Whether it’s a bookkeeper struggling with gambling addiction or a teller dealing with crushing credit card debt, sometimes the only way out is to take advantage of lax internal controls and start accessing unsuspecting customer accounts for easy cash
Recorded on March 24, 2022
15 Errors to Avoid When Conducting Internal Investigations
Internal fraud can cost financial institutions unrecoverable money and time. When the embezzler hasn’t been identified, emotions run high! Investigations launched in panic with the wrong leaders may cause unexpected complications.
Recorded on March 17, 2022
Updated CDD/EDD expectations for ATM owners, charities and N
There is a regulatory expectation to perform customer due diligence (CDD) on all high risk customers such as independent ATM owners, non-profit organizations (NPOs) and politically exposed persons (PEPs).
One banker commented “Reg E hasn’t changed, so what’s to learn?” While the Reg itself and the commentary haven’t changed, interpretations of who is a financial institution, what is an error and who has to investigate those errors have.
Mistakes are bad, except when you learn from them. Mistakes are great when you learn from someone else’s. Join me as we look at what examiners and auditors are finding wrong in banks so they do not find these in your bank.
Have you taken care of all the Operations changes on your list from 2021? Did you put out all those “compliance fires” that popped up (there certainly were some), or are there still some smoldering?
You shouldn’t be faulted just because, “you don’t know, what you don’t know.” But you will be because you should know. When in compliance, you are responsible for ALL of the compliance changes, updates and guidance issued in 2021.