ABA Risk and Compliance
 
 
 
 
November 30, 2020
5 Tips for Writing Effective SARs
Nuance Communications Inc
Read "COVID-19 Fraud: How BSA and Fraud Professionals Can Increase Productivity” and learn best practices to report financial fraud, tips for writing effective SARs, and how banks can efficiently manage the increasing workload of reports.
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Features
Four Tips for Securing Digital Banking Channels
Application fraud and account takeover attacks have soared during the pandemic, but modern technologies enable secure and convenient banking
Asurity Technologies
Western Union Business Solutions
WHY YOUR BANK NEEDS A CMS
Ncontracts
Regulators have been emphasizing the importance of a strong and effective Compliance Management System. This whitepaper will walk you through the basics of a CMS while offering practical advice on how to ensure your CMS supports your strategic goals.Takeaways include:
·A primer on CMS requirements
·4 key elements to prioritize when designing or updating a CMS
·7 CMS features that should align with your bank’s goal and structure
·Examples of failed CMSs and compliance controls
CLICK HERE TO DOWNLOAD AND LEARN ABOUT OUR CMS SOFTWARE
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Risk and Compliance News
ABA Urges FinCEN to Analyze Costs, Burdens of Foreign Correspondent, Private Banking Accounts
In a comment letter to the Financial Crimes Enforcement Network, ABA urged FinCEN to conduct a "thorough and reflective analysis of the regulations that apply to both foreign correspondent accounts and private banking accounts," noting that such a review is "needed and overdue."
ABA Offers Recommendations for Improving AML Effectiveness, Efficiency
In a letter to the Financial Crimes Enforcement Network, ABA emphasized that "focusing on effectiveness and efficiency in AML compliance programs will go a long way toward eliminating inefficient and unnecessary practices and focus resources on fulfilling the BSA’s stated purpose of providing information with a high degree of usefulness to government authorities."
AI and Machine Learning Can Repurpose Humans, Not Replace Them
Four ways for banks to integrate emerging financial crimes technology.
Fusion Risk Management, Inc.
Cyber Risk Institute Updates Cybersecurity Profile
The Cyber Risk Institute—a coalition of financial institutions and trade associations including ABA—has updated its Financial Services Cybersecurity Profile.
Data Breach Response Ready
Experian Partner Solutions®
Your free go-to hub to help your business take those crucial first steps in preparing a customer first notification response. Data breach incidents unfortunately happen daily, across all businesses, all over the world. We created this hub especially for businesses to feel confident, secure, and prepared for a data breach. Whether your business is small, medium or large, we will partner to help you take proactive steps in all stages of a breach.
Be Response Ready®
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