Product Updates for February 2024
The Product Updates for February 2024 from BankPolicies.com feature the following new job description and revised form and policy template products:
The update to this product is in response to FinCEN Alert FIN-2024-Alert001 entitled “FinCEN Alert on Israeli Extremist Settler Violence Against Palestinians in the West Bank” dated 02/01/24 that alerts financial institutions to the financing of Israeli extremist settler violence against Palestinians in the West Bank. This alert provides select red flags to assist financial institutions in identifying and reporting suspicious activity that finances such violence.
As a reminder, the BSA Suspicious Activity Report Notices Template is included in the purchase price of the Bank Secrecy Act Policy Template – Comprehensive Version.
The update to these products is in response to eliminate any references to allowance for loan lease losses (ALLL) and update federal regulatory hyperlinks imbedded within the templates.
The update to this product is in response to the modification of existing federal regulatory guidance for additional clarity, current industry best practices, and those of originating from client requests.
The update to this product is in response to OCC Bulletin 2024-3 entitled “Securities Operations: Shortening the Standard Settlement Cycle” dated 01/17/24 that highlights actions that banks should take to prepare for a change in the standard securities settlement cycle for most U.S. securities transactions. The compliance date for this change is May 28, 2024.
These new and updated products are in response to the modification of existing regulatory guidance for additional clarity, current industry best practices, and those of originating from client requests.
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