Department of Treasury's Office of Foreign Assets Control (OFAC), Financial Crimes Enforcement Network (FinCEN), AML, BSA, Reg CC
and compliance training.
Based on the type of alert that is returned, the financial institution can configure their workflow to apply the appropriate length of hold, depending on Reg CC
guidelines and the relationship they have with the depositor.
Additionally, the paper highlights various types of check losses and the costs associated with each, recent Reg CC
changes that impact institutions' hold policies and clearing timelines, and the latest fraud rings and fraud tactics facing financial institutions.
ATTUS Technologies also produces comprehensive regulatory compliance solutions for financial services institutions including WatchDOG[R] CIP, WatchDOG[R] Wire, WatchDOG[R] for Reg CC
and WatchDOG[R] for Reg E, which all assist in reducing the threat of fraud, identity theft and money laundering.
Once a check is flagged as having a reasonable doubt of collectability, the institution can place an extended Reg CC
hold on that deposited item, effectively protecting the Bank of First Deposit and the depositor against a check loss.
Errico continued, "The recent changes to Reg CC
, the Expedited Funds Availability Act, means all checks are now local.
Wolters Kluwer Financial Services' regulatory experts will offer institutions additional insight into these Regulation CC changes as part of the company's fee-based, live Webinar, The Move to One Paper Check-Processing Region: A Reg CC
Refresher, offered on Nov.
Traditional paper check exchanges are governed primarily by statutes such as the Uniform Commercial Code and regulations, such as Reg CC
, but there is no law to cover check image exchange," said David Walker, president of ECCHO.
This has worried receiving institutions who fear they may find that an image is unusable -- only after Reg CC
deadlines for returning the item have passed-- as well as worrying sending institutions they may unwittingly forward-present images of unusable quality simply out of ignorance of a problem within their capture system.