This article contains three noteworthy regulatory and compliance updates for banks and credit unions in June 2021. Continue reading for details on these changes and how they affect you and your institution.
Federal and State Regulators Release Updates to the BSA/AML Examination Manual
The FFIEC released updates to four sections of the Bank Secrecy Act/Anti-Money Laundering Examination Manual:
- International Transportation of Currency or Monetary Instruments Reporting
- Purchase and Sale of Monetary Instruments Recordkeeping
- Reports of Foreign Financial
- Special Measures
These updates should not be interpreted as new instructions or increased focus on certain areas; instead, they offer further transparency into the examination process and support risk-focused examination work.
Why Is This Important to Me?
Share this information with your compliance-focused colleagues.
FDIC’s FDITECH Announces Tech Sprint
The FDIC’s technology lab, FDITECH, announced a tech sprint to help participants find the most effective way to meet the needs of the unbanked population. Registration will open to all interested parties in July 2021.
Why Is This Important to Me?
Share this information with colleagues who may be interested in participating in the sprint.
FBI’s Internet Crime Complaint Center Released
The FBI released their Internet Crime Complaint Center report on June 15, 2021, World Elder Abuse Awareness Day. The report shares that people over 60 lost nearly $1 billion in online frauds and scams in 2020. According to the report, the most common scams against seniors were:
- Extortion
- Non-Payment/Non-Delivery
- Tech Support Fraud
- Identity Theft
The report also details why older adults are vulnerable and ways to protect loved ones from scammers.
Why Is This Important to Me?
As the report indicates, elder financial abuse is on the rise as more and more seniors make purchases online. Share this report with your client-facing colleagues and ensure they have adequate training on elder financial abuse, scams, fraud, and identity theft.
About the Author
Rachel Davis
Product Manager at OnCourse Learning
Rachel Davis is the Product Manager of GRC and professional education for banks, credit unions, and non-bank financial services at OnCourse Learning. Rachel has worked in the financial services industry for 12 years and keeps up to date on financial industry hot topics. Rachel received her Bachelor of Arts in English Literature from Saint Louis University.
About the Author
Rachel Davis
Product Manager at OnCourse Learning
Rachel Davis is the Product Manager of GRC and professional education for banks, credit unions, and non-bank financial services at OnCourse Learning. Rachel has worked in the financial services industry for 12 years and keeps up to date on financial industry hot topics. Rachel received her Bachelor of Arts in English Literature from Saint Louis University.
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