INSIGHTS
Embracing Fractional Compliance Support: A Strategic Move for CDFIs
Unlocking Compliance Challenges for CDFIs For leaders of Community Development Financial Institutions (CDFIs), navigating the complex terrain of regulatory compliance is a daunting but critical task. CDFIs, whether considering banking or non-banking regulations, must...
Optimizing Model Risk Management: Key Takeaways from an SR 11-7 Model Validation
Navigating Regulatory Complexity with Proactive Measures In the rapidly evolving financial landscape, the importance of robust model risk management cannot be overstated, especially for institutions engaged in transaction monitoring under the Bank Secrecy Act (BSA). A...
Case Study: Part 504.3 Model Validation for Crypto Exchanges Using Trust Licenses
Background: Cryptocurrency exchanges operate in a dynamic regulatory environment, where compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations is not just mandatory but critical for operational longevity and reputation. Effective...
3 Considerations for Casinos to Implement a Marijuana-Related Individual Policy
Casinos should have a policy for Marijuana Related Individuals (MRIs); those with ties to Marijuana-Related Businesses (MRBs). The policy should assign ownership and responsibility for managing risks, include industry and regulatory guidance, address how Customer Due...
Risk-Based Monitoring Reduces Cost by Prioritizing Resources
Monitoring is an element within a Compliance Management System (CMS). Monitoring intends to identify weaknesses in a company’s compliance activities using a risk based approach. Monitoring is generally more frequent and less formal than an audit. It may be carried out...
Effectively Challenge your Casino’s AML Program Implementation Through an AML Committee
Key Questions a Casino’s AML Committee Should Be Asking its BSA Officer No two casinos look alike. Each differs regarding products or services offered, demographics served, and objectives to meet. As a result, the goals of each casino’s board of directors (or its top...
Use Board Committees to Mature Your Casino’s Compliance Management System
The Role of Board Committees Committees are created to assure that the board’s work is effectively coordinated and managed. A smaller, more concentrated group of board members can more efficiently address matters facing the casino than the entire board and can often...