The Unlawful Internet Gambling Enforcement Act prohibits anyone in the business of betting or wagering from knowingly accepting payments that result from unlawful internet gambling. The statute also required the regulatory agencies to identify which payment systems could be used to facilitate prohibited transactions and require participants in those systems to have policies and procedures to identify and block prohibited transactions, or prevent or prohibit them...
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The last few years have seen billions of dollars of civil and criminal penalties levied against individuals and financial institutions for inadequacies in internal controls that have allowed high net-worth clients to engage in multinational crimes with their financial institution’s unwitting participation. This is particularly true for human trafficking and its associated crimes...
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In its simplest form, the SCRA protections apply to loans that were originated prior to active duty and the MLA applies to qualified transactions that are originated during active duty. Protections and benefits under each of the Federal laws vary, and it’s important not to confuse the two...
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Not sure where to start handling your new role in banking compliance? Let’s talk about what you need to keep in mind to succeed as a compliance officer...
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Though mortgage fraud is more commonly initiated by external parties rather than insiders, you can never completely rule out the risk of collusion between an external party and those involved in the various stages of the loan process. The loan officer, the underwriter, the appraiser…these roles and others are all areas of opportunity for mortgage fraud...
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Regulatory Advisory Services has long advocated when financial institutions identify regulatory violations during their monitoring processes, to self-report to their primary regulator that the violations were discovered and that, as applicable, corrective measures were undertaken to remedy those violations and prevent future violations from occurring. Self-reporting has been viewed favorably by the regulatory agencies. This recent consent order may, however, leave financial institutions questioning whether it is advisable to self-report...
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Incentive Compensation Programs (ICPs) can play a crucial role in driving the success of financial institutions. However, compensation arrangements come with inherent risks. Inadequate risk management in ICPs has led to imprudent risks taken by both C-Level management and employees, risking possible reputation and consumer harm, as well as civil and criminal penalties. By adopting prudent risk management strategies, institutions can strike a balance between incentivizing their workforce and ensuring a secure and compliant operational environment...
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Is there still a benefit to offering Qualified Mortgages? Read below to see our thoughts.
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It appears that virtual training is here to stay and now may be the time to consider rebooting or refreshing your compliance training program.
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Every year financial institutions lose thousands of dollars due to mishandled complaints. Yeah, we need to fix that.
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Maintaining flood compliance can be complex and a challenge for financial institutions. Consider partnering with trusted third-parties to assist in your compliance and audit efforts.
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Writing policies and procedures that are accurate, brief, and user-friendly is perhaps one of the most daunting challenges in compliance. In this article, we set out simple guidelines to make the task approachable and attainable.
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