Isle of Man Financial Intelligence Unit’s Post

🏦 🔒 👥 [Reporting to the Board: New GLBA Requirement || A How-To Series for Compliance Officers in Financial Services] 🏛️ 3️⃣ Part 3: Take a peek at the standard template that CyberSecurityBase uses for fintech clients. See the attached file. 🤿 In case you want to dive deep into the authoritative text, here's a handy link to 16 CFR 314.4(i): https://buff.ly/4eEHMyP ❓If you have questions, just pop them in the comments. 👈What you missed yesterday: What does the report need to include? (Part B) 👉Next week: How to customize our standard template for your financial institution

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FinCEN recently released its “Year in Review” for its 2023 fiscal year. Much of it focused on the value in various BSA filings. For example, the Internal Revenue Service Criminal Investigations indicated that over 87% of all investigations have a BSA filing(s) connected to the primary subject. Additionally, more than one-third of the Federal Bureau of Investigation’s active Complex Financial Crime investigations had a direct link to Currency Transaction Reports and Suspicious Activity Reports.   In addition to the regulatory agencies, there are also national security agencies as well as federal, state and local law enforcement agencies with access to BSA data. Surveys of these agencies with such access revealed overwhelmingly that BSA data:   ·     Is…valuable to the detection and deterrence of illicit activity; ·     …helped in identifying new leads ·     …revealed previously unknown information ·     …supplemented or expanded known information ·     was …used to open a new investigation…   This should serve as a pat on the back and help reinforce that results do come from all the time, energy and effort financial institutions put into maintaining an effective Bank Secrecy Act program.   If you want to learn more on the ins and outs of CTRs and SARs, be sure to check out the following webinars which are available OnDemand:   All About CTRs - https://lnkd.in/dayRag-N   All About Suspicious Activity Monitoring & Reporting -https://lnkd.in/gZ-T6_Tn  

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Infrequent or delayed bank and account reconciliations pose significant risks. From increased errors to difficulty in identifying discrepancies and detecting fraud, the consequences are serious. Let’s prioritise timely reconciliations for better financial security! #Reconciliation #FinancialSecurity

Dear All - Please find a link to today's CAMS Quiz: #AMLQuiz #AntiMoneyLaundering #KnowYourCustomer #kyc #financialcrime #amlcompliance #regulatorycompliance #financialintelligence #riskmanagement #terroristfinancing #SuspiciousActivityReporting #fraudprevention #compliancetraining #AMLAwareness #duediligence #legalcompliance #amltraining #financialregulations https://lnkd.in/dqSMTMcv