1. Anti-Money Laundering (AML) Compliance:
Banks must have procedures in place to identify, detect, and report suspicious activity related to money laundering activities.
2. Bank Secrecy Act (BSA) Compliance:
This legislation requires banks to keep records of customer transactions and follow reporting requirements for suspicious activity or large cash transactions.
3. Customer Due Diligence (CDD):
Banks are required to assess the risks associated with their customers by obtaining information about them and verifying their identities when opening accounts or initiating transactions.
4. Cybersecurity Procedures:
These procedures ensure that customer data is secured and protected from unauthorized access or use, including malware protection and encryption measures.
5. Fair Lending Compliance:
Financial institutions must provide the same access to credit opportunities for all applicants, regardless of race, color, religion, sex, marital status, national origin, or other protected characteristics.
6. Information Security Standards:
Banks must have procedures in place to protect customer data from unauthorized access or use. This includes developing and implementing a security plan that meets compliance regulations.
7. Privacy Notices:
Financial institutions are required to provide customers with written statements about how their personal information is collected and used.
8. Risk Management Policies:
Banks must develop policies and procedures for managing risks related to their operations including credit risk, market risk, and operational risk management plans.
9. Third-Party Oversight:
Financial institutions must conduct due diligence on any third party they are working with to ensure they are compliant with banking industry regulations.
10. Transaction Monitoring:
Banks must monitor customer transactions for suspicious activity such as fraud or insider trading.
