November 10, 2023

Past Issues | Subscribe | ABA Bank Compliance magazine | ABA Banking Journal

November 10, 2023

Features

Please note, there will not be an edition of ABA Risk & Compliance on Friday, November 24.
The newsletter will return to your inbox on Friday, December 8.

Check fraud in America: a persistent challenge for banks amid evolving threats

The best defense is looking at check fraud and other fraud types holistically within your bank by creating a fusion strategy between fraud, cyber and AML/BSA groups.

"Banks have long supported consumers accessing their own data, but believe it should be done in a safe and sound way that provides them with control," says ABA VP Ryan Miller. With respect to Section 1033 of the Dodd-Frank Act, the CFPB "has attempted to put that into place here."

Is deepfake technology shifting the gold standard of authentication?

A challenge for financial institutions will be improving the certainty rate of user authentication to prevent breaches.

Working with state banking associations is just part of the teamwork it takes for effective issue advocacy, Nichols said. Bankers’ voices need to be heard, too.

Ncontracts, launched an online training program “Nstitute Certified Vendor Management Professional (NCVMP)" certification based on the new interagency guidance on 3rd party risk management. Nstitute is a self-paced, training program that covers essential areas of third-party risk management to empower vendor managers and professionals tasked with overseeing third-party vendors, consultants, fintechs, and others. Ncontracts is currently offering an exclusive 30% discount.

Learn More

FinCEN, Commerce: New term for reporting of export control evasion

In a joint notice, the Financial Crimes Enforcement Network and the Commerce Department’s Bureau of Industry and Security announced a new reporting term, "FIN-2023-GLOBALEXPORT," for financial institutions to reference when filing Suspicious Activity Reports related to global evasion of U.S. export controls beyond the Russia-related circumstances that were the subject of two previous notices.

Appraisers and their state regulators are in the best position to limit bias in the appraisal process as banks are not well-positioned to detect such bias, ABA VP Sharon Whitaker told the federal Appraisal Subcommittee.

ABA and 17 associations asked the Department of Labor for an extension of the public comment period for a proposed new rule that would extend fiduciary status to advice on rollovers and investments related to commodities and insurance products like fixed annuities.

FDIC updates risk management manual

The FDIC has updated its Risk Management Manual of Examination Policies to update and clarify instructions on uninsured deposit and commercial real estate concentrations, found in section 16.1.

ABA strongly supports efforts by the House Financial Services Subcommittee on Financial Institutions and Monetary Policy to investigate "the chaotic state of global financial standards," such as the proposed U.S. adoption of the Basel III "endgame" capital standards, the association said.

FinCEN released a final rule that amends the final beneficial ownership reporting rule to permit reporting companies to use the FinCEN identifier of another company in certain limited circumstances.

Get ready to unlock exclusive insights into the ever-evolving world of cybersecurity! Our 11th annual "Experian 2024 Data Breach Industry Forecast" is here, offering a tantalizing glimpse into the future. With six pivotal predictions that will reshape the cybersecurity landscape, this report is a must-read for data breach professionals, cyber experts, and industry leaders.

Download Now!

Training

November 14
Webinar: Maximizing ROI: Financial Crime System Implementation Best Practices

November 15
Webinar: Addressing Cybersecurity Concerns with a Remote/Hybrid Workforce

November 28 - 30
Conference: ABA/ABA Financial Crimes Enforcement Conference
Gaylord National Resort & Convention Center, National Harbor, MD

December 6
Webinar: Crypto Fraudsters Turn Love into Loss

December 14
Webinar: Top Risks & Compliance Concerns for 2024

January 22 - Fenruary 23, 2024
Facilitated Training: Managing Funding, Liquidity and Capital

January 22 - March 8, 2024
Facilitated Training: Analyzing Bank Performance

January 24, 2024
Webinar: The 2024 Fraud Landscape

January 28 - 31, 2024
Conference: Insurance Risk Management Forum
Amelia Island Resort, Amelia Island, FL