Just as there is a right way (and many wrong ways) to open deposit accounts, there is a right way to close and change them. Closing an account incorrectly can expose your bank to lawsuits and losses.
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.
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.
When your bank receives a claim that an ACH charge to a customer’s account was unauthorized, you have to respond correctly and your customer expects swift results.
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?
The Federal Financial Institutions Examination Council (FFIEC) today released one new section and updates to three sections of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. Today’s updates affect the following sections: