Bank Compliance Center

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.

Recent Compliance News

Nov 13, 2023 | NewsWatch Today
Grassroots key as Congress debates spending bills

With Congress working this week to advance funding bills to avoid a government shutdown ahead of Friday’s deadline, ICBA is calling on community bankers to contact their members of Congress on pressing legislative issues.

Nov 9, 2023 | NewsWatch Today
FinCEN issues final rule on beneficial ownership identifiers

The Financial Crimes Enforcement Network issued a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about individual beneficial owners.

Nov 9, 2023 | NewsWatch Today
Regulators target CRA, interchange, climate standards

Federal Reserve Governor Michelle Bowman expressed concerns with the community bank impact of regulators’ Community Reinvestment Act final rule and other recent agency actions.

Nov 9, 2023 | NewsWatch Today
ICBA, state groups request comment extension on 1033 proposal

ICBA and its affiliated state community banking associations called on the Consumer Financial Protection Bureau to extend the comment deadline on its proposal to implement standards for sharing consumer financial data under Section 1033 of the Dodd-Frank Act.

Upcoming Compliance Training
Dec 5, 2023 | Webinar

Regulatory Compliance Updates: Q4

Compliance Question of the Week

Question: For electronic banking what types of BSA/AML red flags should be considered for the risk assessment?


The following is not a definitive list, each bank should develop its risk assessment based on its own set of circumstances and the complexity of its electronic banking system.

That said, per the BSA examination manual: Accounts that are opened without face-to-face contact may be a higher risk for money laundering and terrorist financing for the following reasons:

  • More difficult to positively verify the individual’s identity.
  • Customer may be out of the bank’s targeted geographic area or country.
  • Customer may perceive the transactions as less transparent.
  • Transactions are instantaneous.
  • May be used by a “front” company or unknown third party.

Based on the assessment, the bank should develop a comprehensive program that establishes BSA/AML monitoring, identification, and reporting for unusual and suspicious activities occurring through e-banking systems.

Reference: FFIEC BSA/AML Examination Manual 2/27/2015.V2




Compliance Vault

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