Product Updates November 2015

New and Revised Policy Templates for November 2015

Anti-Money Laundering Policy Template – Money Service Business – NEW!

This new product was developed in response from client requests to develop an anti-money laundering policy template that is specifically designed for all types of money service businesses (MSBs). The template was designed to provide a MSB with a risk based Anti-Money Laundering Program (AML Program) that is reasonably designed to prevent the MSB from being used to facilitate money laundering and the financing of terrorist activities under the Bank Secrecy Act (BSA), and all money services that the MSB offers

Regulation C Policy Template

The update to this product is in response to the CFPB’s Press Release entitled “Rule to Improve Information About Access to Credit in the Mortgage Market” dated 10/15/15 that announced a final rule to improve information reported about the residential mortgage market. The rule will shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home Mortgage Disclosure Act (HMDA) regulation. Most of the provisions of the final rule will take effect on January 1, 2018. Lenders will collect the new information in 2018 and then report this information by March 1, 2019.