Most Popular Compliance Content
Records retention and canceled remittance transfer
08/18/2024
Regarding a cancellation request of a consumer foreign remittance transfer - are there any document retention requirements related to the canceled wire transfer request? Is the FI required to retain a copy of the wire transfer request form or any other documentation related to the transaction since it never occurred if canceled within the 30-minute window? Our bank has a log to record all canceled international wire transfer requests, but that is the only documentation.
Compliance checking AI-generated videos
08/11/2024
Have you seen AI generated videos and how would they be used?
Subpoena/summons investigations results and SAR filing
08/11/2024
Our BSA Officer manages our bank’s filing of Suspicious Activity Reports (SARs) with FinCEN. She has asked to include in our policy for managing summonses, subpoenas and similar legal documents a requirement that she be notified of any suspect activity that might be turned up in searches in response to those documents. Is that allowed?
Recognizing recurring and non-recurring debit card
08/11/2024
Can a merchant force a debit card transaction by claiming that the transaction is a recurring transaction event though it's not? For example, the customer opted out of overdraft service for ATM and one-time POS debit card transactions, but a merchant forced the transaction by claiming it's recurring.
Compliance's role in AI implementation
08/04/2024
If the bank is looking at implementing AI and you say we need to coordinate enterprise wide, should Compliance head that up?