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Regulating Reality
Match your Reg CC policies to the daily processes of your financial institution
by Lori Moore, Information Security Consultant, ATTUS Technologies
We all know a particular panic can set in during the holidays. Like the moment just before that big party or event, when you realize you didn’t purchase a present for someone. You had already purchased a thoughtful gift for the annoying relatives and friends who gave you their wish list on the Fourth of July. But that one person who rarely asks for anything special may now feel left out.
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Practical steps for Reg CC compliance
Trey Sullivan |
The squeaky wheel gets the grease, the old saying goes. The same is true with compliance programs. The regulations that make headlines get the most attention. Reg CC rarely makes the evening news, but it is just as important as “squeakier” regulations. This month’s feature article explains how financial institutions of any size can build a compliance program that addresses this important regulation.
Last month, we asked how you balance customer service with compliance. Your responses prove that solid compliance and good customer service are not mutually exclusive. This month, we ask how seriously you should take the new authentication guidelines. Are they enough to make you revamp your authentication processes? We need your best advice.
To keep this newsletter’s material relevant to you, we invite you to be actively involved. Please send ideas for articles you’d like to see, and let us know if we are covering topics relevant to the issues your institution faces. Take our brief reader survey for a chance to win an Apple iPod™.
If you would like to unsubscribe from this newsletter, please click on link at the bottom of the page.
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Bank Secrecy Act Review Service
Are your policies and procedures compliant with current regulations? New service
provides a complete review and evaluation and identifies areas of weakness.
More Information
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Complete our 1-minute reader survey and you could win
an Apple iPod™. |
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Complimentary White Paper |
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Beating the Challenges of Regulation CC
The FDIC reports that 11 percent of institutions audited annually are cited
for Reg CC violations. Fines can be up to $1,000 per individual action and can
run to $500,000 or more (plus damages and legal fees) for class actions.
Learn the six most common infractions, and get a thorough background of Reg
CC.
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this complimentary white
paper. |
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Last Issue's Dilemma:
How can I be compliant and still be customer-friendly?
I understand the need for them ... I’m talking about the lists we all have to check against our customer databases. The OFAC Sanctions Program List and the Politically Exposed Persons (PEP) List are only two examples. I just wish they weren’t getting longer and more complicated every day.
I am worried that the more information I have to double-check, the less I can focus on customers. I want to stay compliant but still be customer-friendly.
How do other financial institutions monitor their lists? Is there a way to balance compliance and customer service?
— Maria Groves, Compliance Officer
Read the best advice from readers
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This Issue's Dilemma:
What’s the risk for not following
strong authentication guidelines?
New, strong authentication guidelines
from the Federal Financial Institutions Examination Council (FFIEC) take effect
on December 31, 2006. Financial institutions are not required to follow the
guidelines, but compliance experts strongly recommend institutions implement
additional user authentication. From what I hear, these regulations may become
official compliance regulations in the near future.
We just spent a lot of time and money
to strengthen our authentication technology and processes. Should I take even
more time and resources now to boost our authentication to match these
recommendations?
What are other financial institutions
doing? Can I risk not following the guidelines and hope examiners don’t contact
me for an audit? Or
should I be proactive and upgrade my authentication now?
— Don Hamilton, Compliance Officer
Can You Help?
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Fraud and AML
Monitoring: Stay ahead of the bad guys |
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Change Management:
Survive and thrive |
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Government
Regulations: Keep up with your changing environment |
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- Trey Sullivan, CEO, ATTUS Technologies
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