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Is Your Financial Institution Being Led Down the Yellow Brick Road?
Navigating the Pitfalls and Potholes of Social Networking
By Lori Moore, Director of Compliance
Twitter and Facebook and Linkedin, oh my! All Dorothy had to worry about on
her journey to Oz were lions and tigers and bears. What do financial institutions
have to worry about on their quest to explore social networking, the biggest marketing
trend of the twenty-first century? That’s the question of the day as more
institutions begin to twitter, friend and connect to communicate with customers.
Turns out, there is a lot to worry about. From the very real and tangible
risk of exposure to phishing, malware and viruses to the more intangible, ethical
risks posed as more employees use these sites on the job and at home. What is a
financial institution to do? Get left behind by ignoring social networking
or identifying its risk and treading with caution. Since the first option
appears both shortsighted and unrealistic, as many financial institutions and their
employees have already entered the fray, we’ve put together a roadmap to help
you find your optimal social networking Oz.
Life After IAT
September 18, 2009 is finally behind us. How has the implementation of the new International
ACH Transaction really shaken out? How many items are flowing through the system?
How is it impacting every day operations? Now that all the planning and preparations
are over, what are some of the concerns being heard in the industry today?
Speaker: Gina D. Carter, AAP
Director of Education, EastPay
4/21/2010 3:00PM ET to 4:00PM ET
 We
were instructed that we need to have our originators ask their employees with direct
deposit whether the deposit to the U.S. bank will be then sent out of the country.
How do we show acceptable due diligence for this?
Answer: Based on my understanding of your question,
if your institution, acting as the ODFI, is transmitting ACH files to other
U.S. banks only, the transactions would not qualify as an IAT.
However, in the event the ACH deposit transmitted through a U.S. institution, acting
as a Gateway Operator, is then forwarded to a receiver located outside of the U.S.,
then a foreign-based institution would most likely be involved. In this case, the
IAT SEC code should be used by the Originator (your customer). Your institution
needs to educate and work with the originator to ensure these records are identified
using the IAT SEC code, that OFAC scanning is performed and that the record
is formatted accordingly.
Got a question on a tricky regulation?
We want to hear from you! Submit your question and an expert will
answer it in a future issue.
Moving Beyond "Compliance Think" in Online Banking Security
By Francois Lasnier, BankInfoSecurity.com
A change is happening in the security of online banking. In October 2005, the FFIEC
provided guidance requiring the banking industry to provide stronger security controls
to ensure the safety of online transactions. This set in motion a flurry of
changes, but the effort has not been able to keep up with the ever-increasing sophistication of
online threats. The time has come for stronger security, but the focus needs
to be protecting end users -- not simply meeting compliance requirements.
One of the greatest threats to the implementation of strong security controls is
"compliance think"
-- the phenomenon of working to meet compliance requirements, rather focusing on
action that meets the need identified by the guidance.
A Real Live Wire
By Glen Fest, US Banker
When commercial wire payments arrive at Cox Enterprises, the groans rise. That's
because, all too frequently, these payments from vendors don't specify what the
money is for.
A business-to-business wire allows for a 140-character message--the same length
as a tweet. It might have a reference number, but no special instructions or remittance
details used in other electronic payments. Matching the payment with an invoice
is a chore. "We can't process these without follow-up phone calls and getting
more information," says Anita Patterson, treasury services director for the
Atlanta-based media company. "And a good many of them are that way."
It's a common complaint but one that, by year end, may lessen.
Dear Bosses: Is It Your Last Chance To Reverse Your Vile Ways? Or
Is It Too Late?
By Bob Sutton, Work Matters
I was delighted to read that, finally, we saw some serious job growth last month
in the United States, with 162,000 new jobs added in March. When this bright
news is blended with the recent Conference Board study showing that
employee dissatisfaction is at an all time high (less than half of Americans
are satisfied with their jobs, down from 61% in 2005, and workers under 25 are especially
dissatisfied), it suggests that a lot of companies and bosses better come to grips
with the fact that many of their best people are laying in wait, patiently grinding
out the days, but will dash for the exits when the job market gets better.
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