FinCEN launched a new program last week, FinCEN Exchange, to enhance information sharing between law enforcement and financial institutions. Credit union participation in the program is voluntary, and the program does not introduce any new regulatory requirements.
With the DOL finalizing an 18-month extension the fiduciary rule’s applicability date, what should credit unions do during the extended transition time? The rule’s amended definition of “fiduciary” became effective June 9.
Regulation Z identifies additional compliance requirements associated with loan transactions that are considered higher-priced. A recent CUNA CompBlog entry breaks down these requirements and identifies the updated higher-priced mortgage loan appraisal exemption threshold for 2018.
More than 300 credit union compliance professionals from 237 credit unions and more than 20 associations attended last week’s CUNA/NASCUS BSA Conference to get the latest information on BSA compliance from regulators, attorneys and other compliance professionals.
The assessment process is the shoulders in which all BSA/AML programs sit upon, Jim Vilker of CU Answers said Wednesday at the CUNA/NASCUS BSA Conference, explained how credit unions should ensure risk assessments are comprehensive.
Serving money services businesses can be a hard decision to make, but current technology is making compliance more achievable, John Vardaman, of Hypur told attendees Wednesday at the CUNA/NASCUS BSA Conference.
Most cybercrime employs social engineering, Jerry Beasley of TraceSecurity told attendees of the CUNA/NASCUS BSA Conference Tuesday. Beasley explained that social engineering techniques are deliberately designed to people’s inherent vulnerabilities, taking advantage of the human condition.
Speaking Tuesday at the CUNA/NASCUS Bank Secrecy Act Conference, Mauriceo Castanheiro, director of fraud analytics with Verafin, talked about how fraud has evolved and how it has made certain populations especially vulnerable.