Lessons Learned from an $8 Million BSA Civil Money Penalty

Identifying high-risk areas and allocating sufficient resources to manage them is one of the major benefits of a strong risk management program. Failing to prioritize high-risk areas—and then ignoring even higher-risk segments within that area—invites steep regulatory agency penalties, especially when required by federal law.

Rafael DeLeon January 19, 2022 3 Minute Read

Board Members: Keep an Eye on Internal Controls

It’s not every day a bank board is held responsible for basic board governance, but that’s exactly what’s happened in a recent consent order. A Texas bank recently entered into a consent order related to weaknesses in board and management oversight, among other issues. Loans to insiders and role-based IT security controls were among the issues the FDIC and Texas Department of Banking cited. Consent orders like these are a good reminder of how important it is for a bank to choose inquisitive, proactive board members that understand their responsibilities—and take them seriously. What Examiners are Looking for: Board Oversight

Rafael DeLeon January 18, 2022 3 Minute Read

What Will You do if Your Compliance Officer Quits Tomorrow?

As The Great Resignation continues into 2022, it is increasingly difficult to find and hire good compliance talent. There are about 11 million job openings in the U.S. with 4.2 million people (about twice the population of New Mexico) quitting their jobs in October 2021, according to the U.S. Department of Labor. Workers—including those in the compliance field—have their choice of jobs.

Kimberly Boatwright, CRCM, CAMS January 13, 2022 3 Minute Read