Beneficial Ownership Injunction
With the deadline for reporting entities to register their beneficial ownership information (BOI) with FinCEN’s Beneficial Ownership Secure System (BOSS) just three weeks away, the U.S. District Court of Eastern Texas issued a preliminary injunction blocking the implementation of the Corporate Transparency Act (CTA) citing that the Act is unconstitutional. TCA – A Better Way!
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Corporate Transparency Act Implementation
FinCEN has published a flurry of Beneficial Ownership information in the last two weeks which has led many financial institutions to question how any of this information applies to them, and how their account opening processes will be affected by the new rule going into effect on January 1, 2024. The good news for financial
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TCA Compliance Deepens its Consumer Compliance Expertise by Hiring Sarah McCaslin
TCA Compliance recently expanded its staff as part of its strategic growth plan. Sarah McCaslin has joined TCA Compliance as a compliance consultant. She is based in Oklahoma. “Financial institutions from coast to coast seek out TCA’s services. Expanding our consultant base to the West and Southwest allows TCA to offer more significant personal interaction
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Renewed Focus on Overdraft and “Junk” fees
One of the consequences of shrinking interest rates and interest margins is that financial institutions’ reliance on non-interest income has significantly increased over the last decade. The Consumer Financial Protection Bureau (CFPB) published an initiative on January 26, 2022 stating its intention to research the impact of fees on American consumers. The press release specifically
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Great Resignation Hits Banks, Threatens to Raise Compliance Risk
TCA’s VCM Service Offers Support If You’re Facing Personnel Challenges The great resignation has hit banks. Hiring and retaining personnel, especially those with specialized experience, is challenging for banks. That, coupled with other issues–a complex operating environment, greater cyber risk, and regulatory changes, for example –can raise your compliance risk. Those are some takeaways from
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What Does Your Institution Need to Know About Evolving Russian Sanctions?
As the war in Ukraine escalates, the United States, by Executive Order from the President, has issued increasingly restrictive economic sanctions against Russia. As the volatility increases, the challenges facing U.S. financial institutions to avoid processing prohibited transactions also increases. As the effective date for several sanctions approaches, individuals and businesses may attempt to send
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If the financial institution has a customer with a virtual currency kiosk located on their premises, (i.e. inside the gas station or convenience store), do we need to treat them as a Money Service Business (MSB)?
Answer: It depends. If your customer is simply leasing out the space to the virtual currency kiosk owner/operator and collecting “rent” payments, the owner of the kiosk is the MSB, not your customer. The owners of the kiosk are required to register with FinCEN as an MSB. Your due diligence on your customer would be
TCA Compliance Expands its BSA/AML Team with New Associate, Jennifer Rura
TCA Compliance has expanded its staff in response to greater demand for its BSA/AML consulting services. Jennifer Rura CAMS, CCBP, recently joined Oak Brook, Ill.-based TCA as a BSA Associate. “We are seeing examiners more consistently expect model validations of automated monitoring systems,” comments Brian Crow, TCA’s Managing Partner/Co-President, who leads TCA’s seven-person BSA/AML team.
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TCA IS ON THE MOVE!
TCA has moved our corporate headquarters from Chicago to Oak Brook, Illinois. While we are sad to leave our home for the past 30 years, we are excited for the new opportunities our new headquarters will provide. Given its central location, our new office is easily accessible from downtown Chicago, the suburbs, the airports, and
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