Financial Crimes Enforcement Network (FinCEN) released a notice on May 18, 2020 in response to reporting requirements as they relate to COVID-19. The COVID-19 pandemic has left many of us vulnerable. It is important now more than ever to report suspicious activity to combat financial crimes. BSA REPORTING OBLIGATIONS FinCEN expects financial institutions to adhere to […]
Get more flexibility with your employee training program through the On POinT Training Center mobile app. Available through the Apple App Store and Google Play, the Go.Learn app connects directly to the On POinT Training Center. The convenience of the app on your mobile device will allow your employees to complete training courses from anywhere. […]
Banks are no longer required to file suspicious activity reports (SARs) for customers engaging in the growth or cultivation of hemp. Under the 2018 Farm Bill, hemp has been reclassified. DEFINITION OF HEMP The 2018 Farm Bill now defines hemp as a variety of cannabis that contains .3% or less tetrahydrocannabinol (THC). By doing this, […]
As a part of the independent review process and ongoing compliance requirements, transaction monitoring is something that is often overlooked by Money Services Businesses (MSBs). The fundamentals of transaction monitoring are implemented systems to identify and protect institutions from transactions that are not compliant with The Bank Secrecy Act (BSA), Anti-Money Laundering (AML) and Office […]
An essential part of maintaining your banking relationship is to amend your BSA/AML/OFAC Compliance Program as your business evolves. To help you stay on top of these changes, we have put together a list that will keep your policies and procedures up-to-date for 2020. This comprehensive list was constructed by our team of CAMS professionals. […]
