Podcast: What Legislative and Regulatory AML/BSA Changes Mean for Banks

Understanding what to look for is one step toward thwarting potential criminal activity.

The Federal Reserve issued a technical clarification stating that its account access guidelines apply to excess balance accounts, or EBAs.

The Securities and Exchange Commission should withdraw a staff accounting bulletin that changed how banks and other publicly traded entities account for obligations to safeguard digital assets, SEC Commissioner Mark Uyeda said.

In risk reports to the board, place the emphasis on messages, not metrics

Deposit data currently collected in call reports is not a good indicator of risk and may encourage examiners, investors and other stakeholders to focus too narrowly on single data points when assessing a bank’s financial condition, ABA said.

The U.S. banking system remains resilient but there are pockets of potential vulnerability that need continued monitoring, such as in the areas of commercial real estate, third-party relationships and cybersecurity, the Financial Stability Oversight Council said.