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FinCEN assessed this Texas bank a $2 million penalty, even though the OCC had already fined the bank, for "willfully violating" BSA by taking on international correspondence activity without properly equipping itself to manage such business. "Smaller banks, just like the bigger ones, need to fully understand and follow the 312 due diligence requirements if they open up accounts for foreign banks." [11/2/17]
Complaints: Why you shouldn’t shun them, but invite them! In this era of exploding complaint volume, this certificated webinar (see instructions in video for how to get your free certificate of completion) takes a look at the risks, evolution, and need for a management strategy to effectively deal with complaints. Before that, we cover what’s hot in compliance, as seen by the editors of Risk InboX. This week’s hot items: 1) HUD cancels Obama era Fair Housing rule; 2) “HMDA” for boards and management; and 3) CFPB has added a new dimension to its complaint database. Click here to watch now.
What makes the patented AffirmX Risk Intel Platform different than anything else out there? Take the next 3 minutes to see what this revolutionary tool can do for your financial institution. Watch Video