February 24 2024

Illinois Bank Hit for BSA Deficiencies

FDIC's most recent list of enforcement actions includes a consent order filed against Security Bank, S.B. of Springfield, Illinois, for inadequacies in its Bank Secrecy Act practices. The laundry list of things to fix includes: 1) a compliant BSA program document; 2) a system of internal controls to ensure BSA compliance; 3) designating somebody to be in charge of compliance; 4) implementing a customer due diligence plan; 5) monitoring account transactions for suspicious activity; 6) conduct a one-year look-back project; 7) put qualified BSA management in place; 8) implement a BSA training program; 9) correct its identified violations. And those were just the highlights. [7/31/20]

Risk Watch Plus Webinar 8: Complaint Management

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 is the AffirmX Platform?

Video 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

About Risk InboX

Each day, teams of subject matter experts and analysts at AffirmX and AdvisX comb through dozens of resources to keep tabs on the latest developments in areas of risk. We share our findings here, along with a brief note about why each item matters.

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