Product Updates for May 2024
The Product Updates for May 2024 from BankPolicies.com feature the following revised policy template products:
Automated Clearing House Policy Template
The update to this product is in response to the following new rules issued by Nacha that are related to monitoring for fraud and are part of a larger risk management package intended to reduce the incidence of successful fraud attempts and improve the recovery of funds after frauds have occurred:
- Minor Rules Topics – Effective June 21, 2024
- Risk Management Topics – Effective October 1, 2024
- Risk Management Topics (Fraud Monitoring Phase 1) – Effective March 20, 2026
- Risk Management Rule Amendment (Company Entry Descriptions) – Effective March 20, 2026
- Risk Management Topics (Fraud Monitoring Phase 2) – Effective June 19, 2026
BSA Suspicious Activity Report Notices Template
The update to this product is in response to FinCEN Notice FIN-2024-NTC1 entitled “FinCEN Notice on the Use of Counterfeit U.S. Passport Cards to Perpetrate Identity Theft and Fraud Schemes at Financial Institutions” dated 04/15/24 that urges financial institutions to be vigilant in identifying and reporting suspicious activity related to the use of counterfeit U.S. passport cards for identity theft and fraud schemes (hereinafter, “U.S. passport card fraud”).
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.
Keeping You Informed
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