Closely defining and managing credit exceptions ensures they do not undermine an institution’s credit risk management framework. Sound exception management limits “noise” so financial institutions can identify the true root(s) of risk in the loan portfolio.

To manage exceptions at your bank or credit union, follow the 5 steps laid out in this checklist.

You might also like these: 

Webinar: Credit policy reboot

Guide: How to conduct a loan policy tune-up

Suspicious activity report (SAR) writing and filing is arguably one of the most important responsibilities of financial crimes professionals. With more than 3.5 million SARs filed annually, AML/CFT departments must capture these critical elements to ensure their SARs catch the attention of law enforcement. BSA Officers can leverage this updated SAR Writing Checklist to ensure they have incorporated the key items law enforcement is looking for in a quality SAR.

Download this checklist for:

• Essential elements to include in each SAR
• Key components of a compelling narrative
• Other critical details that must be addressed

Want more information on SARs and what to do if the AML/CFT team is filing repeated SARs on the same customer or member? Read this blog: “De-risking your SARs: Building SAR relationship exit strategies into your AML/CFT program.”

A strategic asset/liability management committee (ALCO) monitors and manages risks associated with a bank or credit union’s balance sheet.

In a recent webinar, experts identified strategies for ALCO members to consider as they assess common options for managing the balance sheet.

Download now to learn: 

• 3 common options for managing the balance sheet
• Important considerations and tips for evaluating your strategies

An asset/liability model is critical to a financial institution’s success, and a rigorous approach is required to choose a model that is compliant with regulations and tailored to the institution’s specific needs. There is no one-size-fits-all approach to selecting an ALM model, so banks and credit unions should carefully evaluate their options to find one that suits their unique goals and reporting requirements.

The following checklists are meant to serve as a guide for evaluating ALM model approaches.

• Vendor background
• Model functionality
• Implementation and support
• Information security factors

Additional ALM resource: Find out more about effective asset/liability management models in this guide, Choosing an effective ALM model.

Law enforcement partners have a unique advantage in understanding how to investigate financial crimes. After all, they are front line for following illicit transactions. Navigating complex AML investigations in particular is critical for a strong AML program. BSA officers and AML investigators will equally benefit from this AML Investigations checklist, developed by the Homeland Security Investigations Financial Crimes Unit in the effort to show how advancements in AML can improve the quality in transaction monitoring, and identify red flags for money laundering. The checklist can be used for initial training and for quality assurance for trained staff.

Download this checklist to learn:

• How to perform AML investigations to satisfy law enforcement
• Which professions that are higher risk for money laundering
• What unusual transactions look like and to be able to identify suspicious typologies

Financial institutions and regulators themselves are under increased scrutiny after the collapse of Silicon Valley Bank and Signature Bank of New York. And given risks in the current banking environment, regulators have pledged a tougher stance and more aggressive supervision.

Four areas likely to receive additional examiner focus during upcoming credit union and bank exams are:

• Interest rate risk
• Liquidity risk
• Credit risk
• Operational risk

Use this checklist to make sure you are on top of these key focus areas.

Commonly known as the CFPB 1071 Rule, upcoming requirements to be finalized in 2023 by the Consumer Financial Protection Bureau (CFPB) will represent the most significant effort of data collection and reporting for financial institutions in nearly 50 years.

This checklist provides lenders with seven steps to prepare for compliance with this new rule.

Check out other related resources:

• Blog: How to prepare for the CFPB’s section 1071 rule
• CFPB 1071 resources page for lenders

Russia’s invasion of Ukraine has put sanctions and the often-overlooked sanctions department in the spotlight. Complying with the Office of Foreign Assets Control (OFAC) Russian sanctions can be tough in a rapidly changing environment, so a risk-based approach to AML efforts is critical.

Use this checklist of AML strategies to help sanctions staff stay updated and in compliance with Russian sanctions.

Download this Russian sanctions compliance checklist to learn:

• The importance of ongoing assessments of potential Russia sanctions-related risk.
• Tips for making the most of government sanctions notices and your OFAC compliance software
• Sanctions-related steps to include in your next audit and exam preparation

Be sure to watch our webinar regarding Russian sanctions and Russian sanctions compliance, Russian Sanctions: Impact, Implication and Best Practices.

The passing of the Anti-money Laundering Act of 2020 (AMLA) is the first important step in overhauling the Bank Secrecy Act, and what we know is that not all sections of the Act have been finalized. FinCEN has been charged with much of the development and implementation of regulations in support of AMLA, which will take time. It is more important than ever that financial institutions keep current on the progress and prepare for regulator questions — the sooner, the better. AML/CFT programs should align with new expectations and requirements as they roll out. For now, what should a financial institution do to prepare?

Download this checklist to see what you can do to be prepared: