September 25, 2024

Anti‑money laundering (AML), and specifically OFAC, concerns are increasingly becoming a greater issue for third parties who engage with financial institutions in the payments space. Banking regulators are closely scrutinizing the financial institutions to determine that their relationships with third parties are not exposing the financial institutions to AML and OFAC issues. What does this mean for third parties, including ACH Third‑Party Senders (TPS)? Should a TPS have an AML/OFAC Policy? If so, how should that policy be constructed? Let’s talk about it.

The Consumer Financial Protection Bureau (CFPB) estimates that 100 million consumers have authorized third parties to access their data. That data drives endless business decisions and capabilities, but financial institutions and technology developers must also be aware of regulations regarding consumers and their rights over their data.

KlariVis® is the only cloud‑based, core‑agnostic enterprise dashboard and analytics solution built for bankers, by bankers. The KlariVis platform compiles and aggregates high‑value, actionable data into an intuitive, interactive dashboard that provides financial institutions of all sizes with timely insights that empower teams, drive profitability and improve productivity at every level of the organization.

Over 32 million small businesses are estimated to need to comply with the Corporate Transparency Act and file an initial BOI report with FinCEN by Jan. 1, 2025, with newly formed businesses having just 90 days to do so. Failure to comply can result in fines exceeding $500 per day and potential jail time. To help your customers stay compliant and avoid penalties, CBAK has endorsed the Wolters Kluwer BizFilings BOI Reporting solution and is encouraging all member banks to join their BOI Partnership Program. This program offers an easy‑to‑join, low‑lift referral model that provides banks with the tools and information necessary to educate small business customers about the BOI requirement and recommend an efficient compliance solution.

Thank You to Our 2024 Tailgate Sponsors!
FHLBank Topeka
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RESULTS Technology
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SHAZAM Inc.
Varney & Associates, CPAs LLC

I don’t know about you, but I’ve always looked forward to the early days of autumn. I’m of a certain vintage who remembers when September and October ushered in a break from summer heat (which seems to be later in the calendar these days), and there was a certain excitement around the back‑to‑school activities. Football fans eagerly await gridiron season, which is now in full swing, and baseball playoffs make their return.

They say imitation is the greatest form of flattery, but when it comes to financial services, it doesn’t make for a fair banking environment. Just look at credit unions, trying to position themselves as “community” organizations without having to demonstrate that they meet Community Reinvestment Act requirements. Or Industrial Loan Companies, with holding companies not subject to bank compliance reviews. Or the Farm Credit System, which wants to compete with community banks but doesn’t want to be regulated like them. Or mega banks that are too big to fail, ensuring we pay the price with outsized regulation. The list goes on.