When FinCEN issues advisories, financial institutions need to know what this means for them regarding their suspicious activity monitoring and reporting programs. FinCEN has identified financial red flag indicators of ransomware-related illicit activity. These indicators can be used in training front line staff as well as AML and fraud investigators.

While much of the cybercrime detected comes from simple techniques such as phishing, others are becoming more sophisticated and complex. Malicious software often encrypts data and prevents or limits users from accessing their system until a ransom is paid. This guide provides summarized examples of trends, typologies, and indicators of ransomware that financial institutions should be aware of, as identified by FinCEN.

Download to learn:

• Examples of different cybercrime and ransomware trends, including Double Extortion Schemes, “Big Game Hunting” Schemes, use of “Fileless” ransomware, and more
• Key indicators of ransomware-related illicit activity, including irregular transactions occurring between customers and organizations, customers showing limited knowledge of CVC yet purchasing CVC, and more
• The specific language to use when filing a suspicious activity report (SAR) for cyber events

Cyber attacks are the most significant threat to U.S. financial institutions. Learn more about what your institution can do to prevent and detect cyber fraud. View our blog, FinCEN Guidance on Cyber Fraud – Video.

Are you in BSA limbo because your BSA officer won the lottery, or they said they couldn’t take any more government changes and retired early? Jokes aside, sometimes an institution loses its top employees for reasons out of its control. The BSA Officer role is vital at a financial institution and one it can’t fill with just any warm body. Institutions need to fill the position with expertise, or they can face extra scrutiny and problems down the road. This guide outlines steps financial institutions can take to help prevent disaster if they ever find themselves going through BSA staffing changes.

Download to learn:

• How to document BSA/AML processes and procedures to ensure all tasks are covered during staffing changes
• Information to include in a formal succession plan
• Suggestions for managing a sudden increase in cases or alerts

Curious on how and when to conduct a formal BSA staffing assessment? Watch our webinar, BSA Staffing Assessments – How Much is Enough?

Is your BSA department understaffed? Are you prepared for unexpected or expected personnel leave? Keeping up with the increased scrutiny of regulations can be overwhelming, especially when change or growth occurs at your financial institution. With turnover in the banking industry continuing to increase and resources tight, it’s important to know that your team can handle an increased workload while keeping current on all day-to-day regulatory deadlines. Assess your institution’s resources and learn how Abrigo’s Suspicious Activity Monitoring Solution can help with this decision guide.

Do you need help working alerts? Our Advisory Services team can act as an extension of your BSA department. Contact an expert here.

When purchasing new compliance software, financial institutions should carefully perform due diligence when comparing service providers. Once a decision is made and software implementation is complete, the Federal Financial Institutions Examination Council (FFIEC) recommends periodic ongoing monitoring of the service provider. Use this checklist to review fundamental steps to help your institution through the BSA compliance vendor selection and monitoring process.

Download this checklist to learn:

• Due diligence steps for selecting a compliance vendor
• Focus areas to review including financial statements, legal, and regulatory compliance
• Ongoing monitoring to perform once a vendor is selected

Discover key areas for your BSA compliance training program with our Introductory BSA Guidebook.

The cannabis industry has grown rapidly in recent years, and demand is expected to continue increasing following cannabis legalization initiatives. According to an updated report following the 2020 election by New Frontier Data, the cannabis market is projected to double to $41.5B by 2025. Although cannabis is now legal – either medically or recreationally – in the majority of states today, it remains illegal on a federal level, hamstringing cannabis-related businesses (CRBs) from accessing traditional financial accounts. As this industry continues its rapid expansion, it is increasingly important that it has access to traditional banking services. While there is certainly demand for these services, credit unions are, understandably, skeptical. How do you bank cannabis-related businesses and navigate compliance?

While providing financial services to CRBs can be risky, it can also be highly rewarding, especially for credit unions. As more states continue legalizing cannabis, the onus is on credit unions
to complete thorough due diligence and know the members that cross state lines for services.

Download this whitepaper to learn:

• Nuances of the cannabis industry and ongoing regulatory changes
• Opportunities for credit unions banking CRBs
• Necessary steps to remain compliant if a credit union decides that it wants to engage relationships with CRBs

Interested in learning more about proactive measures your credit union can take to reduce risk, protect your members, and manage priorities? Watch our webinar on demand Credit unions – monitoring, managing and reporting risk. 

Any software is expensive – whether that is the upfront cost or the amount of resources it takes to implement. Maximizing engagement from the people affected by the change is the most cost-effective way to ensure you receive return on your investment. 

This decision guide outlines key steps for financial institutions to take to plan and implement new technology.

Download this decision guide to:

• Set software implementation projects up for success with a clear vision and well-suited vendor
• Determine which teams and individuals to engage to support the software implementation
• How to prepare for the technology launch and create a post-implementation plan

A storm of events that have defined 2020 leaves many community financial institutions today in the position where balance sheets are awash with liquidity and competitive markets are squeezing rates on good quality loans to lower-than-comfortable levels. Using excess liquidity profitably in today’s low-rate environment can be challenging.

The following decision guide is a starting point in assessing your alternatives for putting excess liquidity to work.

Download this guide to learn:

• How to evaluate asset selection choices
• How to assess all risks and costs associated with a new investment
• Where to invest funds once risks and costs have been assessed

The lasting impacts of coronavirus and COVID-19 are still unknown; however, it is a safe assumption that it will not be limited to disruption in travel and the cancellation of trade association conferences. So, how can you determine what the impact will be on community financial institutions?

Download this whitepaper to learn:

• Five tips to mitigate risk during a pandemic, including the coronavirus outbreak
• Current regulatory relief discussed by the FDIC
• How to properly stress test your portfolio against the impact of coronavirus

The asset/liability management process at a financial institution should not be limited to one that “checks the box” of meeting regulatory requirements. Rather, institutions and Asset/Liability Management Committees (ALCOs) with a dynamic ALCO process are able to inform decisions related to strategy as well as risk management.

Download this whitepaper to learn:

1. How the regulatory focus of the asset/liability management process has changed and what it means for financial institutions today.
2. The critical elements that impact an institution’s asset/liability results and process.
3. How a financial institution can address those critical elements.

Most credit unions aren’t required to implement the new current expected credit loss (CECL) standard until fiscal years that start after Dec. 15, 2022, so many institutions view the new accounting rule as less pressing than growth initiatives or other regulatory requirements.

Nevertheless, credit unions are heeding the advice of the NCUA, which has directed credit unions to take advance steps to ensure effective implementation of this major change in estimating losses. These steps begin with education and continue with the evaluation of methodologies. This action plan will walk through key components of team coordination, loan-level data, procedural changes, auditor/regulator expectations, and more.