Queensborough National Bank and Trust Co.’s Post

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Compliance mistakes can cost more than money—they can damage trust. Recent actions by the CFPB highlight the significant risks financial institutions face when compliance falls short. At Concord, we help companies avoid these pitfalls by ensuring loan servicing and reporting processes meet the highest regulatory standards. Protect your reputation and your customers—don’t let compliance issues be your downfall. https://hubs.li/Q02RTjyL0 #finance #banking

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Westpac cracks down on financial abuse with alert system for vulnerable accounts https://lnkd.in/eJ8_9McK #BankingAndFinanceNews #FinancialServicesProducts #COVID19 #Online #Banking #Business #Services #Finance #Home #Money #Loan #Lease #Lending #Markets Please Repost

#BankingAndFinanceNews Please Repost

#BankingAndFinanceNews Please Repost

#BankingAndFinanceNews Please Repost

It’s always good to have someone watching your back. David Martin, Banking Center Manager at our Munster Ridge Road location, had his clients’ back when he met recently with some long-time business clients. The clients own a family-run funeral home but hadn’t been as present at the location as they were, normally. “Their father was having some health issues,” David shared, “so they couldn’t be as hands on as they normally were.” While reviewing the business’s finances, David noticed multiple ACH deposits and request, which had caused several overdrafts. “It wasn’t how they usually ran the business, so it immediately grabbed my attention,” David said. The family said they, too, were concerned about the activity. David referred the business to Deb Milne, Senior Treasury Management Officer, who recommended the family use Positive Pay and Reverse Positive Pay – a software that allows businesses more insight and control into payments. “What was of particular use for this business is that this software requires you to approve each ACH item before it gets paid,” David explained. “So they have eyes on all their business transactions, even when they can’t be there in person. It’s given them real peace of mind and gone a long way towards protecting them against fraud.” Thank you, David, for your work in protecting a business client during a stressful time in their personal lives! #finance #business #smallbusiness #banking #businessbanking #commercialbanking #customerservice

In 2023, UK banks made headlines as they closed over 140,000 small and medium enterprise (SME) accounts, a figure representing approximately 2.7% of the total 5.3 million SME accounts held across eight major banks, including Barclays, HSBC, TSB, Lloyds, Santander, NatWest, Metro, and Handelsbanken. This data emerged as part of a House of Commons Treasury select committee inquiry into SMEs’ access to finance, shedding light on the challenges faced by small businesses in maintaining banking relationships. The reasons behind these closures varied among banks, with factors such as risk appetite, concerns about financial fraud, and limited information sharing contributing to the decision-making process. For instance, while Barclays categorized closures into six distinct reasons, including regulatory compliance and financial crime, TSB primarily cited financial crime and verification issues as grounds for account closures. HSBC highlighted financial crime as a significant factor, accounting for one-third of closures, emphasizing instances where the bank suspected illicit financial activity. Notably, NatWest, Barclays, and Santander explicitly identified 'risk appetite' as a criterion for account closures, contributing to over 4,200 cases. These closures come amidst heightened scrutiny, with Economic Secretary to the Treasury, Bim Afolami, expected to address the Treasury Committee regarding SME financing access. The committee's inquiry, led by Treasury Committee chair Harriett Baldwin, aims to examine the fairness of treatment received by small businesses from banking institutions. Baldwin expressed concern over the readiness of lenders to close business bank accounts abruptly, stressing the potential impact on small businesses' access to essential banking services and urging for greater transparency in decision-making processes. #aml #amlcft #amlcompliance #amltraining #knowyourcustomer #kyc #kyb #financialcrime #financialanalysis #financialawareness #financialdata #financialcompliance

Not sure if information like this is or isn’t news to people but with few exceptions I never ask any bank employee for advice. In fact I avoid interacting with them at all whenever possible. An accountant is a much better person to speak to when you have questions. Usual caveat applies - there are some exceptional bank employees out there who will give you practical advice that serve your interests. It just can’t be expected, unfortunately. This is an industry that is prime for disruption. https://lnkd.in/eupP-2jn