AML Perspectives Human trafficking is recognized as one of the fastest growing criminal enterprises, and with it comes unique challenges for AML professionals tasked with the detection and related reporting of money laundering red flags. The United Nations Office on Drugs and Crime define human trafficking as “the recruitment, transportation, transfer, [...]
AML Perspectives Much has been made of the “Beneficial Ownership Requirements for Legal Entity Customers,” which went into effect July 11, 2016, with a compliance date May 11, 2018. In fact, on the surface, one could mistakenly ascertain FinCEN’s final rule related solely to beneficial ownership. Furthermore, there are indications that [...]
AML Perspectives The Bank Secrecy Act (or “BSA”) has long been part of the regulatory landscape as a fundamental component of the safety and soundness process. In fact, most professionals who currently work for or with financial institutions do not recall when BSA was not a critical component of the financial institution [...]
AML Perspectives Prevailing FFIEC guidance indicates the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk assessment is fundamental to achieving an effective risk-based BSA/AML compliance program. In fact, the FFIEC BSA/AML Examination Manual emphasizes that examiners evaluate the financial institution’s risk assessment as part of the planning and scoping phase of the examination. [...]
AML Perspectives The challenges of BSA/AML compliance continue to evolve for financial institutions as they seek to meet heightened regulatory expectations in areas such as Customer Due Diligence (CDD) or in automating monitoring processes, all while effectively managing the associated cost of ongoing compliance. In the meantime, the Financial Action Task [...]
Although much has changed for financial institutions since the Committee of Sponsoring Organizations (COSO) issued the Enterprise Risk Management (ERM) – Integrated Framework in 2004, much has remained the same. A financial services professional need only check their inbox or scroll through their newsfeed to ascertain that financial institutions, both large and small, are holding [...]
When it comes to enterprise risk management, strategic process planning doesn't just apply to larger financial institutions. Smaller banks are often under the impression that they don't have the means necessary to be able to implement strategies. Doug Mims explains 3 benefits that any size bank will start to see when they embrace [...]
Just as a mountaineer needs a well-trained glacier team to reach the summit of Everest, community banks need effective audit committees to be successful in today’s challenging and changing regulatory and accounting environment. Audit committees provide needed oversight in the areas of risk management and financial reporting. An engaged audit committee is an important attribute [...]
Approximately 2.1 million Americans get married every year, and that number is continuing to rise. As the economy has improved and the banking industry has recovered from the mortgage meltdown, bank marriages (a.k.a., financial institution mergers and acquisitions) are also now in vogue. The banking industry is feeling pressure to tie the knot and “grow the [...]
Executive sessions can present valuable opportunities for bank audit committee members to learn more about their roles. Watch as Chris Cain explains 3 key benefits of executive sessions, such as a safe environment in which committee members can ask questions to gain clarity on complex topics.
Watch Heather Barber as she discusses how CRI guided a client in complying with the Federal Deposit Insurance Corporation Improvement Act (FDICIA) and shares advice on how to simplify the FDICIA implementation process.
Watch Chris Cain as he discusses a client engagement that required all parties involved to keep a close eye on Banking Secrecy Act (BSA) monitoring parameters.
Community banks are a target for cybersecurity breaches. A cybersecurity audit tests internal controls, processes, and network security to identify potential weaknesses. Watch David Mills discuss the importance of a community bank cybersecurity audit and tests that auditors may use during an audit.
Employees are the biggest cybersecurity risk to community banks. Why? Often times, employees are trying to be helpful and they violate security policies while doing so. To combat cybersecurity risks, banks should perform penetration testing and social engineering often. Watch David Mills discuss how CRI's team of IT auditors can help your community [...]
Since bank examiners pay special attention to the allowance for loan and lease losses (ALLL) as part of a regulatory examination, it doesn’t pay for community banks’ management to stick their heads in the sand. Why? The consequences of a bank’s ALLL being underfunded can be steep and may include: Downgrading the bank's CAMEL rating. [...]
