Jim Kalabokis, Author at TCA

What is a financial institution’s (FI) responsibilities as it relates to legal entities registering Beneficial Ownership information with FinCEN? Can we access the system now? Do we need to do anything differently?

Answer: There have been no changes to the FI’s current requirements to obtain beneficial ownership information. The FAQs stated that FI’s are not currently required to access the beneficial ownership IT (BO IT) system. Access to the system is expected to be extended to FIs in the spring 2025. FinCEN intends to provide additional guidance […]

What is a financial institution’s (FI) responsibilities as it relates to legal entities registering Beneficial Ownership information with FinCEN? Can we access the system now? Do we need to do anything differently? Read More »

TCA’s Top 5 BSA/AML Concerns

BSA/AML / By Jim Kalabokis, Melissa Hoeft

The Bank Secrecy Act/Anti-Money Laundering area of compliance is always evolving. As an example, we are currently transitioning the name of this specialized area of compliance from Bank Secrecy Act (BSA) to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) to coincide with the term’s examiners are now using within their documents and reports.

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How do I complete Part II (Amounts and Dates) on a continuing activity suspicious activity report (SAR) if the transaction took place on a single date? Do I include the investigation range from the previous filing?

Q&A, SAR / By Jim Kalabokis

Answer: The date field in Part II should only cover the date range of activity determined to be suspicious, not the investigation range. If transaction occurred on a single date, the “To” field is left blank. Describe the time period of the investigation in the narrative.

How do I complete Part II (Amounts and Dates) on a continuing activity suspicious activity report (SAR) if the transaction took place on a single date? Do I include the investigation range from the previous filing? Read More »

Preparing a Bank Secrecy Act Risk Assessment

BSA/AML / By Melissa Hoeft, Jim Kalabokis

Welcome to TCA’s BSA Back to Basics article series! Each month, our BSA experts will explore a section of the FFIEC BSA/AML Exam Manual, analyze the regulatory requirements, and offer insights to common findings in exams and audits. We will share best practices to help your BSA program continue to evolve. The first section of

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Legislative and Regulatory BSA/AML Changes

BSA/AML / By Jim Kalabokis

Despite the collective efforts of law enforcement and BSA risk managers across the country, the United States is not doing the best job of finding effective and efficient ways to combat money laundering. Regulatory and legislative efforts, which are the truly meaningful actions that could be taken, are currently being worked on in Washington. A

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Jim Kalabokis

What is a financial institution’s (FI) responsibilities as it relates to legal entities registering Beneficial Ownership information with FinCEN? Can we access the system now? Do we need to do anything differently?

TCA’s Top 5 BSA/AML Concerns

How do I complete Part II (Amounts and Dates) on a continuing activity suspicious activity report (SAR) if the transaction took place on a single date? Do I include the investigation range from the previous filing?

Preparing a Bank Secrecy Act Risk Assessment

Legislative and Regulatory BSA/AML Changes

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