Brian Nowak’s Post

The FDIC issued consent orders to banks in Alabama and Oklahoma, directing them to enhance their anti-money laundering compliance programs and ensure adequate training for staff. Ask me how Wolf & Company, P.C. can aim to strengthen your company’s oversight and prevent financial misconduct. #regulatorycompliance #FDIC #AML #governance

The FDIC proposed a rule to enhance bank recordkeeping on #fintech partners to ensure timely access to customer funds in the event of a collapse, Gabrielle Saulsbery writes in Banking Dive. Under the proposed rule, in addition to tighter reconciliation controls, financial institutions can strengthen compliance with the Anti-Money Laundering and Countering The Financing Of Terrorism (AML/CFT) law to improve transparency and accountability. A #BankingSolution, like Treasury Prime's Bank OS, adheres to all of the requirements of the proposed rule and prioritizes bank-managed programs, products and customers to ensure banks have the authority to maintain customers’ funds. https://bit.ly/4dkFFxS

The ever changing modus operandi of criminals is having a tremendous adverse impact in the financial industry victimizing credit unions, banks and their members/clients. The following article creates a “call to action”. #BeAware #SituationalAwareness #Collaboration https://lnkd.in/evmKT8Ed

To FI AML follks - bankers and credit union”ers”, I’m curious what you think about the letter below. I have many thoughts on it but am curious what yours are. (No debates on CUs vs banks please. Both FIs have an invaluable role to play in the financial sector.)

Canadian Bank TD Bank, pleads guilty to money laundering charges. Follow the link and read the full news to learn more about how TD Bank aided money laundering through their bank’s infrastructure. Visit Here- https://lnkd.in/gE2vecwg #tradeflockus #tdnews #trending #moneylaundering #bankingnews #breakingnews #financialcrime #moneylaundering #bankfraud #crimealert #bankingindustry #legaltrouble #updatenews #moneylaunderingcase #updates #financenews #bankingfraud #aml

"Zelle scams prompt federal probe into whether banks are doing enough to protect customers" - https://lnkd.in/e2F5DSzZ #Thursday #Zelle #Scams #FraudPrevention #Consumers #ICYMI #Savings #Banking $JPM $WFC #Investors #Investings #Stocks #StockMarket #WallStreet

Unfortunately scams and fraud are incredibly prevalent. In his latest blog, Ron Jahnke, Waukesha State Bank Vice President - Private Banking Officer, details the most common types of fraud and his recommendations for keeping your accounts safe. Learn more > https://trst.in/K35RR7. Member FDIC.

Pretty major fine against a hotel/casino for willfully violating BSA/AML requirements. This is no fluke. We have seen a notable increase in regulatory scrutiny related to all manner of non-bank financial institutions! If you are subject to BSA Requirements, the days of sleeping on this risk are over. Bank's and Credit Unions that have NBFI's as customers also need to have appropriate enhanced customer due diligence! Yes, to mitigate your own risk, but it could also be an indirect way of helping your NBFI customers to understand their own!

In a recent publication in Bank Beat, Managing Director at CIC Services, Chris Gallo, emphasizes the considerable challenge that consumer fraud presents to banks and financial institutions in the contemporary digital age and how captive insurance can offer several advantages. Read the full article here: https://lnkd.in/eftg2TDh

Ohio #creditunions want to prioritize member service, not serving outdated regulations. That's why the Ohio Credit Union League requested the Financial Crimes Enforcement Network, US Treasury update its Currency Transaction Report (CTR) threshold. The $10,000 CTR threshold was established in 1972 and has not been adjusted for inflation. To put that into perspective, women could not get a credit card without a male co-signer until 1974, the internet was born in 1983, and the iPhone and mobile banking were released in 2007. It is time to update important regulations to meet current market realities and eliminate unnecessary SAR filings for normal cash transactions. Read more below on how reasonable CTR modernization would enable credit unions to focus more on member service. #BSA #AML #compliance