FinCEN released its 18th issue of its SAR Activity Review: “By The Numbers” and its 23rd Issue of SARs: “Trends, Tips &Issues” today. The documents are full of useful information with respect to filing suspicious activity reports.
Here are just a couple examples of what you will find:
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We have reached the day where the old legacy BSA forms are no longer accepted. So, to welcome the new forms in, I thought I would provide you all with a little insight into one very common mistake I have seen while conducting independent tests.
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FinCEN issued a reminder to financial institutions to ensure they adopt the new reports by April 1, 2013. The reports are available on FinCEN’s e-filing system. As stated by FinCEN:
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I thought I would take today to answer a question I have been asked several times when I am out conducting BSA Independent Tests. On the new CTR form, what is the NAICS code?
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This week we released our quarterly update to PolicyAid, our online policy solution. We’ve updated and added new policies based on final rules, best practices and requests from our subscribers. Our January 2013 updates include two new policies:
• Loan Participation Policy (New)
• Website Policy (New)
If you aren’t already a subscriber…. check us out. We offer an annual subscription to a library of 70 policies and counting for a mere $299. If you are tired of spending countless hours just staring at a blank piece of paper trying to get started, subscribe today and let us help you save time and energy. Our policies are in word document format and can easily be downloaded and customized to fit your credit union’s needs. For questions please contact us at policyadmin@policyworksllc.com or 1-855-341-4643.
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FinCEN recently released summaries of the roundtable meetings held in Las Angeles, New York, and Chicago to continue gathering information on the ANPR for customer due diligence requirements with respect to financial institutions. The round table discussed the following key issues raised during the comment period:
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I had the pleasure last week of speaking at and attending CUNA’s Bank Secrecy Act Conference in Dallas. I was hoping to come away with some useful information to bring back to my credit unions. As usual, I was not disappointed. Judy Graham from the NCUA provided credit unions with some valuable information on the BSA “hot topics” during its examinations. Here is a little summary:
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