Abrigo

JANUARY 3, 2024

The Final Rule for Beneficial Ownership Reporting , issued in September 2022, establishes definitions for reporting provisions of the FinCEN BOI database. The final access rule does not dictate how to receive consent and allows for flexibility based on differences in FIs across the nation. Below is a short recap of each. Beginning Feb.

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FICO

NOVEMBER 23, 2021

FICO has announced its panel of independent judges for the 2022 FICO® Decisions Awards , which honor businesses achieving outstanding results using analytics and decision management technology to grow their business, manage risk and reduce costs. 2022 Judges (Left to Right): Sidhartha Dash, Paul Deall, Senthil Erulappan, Armando Junior.

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Independent Banker

DECEMBER 31, 2022

From new fee practices to peer-to-peer fraud, keep an eye on what regulatory changes could be developing in the new year. CFPB issued Circular 2022-06 about two fee practices that it considers unfair and unlawful under existing law. Cyber Incident Reporting for Critical Infrastructure Act of 2022 (CIRCIA) was passed in 2022.

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PYMNTS

OCTOBER 19, 2020

Banks are typically required to establish direct links with financial institutions (FIs) in other nations to make or receive cross-border payments. The following Deep Dive explores cross-border payments’ challenges, including time-consuming government inspections, lack of transparency and the potential for fraud.

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CFPB Monitor

JULY 14, 2022

On July 8, with limited fanfare, the Department of Treasury issued a request for public comment regarding the March 9, 2022 Executive Order entitled “Ensuring Responsible Innovation in Digital Assets” (the “Order”). Nonetheless, the request for comment sets a deadline of only 30 days – August 8, 2022 – for responses.

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Abrigo

APRIL 26, 2022

The Financial Crimes Enforcement Network ( FinCEN ) has profiled this global issue by naming corruption one of the eight national security priorities. Securities and Exchange Commission launched investigations into political corruption and started legislative efforts to thwart such acts. financial system. In the 1970s, the U.S.

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FICO

JULY 31, 2019

Tools such as the ABC National Risk Score in the US, which provides a general rating of cyber risk for benchmarking, and the FICO® Cyber Risk Score, which provides company- specific metrics, may be leveraged in combination to provide a directionally correct view of relative risk. And follow me on Twitter @dougoclare. by Doug Clare.

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Cyber Security Management Security Risk Management 70

Independent Banker

OCTOBER 1, 2022

But as the prevalence of security breaches grows, so do the opportunities for community banks to position themselves as guardians of their customers’ personal data through compliance, technology and relationship building. Data privacy and security is a hot topic and is only getting hotter. By Katie Kuehner-Hebert. Bob Hickok.

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FICO

FEBRUARY 9, 2023

As the PSR’s response to authorized push payment fraud moves towards becoming law, what will the results be? million stolen through fraud in the UK last year, payment scams (or authorised push payment fraud or APP scams) accounted for 41%. A quarter of all losses to payment fraud is under £100. And what can banks do?

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Abrigo

MAY 5, 2022

Using Data to Acquire, Engage, and Retain Banking Customers,” and “Customer Identity: Balancing Security and Seamless Banking Experiences.” Fraud Prevention. Ahead of the Curve: A Banker’s Podcast Bonus Episode – ThinkBIG 2022. Some recent episode titles include: “Should Bankers Fear Apple’s Future Growth Strategy?”

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Gonzobanker

JULY 8, 2022

In Cornerstone’s What’s Going On In Banking report , 67% of surveyed bank executives listed the ability to attract qualified talent as their top concern in 2022—up from just 19% last year. A national unemployment rate of 3.6% and a shocking 1.3% unemployment rate for I.T. The New CIO Skillset.

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Abrigo

DECEMBER 20, 2021

Remember the purpose of BSA, to assist law enforcement in stopping money laundering, terrorist financing, fraud, and other illicit activity. . Staffing Assessments: Why Financial Institutions Should Prepare for 2022 Staffing Needs Now. If you know you have questionable activity in your transaction monitoring, slow down and report.

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FICO

NOVEMBER 8, 2022

Strong Fraud Protection Could Draw More Customers - Survey. Fraud protection is now firmly on the radar for consumers and has risen substantially as a deciding factor - it could even be a competitive advantage for banks. Tue, 11/08/2022 - 12:20. Fraud Attacks and Media Overload. by Matt Cox. expand_less Back To Top.

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South State Correspondent

OCTOBER 25, 2023

Over the last ten years, from 2012 to 2022, checks by volume have declined some 57%. This cost includes receiving checks, scanning, providing checks, check security, data verification, check data management, compliance, fraud management, customer service for transactions, handling complaints, dispute resolution, and exception handling.

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Fraud ATM Payments Management 195

FICO

OCTOBER 7, 2022

Buy Now, Pay Later: BNPL Fraud and Regulatory Update. Buy now, pay later or BNPL financing is experiencing tremendous growth, but that growth can bring potential growing pains like fraud and regulatory scrutiny. Fri, 10/07/2022 - 14:10. As payments professionals well know, change creates opportunities for fraud.

