Ask an Expert | FINQuiry Webinar March 2021

March 18, 2021 - Webinars

This month’s Ask an Expert | FINQuiry webinar panelists addressed our users-submitted compliance questions.

  • Question: Will the new U.S. AML Act and the formation of an EU-level AML supervisor result in a faster enforcement of shared public beneficial ownership registers, for European countries with higher levels of financial secrecy, for example Switzerland, Cyprus and others? What other measures or challenges remain? (06:42–15:29)
  • Question: For a bank whose customer is a c-store that has a check cashing kiosk at their location, is the c-store considered an MSB or only an Agent of an MSB? (15:30–20:24)
  • Question: Other than human rights sanctions, will we see new sanctions against Russia targeting new sectors or expansion of sanctions already in place for Energy and Financial sectors? (20:25–23:42)
  • Question: Is it realistic to see a return to Joint Comprehensive Plan of Action (JCPOA) by the U.S.? (23:43–28:56)
  • Question: For financial intelligence units (FIUs) what is the recordkeeping period and what are recordkeeping requirements for information and transactions in the U.S.? Is the recordkeeping period the same for domestic and international requests? (28:57–34:33)
  • Question: During the pandemic, institutions experienced spikes in alerts generated from their transaction monitoring systems. Are there any recommendations or best practices for what organizations can do to handle these surge volumes? (34:34–44:25)
  • Question: For the first time, our financial institution participated in the CARES Act Payment Protection Program and offered SBA loans to small businesses in the community. Is there anything I can do now to confirm compliance measures were followed prior to my next audit or exam? (44:26–54:55)
  • Question: Audits and examination processes have been impacted by the pandemic and many now take place virtually. How have you seen financial institutions embrace remote audits or exams and what are some best practices? (54:56–1:02:36)

K2 Integrity experts:

  • Gail Fuller, Managing Director
  • Heather Olsson, Director
  • Sepideh Rowland, Managing Director
  • Janie Eng, Director

This webinar will be available until April 1, 2021 at which point it will become exclusive to the DOLFIN platform. Click here to talk to our team to learn how the DOLFIN platform can empower your institution to create a culture of compliance and meet regulatory training requirements with materials like our expert webinars. 

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