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Oct31 - 23

October 2023 Monthly Recap

GAO: Federal Financial Agencies Need to Improve Fintech Skills

The GAO report urges Federal financial agencies to enhance staff’s fintech skills as banks and credit unions adopt more technology. It recommends identifying skill gaps, collecting data, and adopting best practices. NCUA agrees, and other agencies plan to act on the suggestions. Read more here.

Watch: Third-Party Data Security for Prepaid Card Programs

When a third-party vendor needs access to prepaid cardholder or card information, it becomes imperative for the prepaid issuer and program manager to ensure that the third-party vendor adheres to specific data security protocols. This involves implementing robust measures to safeguard the confidentiality, integrity, and availability of sensitive cardholder data during the vendor’s interaction with it. Watch the full video here.

Chime, Inc. d/b/a Sendwave

On October 17, 2023, the Bureau took action against Sendwave, a nonbank remittance provider, for deceptive practices. Sendwave must pay a $1.5 million penalty, provide $1.5 million in consumer redress, and ensure compliance with regulations. Read the full story here.

FinCEN is proposing a rule to combat money laundering risks associated with international Convertible Virtual Currency Mixing (CVC mixing), targeting malicious actors like Hamas and DPRK. Covered financial institutions must report these transactions. Learn more here.

Watch: Suspicious Activity Reports – The Five W’s (and How!)

When composing a report on a potentially suspicious activity, the emphasis should be on delivering a report that is not only succinct but also comprehensible and rich in detail. To achieve this, adhering to the principles of the Five W’s (Who, What, When, Where, Why, and How) can be immensely valuable. Watch here.

5 Tips to Prepare for NMLS Annual License Renewal Season – Starting November 1

State regulators advise individuals and businesses in financial industries to prepare for the annual license renewal via the Nationwide Multistate Licensing System (NMLS) starting on November 1st. Learn more here.




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