MicroBilt’s Post

The dynamic risk environment surrounding #wiretransfers is constantly changing. 🤔💭 Why it matters: All #financialinstitutions participate in the wire transfer network in some capacity – by sending or receiving wire transfers for accountholders or on behalf of the financial institution – and you must take steps to ensure your organization’s compliance. ➡️ Learn more: https://zurl.co/KBUJ

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

While wire transfers inherently pose risks for financial institutions, effective risk management and thorough audits can significantly mitigate the potential for substantial losses. If your organization is in need of a #wiretransfer Audit or Risk Assessment, our team of experts is ready to help!

Helpful guidance from the Financial Conduct Authority here about the treatment of Politically Exposed Persons (PEP's). Particularly at 2.33. The following measures are to be taken where a customer meets the definition of a PEP, or a family member or known close associate of a PEP. 👉 Obtain senior management approval for establishing or continuing business relationships with such persons 👉 Take adequate measures to establish the source of wealth and source of funds that are involved in business relationships or transactions with such persons 👉 Conduct enhanced, ongoing monitoring of those business relationships Don't just relay on a database search or a Google alert, ensure you have good processes in place. COLIN what's adequate? https://lnkd.in/eFRyD3dB

As financial crime increases, BSA teams need an adaptable and affordable technology to lower costs, do more with fewer resources, and keep their communities safe. That's where we step in. 🙌 Get started today. >> https://vist.ly/3mmvwue #BSASolutions #UserFriendly #FinancialInstitutions

Themis Thursday – 📃 Supporting Documents 📃 When making a disclosure to the FIU, Themis allows you to upload supporting documentation such as KYC documents, bank statements, corporate structure diagrams, media articles and images. These can be uploaded in a variety of formats such as excel, PDF, word or image files. When documents were key in the formation of your suspicion and creation of the disclosure, or when you think they will assist the FIU in understanding and analysing your disclosure, copies should be attached to the submission. When your disclosure refers to open-source articles, these must be attached as PDFs. Hyperlinks should not be used as the information they are intended to provide can be changed or deleted at the source.  

🏦 🔒 👥 [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

🔎 Reduce Fraud & Debt with Risk Verify Database Gain access to essential risk data to safeguard your business from potential losses. Let MicroBilt be your shield. 📉🛡️ #FraudPrevention #RiskManagement #MicroBilt https://hubs.ly/Q02RfS4c0

🔎 Reduce Fraud & Debt with Risk Verify Database Gain access to essential risk data to safeguard your business from potential losses. Let MicroBilt be your shield. 📉🛡️ #FraudPrevention #RiskManagement #MicroBilt https://hubs.ly/Q02RfS4c0

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