The Edcomm Group Banker’s Academy is dedicated to training excellence and compliance in the field of financial services. Our team of legal experts and research consultants have come together to bring you the very latest in updated regulations and notices from the federal banking agencies, including the Federal Reserve Bank, Office of the Comptroller of the Currency, the Securities and Exchange Commission, the Consumer Financial Protection Bureau, the National Credit Union Administration, and other regulatory authorities.
Updated BSA/AML Booklet Released – On December 2, the Federal Financial Institutions Examination Council (FFIEC) released the 2014 Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The revised manual provides guidance on risk-based policies, procedures, and process for financial institutions. Significant updates address Suspicious Activity Reporting (SAR), Currency Transaction Reporting (CTR), Foreign Correspondent Account Recordkeeping, Foreign Bank and Financial Accounts (FBAR), and more. The full manual is available on the FFIEC BSA/AML InfoBase. Several topics have been updated in relation to these content changes, including “Focus on Bank Secrecy Act,” “Currency Transaction Reports (CTRs),” “Suspicious Transaction Reports (SARs),” “Funds Transfers,” “Money Services Businesses (MSBs),” “Foreign Relations,” “Information Sharing,” and “High Risk Products and Services.”
- On Learning Link™, the following courses have been updated:
- Focus on Compliance
- Focus on Compliance for Credit Unions
- Focus on Compliance for MSBs
- Focus on Compliance for Mortgage Lenders
- Achieving Commercial Lending Excellence
- Achieving Customer Lending Excellence
- Achieving Customer Lending Excellence for Credit Unions
- Achieving Mortgage Lending Excellence
- Achieving Mortgage Lending Excellence for Credit Unions
- Achieving Platform Excellence
- Achieving Platform Excellence for Credit Unions
- Achieving Teller Excellence
- Achieving Teller Excellence for Credit Unions
- World of Banking
- BSA/AML By-Role for:
- Compliance and FIU
- Branch Management
- Platform Professionals
- Board of Directors and Senior Management
- Small Businesses
- BSA/AML By-Role for Credit Union:
- Compliance and FIU
- Branch Management
- On Banker’s Academy LMS™, the following have been updated:
- AML Requirements
- BSA Requirements
- AML Requirements for RMLOs
- BSA Requirements for RMLOs
- MSBs: AML Requirements
- MSBs: BSA Requirements
New Courses and Topics Added – Banker’s Academy is offering more robust content for your eLearning needs. The following course and topics have been added to our Banker’s Academy LMS™ course catalogue:
- Swap Dealers(NEW COURSE): This course provides information about “swap dealers” and “security-based swap dealers.” This course will use the definitions issued by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
- Topic 1 Swap Dealers
- Information Security on the Job
- Topic 3 (NEW TOPIC) Mobile Data Security: This topic discusses mobile data security in regards to ISO standards for information security. Learners will be introduced to several ISO standards in addition to clear desk and clear screen polices as well as individual best practices.
- Topic 6 (NEW TOPIC) Security Best Practices: This topic will discuss various security best practices including: securing laptops and other portable devices such as cell phones, flash drives, and CDs.
- Overview of Information Security
- Topic 4 (NEW TOPIC) Understanding Information as an Asset: This topic defines assets, threats, vulnerabilities, security practices and procedures all in regard to information security. After completing this topic the learner will come away with an understanding of these terms as well as the importance of protecting intellectual property.
Take a look at regulatory changes and improvements manifesting in the next quarter!
- FFIEC adds to Business Continuity Booklet. The Federal Financial Institutions Examination Council (FFIEC) has released a new Appendix J, "Strengthening the Resilience of Outsourced Technology Services" to its Business Continuity Planning booklet. The new appendix ensures that the booklet aligns with regulatory guidance on third-party relationship risk management and incorporates emerging risks.
This is effective immediately and will be added to relevant content for the next quarter. Find more information no the FDIC’s website here.
- 314(a) Fact Sheet released. On February 17th, FinCEN issued Fact Sheet 314(a) concerning information shared by financial institutions with law enforcement to help locate financial assets and recent transactions by subjects of criminal investigations.
This fact sheet will be implemented into relevant content locations for the next quarter.
- Update on check debit transaction changes. Effective July 23, 2015, changes to Part II of the FRB Payment System Risk policy will become effective, along with amendments to Regulation J.
- Mortgage rule published. On January 20th, the CFPB announced the publication of its final rule delaying the deadline to the third business day for revised Loan Estimates resulting from rate locks, among other things. The rule is effective immediately and will be implemented into relevant content locations for the next quarter.
- New Topics Coming. A dangerous form of identity theft – medical identity theft – is growing quickly. Banker’s Academy will help you prepare with a new informational topic in our “Common Fraud Schemes” course!