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Compliance

Rethinking “know” in “Know Your Customer”

Rethinking “know” in “Know Your Customer”

State of the art isn’t artful enough for payments merchant service providers
Percentages of ownership can affect the applicable requirements banks must meet under FinCEN's rule.

Breaking down “beneficial ownership”

16 Q&As on the new customer due diligence rule, effective May 2018
A former federal banking agency enforcement director argues for an overhaul of the rules on sharing.

BSA info sharing could be greatly improved

Viewpoint: Roadblocks to pooling intelligence hinder enforcement and cooperation
With a nod to pop music, veteran John Byrne’s blog scans the anti-laundering and anti-terrorism world. John pierces silliness and inconsistency, and strongly believes in private-public partnership.

“What’s Going On?”*

BSA compliance needs change, but how?
Compliance expert Lucy Griffin warns that pendulums swing both ways, and bankers who count on permanent change forget that at their peril.

Regulatory relief: When the pendulum swings ...

… be careful or it will smack you when it swings back
Alternative data—nontraditonal measures of creditworthiness—could help "credit invisible" people, but some see dangers in adoption of new measures.

Bureau turns up debate on “alternative data”

CFPB holds hearings, seeks comments on benefits, risks
S&P Global Market Intelligence, formerly S&P Capital IQ and SNL, is the premier provider of breaking news, financial data, and expert analysis on business sectors critical to the global economy. This article originally appeared on the SNL subscriber side of S&P Global's website.

BSA remains stumbling block in M&A dealmaking

Deals can be stalled, even undone by anti-money-laundering issues
By definition a complaints report does not focus on good news, but some servicers have seen decreases in complaint rates. Others,however, have seen increases.

Mortgage servicing featured in bureau complaint tally

Report unpopular in industry shows some positives for some servicers
Latest guidance on third-party relationships continues growing and widening stress on vendor management by federal regulators.

Third-party scrutiny expands at OCC

Customer complaints play a growing role in exam scrutiny
Since its founding, the bureau has made a point of transparency, open government, consultation with affected groups, and more. Yet ultimately, says blogger Lucy Griffin, what it is emanates from a single official. How could its practices change under a multi-player board?

Replacing CFPB’s Director with a board

That’s a change bankers can now ask for. But it has to be an “ask,” not a “wish”
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