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2023 is behind us! Between Russia’s ongoing efforts to wipe out Ukraine and the October 7 Hamas attack on Israel, the Treasury Department’s OFAC and FinCEN offices shifted into high gear to help implement U.S. foreign policy in defense of its allies. OFAC sanctions and FinCEN alerts and guidance were plentiful.
The Corporate Transparency Act and Anti-Money Laundering Act of 2020 have borne a little more fruit, with new FinCEN regulations in place (and already amended) requiring entities to start reporting to FinCEN information on their beneficial owners and principals starting January 1, 2024. Bankers continue to watch carefully for “the other shoe” – rules amending bank’s beneficial ownership gathering requirements – to drop, sometime near the end of 2024.
The CFPB continued, with the FTC and other arms of the Biden Administration, the crusade against “junk fees” as the Bureau focused on overdraft and deposit account fees, brandishing its UDAAP cudgel, with support from prudential regulators. And speaking of UDAAP, the Bureau recanted an update to the UDAAP portion of its Examination Manual after a federal district court in Texas vacated it but has now filed an appeal from the district court’s order with the Fifth Circuit Court of Appeals.
And the list goes on!
We’ll hit all the highlights during this fast review of the year’s operations compliance issues and tell you where to find more information on developments you may have missed during the year.
What's different that you need to be watching?
What do you now need to focus your attention on this year?
Here are some of the things we'll cover in this fast-paced 90-minute presentation:
- Operations area significant enforcement actions
- The latest on faster payments
- Same-day ACH settlement update
- BSA/AML developments
- Risk management of third-party service providers
- UDAAP, overdrafts, and account fees
- Our annual “crystal ball” forecast
- and more
Questions and Answers