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Home > Monthly Recap > September 2023 Monthly Recap
Sep29 - 23

September 2023 Monthly Recap

Watch: Pillars of AML Compliance

Each BSA/AML compliance program relies on the foundational pillars of compliance. In this video, we will delve into the components of each pillar and illustrate how their synergy collectively mitigates risk for your company.

FASB Adopts Crypto Accounting and Disclosure Rule for Companies

The FASB has approved a new rule for cryptocurrency accounting, requiring fair-value accounting and public disclosure of holdings and gains/losses in financial reports, effective in 2025 or earlier. This aims to provide clarity in crypto accounting amidst regulatory scrutiny and market volatility. Learn more here.

Judge grants win to ABA, Chamber in lawsuit over CFPB UDAAP exam manual

A Texas judge has ruled against the CFPB’s expansion of “unfairness” to cover discrimination in its examination manual, supporting the ABA’s challenge and emphasizing the need for regulatory agencies to operate within congressional boundaries while ensuring fair nondiscrimination enforcement. Read the full story here.

DFS Superintendent Adrienne A. Harris Announces Update on Two-Year Transformational Initiative to Strengthen DFS’ Nation-Leading Virtual Currency Oversight

DFS Superintendent Adrienne A. Harris updated on the VOLT initiative, which strengthens virtual currency oversight. The proposal introduces higher standards for coin-listing, requiring compliant delisting policies, and updates the DFS Greenlist, open for public feedback until October 20, 2023. Learn more here.

FinCEN has released a Small Entity Compliance Guide to assist small businesses in complying with the new beneficial ownership information (BOI) reporting rule starting in 2024. The guide simplifies the rule, answers common questions, and provides tools for compliance, aiming to make the process easier, in alignment with the Corporate Transparency Act’s goals. Read more here.

CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence

The CFPB has issued guidance mandating that lenders provide specific and clear reasons for adverse actions against consumers, even when using complex algorithms. This aims to ensure transparency and prevent generic explanations, emphasizing the importance of accurate disclosures in lending decisions involving advanced technology. Learn more here.

Watch: UDAAPs

In this video, we will explore the concept of Unfair, Deceptive, or Abusive Acts or Practices, commonly referred to as UDAAPs, and delve into the two criteria employed to assess whether an action or practice falls into the category of being unfair, deceptive, or abusive.

FinCEN Alert: “Pig Butchering” Scams and the Importance of Suspicious Activity Reporting for Financial Institutions

Financial institutions play a vital role in detecting and reporting suspicious activities like “pig butchering” scams, where victims are deceived into fraudulent virtual currency investments. They should be vigilant for behavioral, financial, and technical red flags. To minimize risks, institutions must have strong AML policies, conduct risk assessments, and provide staff training to ensure timely and accurate reporting of suspicious activities. Read more here.

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Summer 2024

Join Bates in 2024 for an in-depth compliance training retreat at beautiful Lake Bras Coupé in Québec, open to compliance professionals in MSBs and non-banking…

November 14, 2023
Seminole Hard Rock Hotel & Casino

Team members from Bates Group LLC will present at the CrossTech World 2023 Conference on November 14-16, 2023, at the Seminole Hard Rock Hotel &…

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