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New Year, New Rules
How to navigate the changing world of compliance
by Trey Sullivan, CEO, ATTUS Technologies
After the dazzling excitement of the holidays, people either love or hate January. Some drag themselves back into the office, dreading a long, cold month. Others enjoy getting back into the routine of regular life, relishing the little rhythms of an ordinary schedule.
However you look at it, January 2007 brings changes to the world of compliance. Those changes are as varied as a seismic shift in the political landscape to minute rules that you — and your staff — must now follow.
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What’s new in 2007
Trey Sullivan |
As we all get used to writing 2007 over and over again, compliance issues from 2006 still haunt community financial institutions. How can you fight fraud while staying customer-focused? Will the new Congress make life easier or harder for compliance officers? This month’s feature article provides the facts and makes predictions for the world of compliance in the new year.
Last month, we asked how seriously you should take the new multifactor authentication guidelines. The majority of readers feel the guidelines are not optional — and most institutions should implement them as soon as possible. This month, we ask what specific areas of compliance you will tackle in 2007. Does one area need more attention? 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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Complete our 1-minute reader survey and you could win
an Apple iPod™. |
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Building an Effective Bank Secrecy Act (BSA) & Anti-Money Laundering (AML)
Program:
Assessing Your Institution’s Risk
In addition to reporting and recordkeeping requirements, the BSA requires all
financial institutions to implement a program that is reasonably designed to
identify suspicious activity and prevent the laundering of funds derived from
illegal activity. To be successful, the program must contain procedures that are
based on an assessment of the institution’s overall AML risk profile. This
Webinar will help your institution identify and assess its BSA/AML risks and to
develop an effective program in accordance with the specific requirements set
forth under the Bank Secrecy Act.
Wednesday, January 31st at 3:00 p.m. EST
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for this
informative Webinar. |
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Last 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
Read the best advice from readers.
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This Issue's Dilemma:
What compliance areas should I focus on in 2007?
As we start another year at our bank, I want to ensure our compliance program addresses our specific risk areas. Not much has changed at our bank or with our customer base, but it’s a good time to revisit the last risk assessment.
As I do that, I want to make sure I consider the big picture. Are there new or changing regulations I should include in my compliance efforts? Should I be concerned about new FFIEC guidance or changes to the Bank Secrecy Act?
What are other institutions doing differently this year?
— Mike Pomato, Compliance Officer
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Can You Help?
Share your experience. You could win an Apple iPod™. Congratulations to this quarter's winner, James J. Stackhaus,
audit/compliance Officer from First State Bank. |
We were happy to buy this special-edition Red nano from Apple, because $10 of the purchase price goes to a very worthy cause, the Global Fund to fight Aids in Africa. If you’d like to help out as well, here's a link to Apple's special promotion.
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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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"The helpful staff at InternetVIZ keeps our newsletter on track, and enables us to bring valuable information
to our most important constituents—our customers."
- Trey Sullivan, CEO, ATTUS Technologies
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