Get caught up on suspicious activity monitoring alerts or relieve stressed-out staff.
During the pandemic, fraud activity has increased, and fraudsters have found new ways to scam bank customers and credit union members. And regulators have not provided relief for suspicious activity monitoring and reporting deadlines, even though Bank Secrecy Act (BSA) departments have seen increased responsibilities (such as business continuity) and are dealing with staff working from home.
It's "business as usual" as far as expectations for compliance staff to remain alert for illicit financial activity. Retaining and recruiting compliance staff has also been an issue for a few years, leaving professionals overworked and stressed.
A short- or long-term staffing solution that incorporates experienced anti-money laundering and fraud investigators can get the financial institution off to a positive start in 2022. Here are a few of the ways the assigned investigator(s) can assist:
- Working alerts
- Investigating cases
- Writing Suspicious Activity Reports (SARs)
- Conducting customer due diligence (CDD) reviews or high-risk reviews
- Serving as an independent quality control arm for the institution.
Streamline and systematize loan review for 2022.
Manually selecting loans for review, pulling data, re-spreading the loans, and tracking the review through the workflow can consume many hours of staff time. But this function supports the institution’s safety and soundness and its estimates for credit losses, so it is a regulatory requirement. However, financial institutions in 2022 are focused on keeping a tight rein on noninterest expenses while growing loan yields, so anything the institution can do now to make loan review more efficient and effective will pay dividends next year.
One potential use of surplus budget funds is to get your bank or credit union’s loan review process automated for 2022. A loan review solution that pulls the sample, the loan data, and the supporting loan documents, then re-spreads the financials in the same system as origination:
- Removes data entry
- Simplifies documentation
- Eliminates redundant customer or member contact
- Adds consistency to loan review.