Compliance Watch

The Financial Crimes Enforcement Network recently issued a Notice of Proposed Rulemaking (NPRM) to implement the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA).

The Federal Financial Institutions Examination Council has updated sections and related examination procedures in the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.

The Department of Justice and other federal agencies announced an initiative to combat money mule scams. A money mule is someone who receives and moves money that came from victims of fraud.

This week, the CFPB issued the LIBOR Transition Rule, which amends Regulation Z to facilitate the LIBOR transition.

In preparation for the upcoming threshold changes, Michael Christians Consulting, LLC has provided a detailed listing of the changes in a recent blog post of Updated Regulation Z Thresholds for 2022.

Question: If we deposit a two-party check to an account that includes only one of the two payees (our member), what is our potential liability? Answer: As a depository “bank” under UCC, you warrant to the payor “bank” (the financial institution you are presenting the check to for payment) that the endorsements are genuine and that the check has not been altered or forged.

You have a choice every day to IMPACT the lives of others. When you invest in your professional growth, you can’t help but IMPACT your credit union, your credit union members, and the credit union movement.

Compliance touches every part of the credit union. With easy-to-read summaries, checklists, FAQs, and more, InfoSight can assist with compliance in all areas of your organization.

In a joint letter, the NCUA board requested that Congress make permanent the enhancements to the Central Liquidity Facility contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

This week, FinCEN issued Notice FIN-2021-NTC4, "FinCEN Calls Attention to Environmental Crimes and Related Financial Activity," to call attention to an upward trend in environmental crimes and associated illicit financial activity.