acxellrms
  • About acxell
  • Services
    • Internal Audit
    • Risk Advisory
    • Governance
  • acxell Advisor
  • OnCourse Blog
  • Submit RFP
  • Career
  • Log In
Picture
acxell Blog
Our Subject Matter Experts Discuss Emerging Banking Issues

Beneficial Ownership During the Covid-19 Pandemic

3/6/2021

0 Comments

 
Benefecial ownership requirements During COVID-19
Akash Govil, CAMS
Manager

As we all know, businesses have been suffering as the economy continues to take a major dip due to the effects of Covid-19.  Many establishments have had to alter or limit supply, products, and services they can offer in order to maintain a form of profitability with limited customer demands or even struggling to create new markets and demands for customers to remain sustainable. On the other hand, there has been a high expectation for financial institutions during the pandemic to be the necessary conduit for assisting businesses through the distribution of government supported loans.

Read More
0 Comments

Interagency Statement on Sharing BSA Resources and Challenges

12/7/2018

0 Comments

 
Picture
Photo Credit: semisatch
On October 3, 2018, an Interagency Statement was issued by five agencies/regulatory bodies to provide banks with an option to enter into a collaborative arrangement involving two or more banks to share their available resources in order to ensure compliance with Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) requirements.

Read More
0 Comments

Are You Gambling with Your BSA Program?

6/27/2017

1 Comment

 
Picture
Photo Credit: Vitaliy Kytayko
Akash Govil, Manager

It’s that time of the year again for your BSA/AML compliance audit.  We know how much you enjoy it when your BSA internal auditors show up with smiles as big and long as their request memos and sample sizes – from policies to procedures, risk assessments to training logs, CTRs to SARs, CIPs to EDDs, and “SMHs” to “OMGs”…  Alright, let’s face it, compliance doesn’t exactly scream excitement.  There’s a ton of activity to stay on top of and many mundane compliance tasks which all financial institutions dedicate their blood, sweat, and tears to (okay, maybe not blood). 


Read More
1 Comment

The Case of Foreign Banks and Heightened Scrutiny

3/24/2017

0 Comments

 
Picture
Photo Credit: Kheng Ho Toh
There is what appears to be a trend happening in the foreign branch banking market that seems all too consistent. That trend is the influx of MRAs, MOUs, and Consent Orders being handed down by the federal regulators for having insufficient BSA/AML and OFAC compliance programs. It’s not much of a surprise seeing there have been various high-profile cases of banks facilitating and abetting money laundering and terrorist financing.

Read More
0 Comments

De-Risking of Foreign Correspondent Banks

1/24/2017

0 Comments

 
Picture
Photo Credit: Michael Borgers
On October 5, 2016, the Office of Comptroller of Currency (“OCC”) issued guidance relative to foreign financial institutions de-risking policies with respect to maintaining foreign correspondent banking relationships. The guidance comes after heavy scrutiny of the U.S. foreign correspondent banking sector, which provides cross-border commerce with many foreign financial institutions in jurisdictions with weakening AML and CFT provisions.


Read More
0 Comments
    Picture
    OnCourse is a blog dedicated to providing an informative and fresh look at matters that affect the banking and financial industry, including the direction of risk, compliance matters, audit, and more.
    Subscribe

    Categories

    All
    BSA/AML
    Financial
    Human Resources
    IT/Cybersecurity
    Lending
    Regulatory Compliance

    Questions? Suggestions? Comments?
    Email us at OnCourse@acxellrms.com

Services

Internal Audit
Risk Advisory
Governance
Log In

Company

About acxell
Banking Advisor
OnCourse Blog
Career
Picture
877-651-1700

Support

Contact Us
Submit RFP
Privacy Statement
Picture

Let's be friends!

P&G Associates is now acxell
© COPYRIGHT 2020. ALL RIGHTS RESERVED.
  • About acxell
  • Services
    • Internal Audit
    • Risk Advisory
    • Governance
  • acxell Advisor
  • OnCourse Blog
  • Submit RFP
  • Career
  • Log In