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AML/BSA Specialists Sought The USA PATRIOT Act has sharply focused attention on anti-money laundering efforts by financial institutions. The stakes are high. In one BSA-related enforcement action last year, the Federal Reserve imposed penalties of $3,750 against the bank; in another, the penalties were $5,000,000. If money laundering violations are severe enough, the regulators have authority to seek charter revocation. As a result, more institutions are looking for employees whose core expertise is in Bank Secrecy Act. Those employees are generally also given responsibility for OFAC compliance, in addition to their anti-money laundering responsibilities. Thinking about expanding your knowledge and developing a niche of your own? This may be a good place to start. BankersOnline.com has an entire section devoted to the USA PATRIOT Act and anti-money laundering, with articles, tools, and links. http://www.bankersonline.com/aml/aml.htmlPrivacy Remains a Hot Topic Customer interest in privacy protections didn't wane after the initial round of privacy notices was sent in 2001. Protection of confidential information remains a major concern of consumers and poses a major challenge to financial institutions. Mastery of the GLB privacy regs, the Right to Financial Privacy Act, the Fair Credit Reporting Act and common law privacy protections is essential for each financial institution, and an increasing number of companies are designate a chief privacy officer to spearhead privacy efforts. In addition to the compliance aspect of privacy, there is also a technical aspect. The information security guidelines mandate that certain steps be taken to implement and maintain administrative, technical, and physical safeguards for customer financial information. Whether the information is in paper or digital form, protecting it is an ongoing responsibility that requires someone who is both security-minded and technically-inclined. Plus, there's required training on information security awareness for every employee of your institution. There are many articles on BankersOnline.com to help bring you up to speed on information security and privacy. Check the InfoVault for links. http://www.bankersonline.com/infovault/infovault.htmlOrganized Gangs Go for Bank Tellers The OCC and the FDIC have each recently issued alerts describing how organized gangs are utilizing coercion and threats of bodily harm to persuade existing bank tellers to aid them in fraud schemes. The gangs are also sending members in to obtain jobs as tellers. Once they have control of a teller, they cash stolen treasury checks, make fraudulent withdrawals from savings accounts, or, in some instances reported to BankersOnline, obtain access codes to the institution's facilities. Every financial institution H.R. Department should familiarize itself with the disturbing details of this emerging trend. You'll find two articles that describe the fraud and provide tips and advice for how to avoid it on BankersOnline.com:When Tellers Are Targeted -- Part I When Tellers Are Targeted -- Part II Tell Us! What's Hot in YOUR area or in your institution? Shoot us a quick email and let us know! mbguard@bankersonline.com |
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