The FFIEC manual references “business type” as a risk factor 342 times, almost as many mentions as correspondent banks. Recent events in the payments processing industry have highlighted the need for commercial banks and TPPPs to adopt…
Coming out of ACAMS 15th annual AML & Financial Crime Conference in Las Vegas last week, I saw several themes emerging in the AML/BSA/KYC space. The conference featured an impressive array of speakers and exhibitors from the commercial banking industry, fintech and…
Last week, five heavy-hitters of US banking regulations released a joint fact sheet on Foreign Correspondent Banking. They took care to emphasize one flavor of…
The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule raising statutory fines for violating the Bank Secrecy Act (BSA). In some cases the maximum penalty amounts or ranges have…
The Third Party Payment Processors Association (TPPPA) held its second annual member conference in Atlanta last week. Attendance doubled from the prior year, demonstrating the increased interest in issues facing…
These misclassifications can negatively impact the effectiveness of your Know Your Customer (KYC) program. Regulators are…
US Treasury Assistant Secretary for Terrorist Financing Daniel L. Glaser mixed sensitivity and matter-of-factness around the topic of de-risking while at global forum last Wednesday.
He began by…
It seems the hottest topic at almost any payments conference is speeding up payments — whether it is Same Day ACH, Real-time Payments or Faster Payments. This held true at the EPCOR Payments Conference in Overland Park, KS at the end of October.
Today’s regulatory environment is uncertain and difficult to navigate. The risk factors for ACH/Check Processing are unique compared to those for credit card processing. As such, it is important to understand those differences and how to best manage your portfolio risk with thorough due diligence and ongoing monitoring. Additionally, banks are facing…
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