Audit Requests Surge—How to Prepare for Nacha's Demands Nacha has announced it will begin selecting 460% more financial institutions each month to prove completion of their annual ACH compliance audits. Historically, Nacharandomly selects 125 Financial Ins...
Think Sanctions Are Just for Banks? Treasury Fine Proves Otherwise Think Sanctions Are Just for Banks? Treasury Fine Proves Otherwise U.S. Department of the Treasury fined a global logistics company yesterday. Key Logistics, based in DE, voluntarily disclosed its vio...
FinCEN’s CIP Exception Final Order 📰 The end of last week brought potential changes for BSA/AML programs from FinCEN’s perspective. Friday, FinCEN issued a Final Order providing financial institutions greater flexibility for collecting...
RE-OCURRING FINDING: RTP Disclosures 🤔 Problem RTP Network Participants are unsure of what to disclose to account holders regarding no foreign RTP payments. 📖 Rule - Operating Rule E. Prohibited Transactions. 2. Foreign Payments. “Foreig...
Stop the Disclaimer: Why Financial Institutions Can’t Opt Out of Fraud Responsibility for Business Accounts We often find through NEACH Payments Group (NPG) Audits, Risk Assessments, and other Consulting services that institutions disclose in account agreements for business clients that the institution shal...
Corporate ACH Origination: A Strategic Opportunity for Financial Institutions In today’s digital-first economy, businesses demand payment solutions that are fast, reliable, and cost-effective. Yet, many financial institutions have yet to fully embrace one of the most powerful t...
NYDFS issues $40MM for BSA/AML Failures Recently, the New York State Department of Financial Services (NYSDFS) issued a penalty of $40 million to Block, Inc. This fintech, formerly known as Square, is licensed in the state of New York to op...
5 Signs Your Payment Operations Need an Upgrade In today’s fast-paced financial landscape, efficient payment operations are critical for customer satisfaction, regulatory compliance, and business growth. Yet many organizations continue to rely on o...
Payroll Processors & Money Transmitter Licenses: Could Better ACH Risk Management Have Steered Them Clear of Regulator Overreach? Regulators are backing down from the controversial orders they have been handing out left and right to financial institutions. However, it seems that some state regulatory bodies are now creating cont...
Who Wins Without Open Banking? Spoiler: It’s Not You The CFPB is backing down fromits Open Banking Rule and it’s honestly a curse disguised as a blessing to the industry. The blessing is that it puts the power back into the hands of banks and credit uni...
NEACH Payments Group Launches BSA Audits to Help Financial Institutions Prepare for Upcoming Nacha Rule Changes NEACH Payments Group (NPG) is excited to announce the launch of its first BSA (Bank Secrecy Act) audit service, offering financial institutions (FIs) expert guidance in aligning BSA/AML (Anti-Money La...
Validation of Nacha’s Request for Audit Certifications Nacha Audit Certification Requests Nacha may request copies of audit certifications as part of their compliance efforts. These requests will come directly from Nacha’s compliance department. If you re...