In today’s banking environment as soon as one big new regulation is implemented another pops up. ICBA’s compliance training opportunities and exceptional resources, online and offline, will help your community bank stay informed and one step ahead of the regulators.
Merely surviving is no longer enough in today’s rapidly changing environment. All organizations, and in particular community banks, must focus on maintaining organizational relevancy.
If more than one Item 2 option applies to a Part I person, a separate Part I section will be prepared on that person for each Item 2 option.
For example, if the Part I person conducted a $5,000 deposit into their personal account and a separate $7,000 deposit into the account of another person/entity, there will be one Part I on that person reporting option 2a on the personal deposit with that amount and account number in Item 21 “Cash in amount”.
There will be a second Part I on that person, reporting option 2b on the person/entity account transaction with that amount and account number in Item 21. Filers will proceed with creating a Part I for all other persons involved in the transactions, which in this example will be the person/entity on whose behalf the $7,000 transaction was conducted, reporting option 2c, with the $7,000 they are involved in and account number in Item 21.
Reference: FinCEN FAQs #16
The ICBA Compliance Vault is now available as a member benefit to all ICBA members.
The Compliance Vault is a reliable search tool that helps you find answers to your regulatory compliance questions, with access to over 2,500 Q&As, select online courses, and documents.
Community Banker University offers a variety of online training options with courses that build knowledge and a strong foundation within key areas of the banking industry and professional development.
The courses in the Community Banker Compliance Certificate Program are designed to give community bankers the knowledge and skills they need to become experts in regulatory compliance. The certificate program consists of four critical learning areas.
One of the three elements of an effective compliance program is monitoring and corrective action. These compliance working papers are essential for monitoring your financial institution’s compliance with federal consumer compliance laws and regulations.
ICBA Member: $599
Annual Digital Renewal
ICBA Member: $299
The ICBA Compliance Deskbook is the industry’s premier resource for compliance information. Access regulations, important dates, agency guidance, questionnaires, and other resources in one place.
ICBA Member: $399
Annual Digital Renewal
ICBA Member: $249
The Bank Compliance Checkup Program provides a comprehensive system for on-going monitoring of your bank’s compliance with Deposit, Lending, Administrative and IT/Tech/Security regulations.