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All in BSA
This Compliance Clip explains the SAR filing timeframes, which you would think would be easy. Unfortunately, like all good compliance topics, they are actually more confusing than you would think. Adam uses layman's terms to explain when the clock starts and how to calculate when a SAR filing is due.
This week's Compliance Clip explains how to complete a CTR on a sole proprietor who uses a DBA (doing business as) alias in operating their business. Adam explains what is needed in the CTR and provides the applicable guidance reference to cite the requirements.
As we explained several months back, FinCEN announced in January that they would be revising the SAR form in June of 2018. As of today, that revision has not yet been released, so Financial Institutions are reminded that they should expect a new SAR form to be released within the next few days. The planned revision is the first change to v1.1 of the original electronic-only SAR form that was implemented a few years back. Based on the proposed revisions, it appears that all…
This week, on June 12, 2018, the Financial Crimes Enforcement Network (FinCEN) issued an advisory on human rights abuses enabled by corrupt senior foreign political figures - also known as Politically Exposed Persons (PEPs) - and their financial facilitators. In their 15-page advisory, FIN-2018-A003, FinCEN explains that high-level political corruption “undermines democratic institutions and public trust, damages economic growth, and fosters a climate where financial crime and other forms of lawlessness can thrive.” FinCEN also explains that corrupt senior foreign political figures can also contribute directly and indirectly to human rights abuses. Therefore, FinCEN has issued this guidance to, among other things, help financial institutions identify “red flags” for suspicious activity in relationship to senior foreign political figures. The advisory also provides guidance for filing SARs on PEPs. (Read more.)
In this video, Adam discusses the BSA record retention requirements for obtaining a clear statement of purpose on certain loans. Adam explains the requirement in detail including which loans the rule applies to, common errors, and best practices to ensure compliance.
CIP requirements for business account signers can be a confusing subject for some. While it would seem natural to require CIP for anyone opening an account, that isn’t technically what the rules require, especially when it comes to business accounts. Therefore, let’s take a deep dive into the CIP requirements and how they apply to business account signers.
As the ultimate beneficial ownership (UBO) rules are very new, I have noticed that there still seems to be some confusion as to what the new CDD rules require in regards to the timing of beneficial owner identification and verification. Therefore, I will attempt to take a deep dive into the timing requirements for beneficial owners.
This BSA video discusses the requirements for reporting SARs to the Board of Directors.
Privately owned ATMs - i.e. ATMs that are not owned by a bank - is a topic that seems to be gaining traction with examiners during BSA exams. Therefore, it is important for financial institutions to understand their requirements in regards to customers who operate privately owned ATMs. This article takes a look at what is a privately owned ATM is, what risks are associated with them, and how financial institutions can manage privately owned ATM relationships.
On May 16, 2018 - just five days after the new customer due diligence (CDD) rules requiring the identification and verification of ultimate beneficial owners (UBOs) went into effect - FinCEN issued a temporary ruling that delays parts of the new requirements for financial institutions. FinCEN’s ruling, known as FIN-2018-R002, provides a 90-day limited exception for financial institutions in regards to products and services that automatically rollover or renew, such as loan accounts and certificates of deposit (CDs), that were established before the May 11, 2018 deadline for the new rules.
