ready for your next examination? Scrutiny of Bank Secrecy Act compliance at financial institutions everywhere is surging. Fines and enforcement orders are all over the headlines. Regulators, as well as board [...]
The appraisal management industry has been subject to hefty regulation in years past, and the 2015 requirements follow suit in implementing even tighter standards. With such strong regulatory pressures fundamentally impacting the way financial institutions manage the appraisal function, it’s important to have a strong grasp on what these new AMC requirements entail. The final [...]
A version of this post was originally published on CU Insight. In case you missed it, the CFPB leveled a substantial fine—$7.5 million to be exact—upon Regions Bank earlier this year for flying way off course with its unlawful overdraft practices. The bank was required to refund at least $49 million in illegal overdraft fees to consumers [...]
