Financial institutions and consumers are reeling this morning from news of a massive data breach at Target stores nationwide that could affect as many as 40 million credit and debit card accounts, making it potentially one of the largest retail breaches in U.S. history.
Are we required to implement policies and procedures specifically relating to safe deposit boxes and Bank Secrecy Act (BSA) monitoring? We have heard rumors that the NCUA is asking credit unions to produce and monitor reports that monitor safe deposit box activity.
What activities are considered “suspicious” when I’m considering whether or not to file a SAR?
FinCEN has released an advisory providing guidance to financial institutions when filing SARS on activities related to third-party payment processors. It is designed to further the Department of Treasury’s efforts to protect against money laundering and terrorist financing.
FinCEN recently reported that 19,934 mortgage loan fraud SARs were filed during the third quarter of 2011, representing a 20-percent increase over 2010’s third-quarter total and 10 percent of all SARs filed during the quarter.
Your weekly update on the regulatory landscape.
According to a recent report by FinCEN, mortgage loan fraud suspicious activity reports for Second Quarter 2011 nearly doubled from the number reported in the same quarter of 2010.
Credit unions operating in Washington state are required to train their member facing employees to recognize vulnerable adult abuse. Throught the NWCUA, receiving this training is just one click away.