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Abrigo

JANUARY 3, 2024

According to the National Institute on Drug Abuse (NIDA), deaths involving synthetic opioids, primarily fentanyl, continued to rise, with 70,601 overdose deaths reported in 2021. In 2022, NIDA reported that 109,680 people died as the fentanyl crisis deepened. million encounters occurred in 2022, up from 1.7 T his year, U.S.

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Gonzobanker

DECEMBER 19, 2022

Who saw 2022 coming and accurately predicted the headlines? A few modest examples of the 2022 roller coaster ride: The Fed rate hikes in 2022 totaled 425 basis points. In December, the founder and CEO of Crypto Exchange company FTX was arrested in the Bahamas (yah, don’t ask) and charged with fraud and conspiracy.

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South State Correspondent

JULY 25, 2022

Rate Hikes: Overall, most banks underestimated the number of rate hikes and the rate of net interest margin expansion in 2022. Deposit Volumes, Mix & The Impact of the Fed’s Balance Sheet Reduction: The Fed started “Quantitative Tightening” in June and has decreased the Nation’s balance sheet by $735B. and beyond.

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Abrigo

JULY 1, 2022

Human trafficking has long been a global concern and has officially become one of the eight national anti-money laundering and counter-terrorism priorities for the United States. Department of Homeland Security defines human trafficking as modern-day slavery involving the use of force, fraud, or coercion to obtain labor or commercial sex act.

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Qudos Bank

MARCH 28, 2023

Departures have reportedly increased by 215% since the country re-opened in 2021, boasting a monthly average of about 300,000 to June 2022 [1]. Knowing how to store your money and personal belongings in safe, secure, and oftentimes clever places could help you avoid the common travel risks of petty theft, robbery, or ATM tampering.

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Abrigo

SEPTEMBER 13, 2022

Get more BSA training on the latest fraud trends with this webinar. Fraud Prevention. Fraud Trends. The statement reminds financial institutions that no customer type presents a single, uniform level of risk related to money laundering or terrorist financing. Watch Webinar. Sophisticated measures. BSA Rules and Regulation.

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Software Resources Training Compliance 195

Abrigo

APRIL 18, 2022

According to a White House statement , the executive order's goals are to: enhance consumer protection ensure financial stability increase national security reduce climate risk The White House describes the executive order as an attempt to balance innovation and U.S. National objectives in cryptocurrency policy. Priorities.

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Abrigo

MARCH 31, 2023

You might also like this webinar: "CECL implementation FAQs: Progress as 2023 approaches" listen Takeaway 1 The National Credit Union Administration emphasized interest rate, liquidity, and credit risk as main concerns. But not all credit unions were ready to address CECL in their 2022 capital plans.

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Qudos Bank

FEBRUARY 15, 2024

Knowing how to store your money and personal belongings in safe, secure, and oftentimes clever places could help you avoid the common travel risks of petty theft, robbery, or ATM tampering. With most banks having fraud protection programs in place, your cards could then be well-monitored for any dubious or fraudulent transactions.

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Abrigo

JUNE 15, 2023

national security and the integrity of the U.S. DOWNLOAD Risk factors Red flags for money laundering through real estate In February 2022, FinCEN issued an Advance Notice of Proposed Rulemaking (ANPRM) for certain persons involved in real estate transactions to collect, report, and retain information. financial system.”

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Abrigo

JANUARY 13, 2023

million encounters occurred in 2022. national priorities. . Human smuggling is the facilitation, for financial or other material gains, of irregular entry into a country where the migrant is not a national or resident, according to the United Nations. In 2022, there were more than 2.3 Register now. More than 2.3

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Abrigo

JANUARY 31, 2023

register now Takeaway 1 While the AML/CFT industry seemed to have been in a holding pattern during 2022, regulatory movement is expected for 2023. Takeaway 2 Banks should be proactive in understanding fraud trends and FinCEN priorities to prepare for future rulemaking. billion to fraud in 2021, a 70% increase over the prior year.

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CB Insights

JULY 23, 2020

Companies will have to look to guidelines from local and national authorities for each office location. Beyond the office: cybersecurity and at-home network security. Challenges: health screens raise security concerns . Bathrooms: autonomous cleaning solutions. Kitchens: low-touch and voice-enabled tech. Conclusion. First name.

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Gonzobanker

DECEMBER 14, 2023

Honorable Mentions – while this was a quiet year for M&A, we tip our hat to Atlantic Union’s acquisition of American National Bank and Eastern Bank’s acquisition of Cambridge Bank. We remember his architecting the legendary Bank of America and Security Pacific merger on the West Coast. Expect more deals to be announced in 2024.

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Abrigo

MARCH 4, 2022

You might also like this whitepaper, “New Account Fraud: A Behind-the-Scenes Look at Cyber Threat Actors” DOWNLOAD . He won’t sit still for it,” James Clapper, former Director of National Intelligence under President Obama, said of the trade and financial sanctions during an interview Sunday on CNN. Indeed, former top U.S.

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Exercises Leadership Fraud Resources 195

FICO

JANUARY 5, 2023

Leading up to 2022, the industry saw meteoric growth with transaction volume increasing fourfold , from $33 billion to $120 billion, between the years of 2019 and 2022. The SEC rules will require a new cyber security preparedness level that many organizations may not be meeting today.

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