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2020 Goals for Credit Unions Based on NCUA Supervisory Priorities

Abrigo

Be proactive in cybersecurity controls and implement best practices. . From the Bank Secrecy Act and anti-money laundering (BSA/AML) compliance, cybersecurity, credit risk, the implementation of the new standard for current expected credit losses (CECL), consider these goals for your credit union in 2020. . financial system.

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Human Capital Trends: What to Expect in 2018 and Beyond

Fundera

Deloitte has called 2018 the year of the “social enterprise,” and corporate responsibility is emerging as an increasingly important component to businesses. And with more data comes the added concern of cybersecurity. These trends may be for human capital in 2018, but they indicate major shifts that will take us beyond this year.

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Top 10 Regulatory Hot Topics for 2022 – What AML Professionals Need to Know

Abrigo

There have been three stages of implementation so far, with a final rule and changes to the 2018 customer due diligence (CDD) legislation still forthcoming. There will likely be a grace period for implementing any changes, as was given with the 2018 rule, and banks and credit unions must be fully informed when that time comes.

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FinCEN Strengthens Commitment to Digital Innovation

Abrigo

The Financial Crimes Enforcement Network (FinCEN), along with the Federal Banking Agencies, released a joint statement in December 2018 emphasizing financial institutions’ need to embrace technology to strengthen their BSA/AML programs. Financial Cybersecurity. Our Transparent AI is easy to explain to regulators. . BSA Software.

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Beneficial ownership: Final rule and its impacts on AML programs

Abrigo

This definition is different from existing customer due diligence (CDD) rules that took effect in 2018. Additionally, the CDD rule was effective in 2018 — two years after the regulation was finalized. Substantial control is defined as anyone who can make important decisions on behalf of the entity. Be ready for AMLA-related changes.

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FinCEN Reissues Real Estate Geographic Targeting Orders: What Does this Mean for Your FI?

Abrigo

The threshold amount was lowered in 2018, as it was determined that money laundering is widespread in accessible real estate, not only on higher-end properties. Financial Cybersecurity. Under the continuing GTO, the purchase price of residential real estate property remains at $300,000. Artificial Intelligence. BSA Software.

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Artificial Intelligence in BSA

Abrigo

In December 2018, FinCEN released the Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing. Financial Cybersecurity. The Financial Crimes Enforcement Network (FinCEN) understands the importance of utilizing technology in AML to better prevent bad actors from profiting off their illicit gains.