Federal Advocacy
NBA meets virtually and in DC for visits with Nevada's Senate and House delegates.
State of Nevada
NBA works with state legislators during session years and with interim committees in off years. In additional to supporting efforts to promote financial literacy, affordable housing and economic development, we work to ensure Nevada is an environment where banks can provide the best products and services to customers.
Thank you to our GR Committee members for all of your work during session. NBA will be working closely with interim Nevada's legislative committees throughout the second half of 2023 and during 2024.
Scroll down for a copy of the End of Session Report.
Regulatory
Nevada Bankers engage with State and federal regulators regularly. Member feedback is a critical piece of helping regulators with their job of providing effective, safe and meaningful oversight. In addition lt irregular meetings with our State FID, NBA works closely with federal regulataors and also offers members a chance to engage in person during the Fall DC visit.
Compliance Alliance
Compliance Alliance Question of the Week
Q: We have a customer who withdrew $15,000 from their account at a branch, but then another $500 from that same account via an out-of-network (foreign) ATM on the same business day. How should we file the CTR – and should we include the ATM transaction?
A: CTRs involving ATMs can often present some tricky considerations, and even those “BSA aficionados” out there may recognize the fact that the specific scenario outlined in the question above isn’t exactly addressed (nor settled) within direct industry guidance - and, as such, the filing “answer” may ultimately be subject to interpretation in the end.
There are effectively two relevant considerations that seemingly conflict in such cases - the first being the definition of an ATM within the CTR Filing Instructions themselves, paired with the fact that such transactions are typically reportable by the owners of those ATMs - and the other being the statutory requirement (and general reasoning behind a CTR) to report multiple currency transactions as one transaction if the bank "…has knowledge that they are by or on behalf of any person and result in either cash in or cash out totaling more than $10,000 during any one business day…”. Relatedly, for aggregation purposes, debits must be added to debits, and credits must be added to credits.
Here, though the ATM in question is non-proprietary, the $15K withdrawal triggered the CTR reportable threshold, and would be paired with the $500 withdrawal from the same account at the other bank-owned ATM for aggregation purposes just mentioned - so filing a CTR and including the ATM withdrawal may likely be appropriate under the language of both 31 CFR 1010.313(b) and the following from the CTR Filing Instructions:
"Multiple transactions must be treated as a single transaction if the financial institution has knowledge that they are by or on behalf of the same person and they result in either currency received (cash in) or currency disbursed (cash out) by the financial institution totaling more than $10,000 during any one business day. For a bank, a business day is the day on which transactions are routinely posted to customers’ accounts, as normally communicated to depository customers."
Essentially, if the bank is aware of both the branch $15,000 withdrawal and the $500 ATM withdrawal on the same business day (i.e., the withdrawal at the ATM would have posted on that same day, for instance), then it may be most appropriate that they both be included in the amount listed in Part I.
As with any BSA related query, the bank should also be sure to review its own BSA / AML, CIP, and CDD policies, procedures, and past practices as well, as ultimately, this may be more of a risk-based determination (and don’t forget to peruse our BSA / AML / OFAC Toolkit, for additional resources, as well).
Compliance Alliance offers a BSA / AML / OFAC Toolkit with a number of additional resources: https://compliancealliance.com/find-a-tool/by-toolkit/bsa-aml-ofac/
Also offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign Up for a live Compliance Hub demo:
For Trust Companies (not banks):
Compliance Hub for Trust
Trust Tools for Compliance is a stand-alone program designed specifically to assist and support wealth management divisions and brick-and-mortar money managers with their regulatory compliance needs. To learn more, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign Up for a live Compliance Hub Trust Demo
For Mortgage Companies (not banks):
Compliance Hub for Mortgage
Compliance Alliance now gives you easy access to Mortgage Tools—a collection of proprietary regulatory compliance tools with more than 200 worksheets, checklists, trainings and more & a live hotline chat feature connecting you to attorneys and compliance experts—all designed to safeguard internal operations, strengthen business practices, and develop exam-ready organizations. To learn more, call (888) 353-3933 or email info@compliancealliance.com and ask for our Membership Team.
Sign up for a live Mortgage Demo
Banking Matters Podcast –
Episode 112 Banking Matters Understanding FinCEN's New SAR FAQs
In this episode of Banking Matters, Elizabeth Holtrop hosts Brett Goodnack to discuss recent developments in Bank Secrecy Act (BSA) regulations, particularly focusing on the new FAQs issued by FinCEN regarding Suspicious Activity Reports (SARs). Brett provides analysis into the implications of these FAQs, including potential contradictions with existing guidance, the importance of documentation in decision-making processes, and the need for banks to navigate these changes carefully while maintaining compliance and risk management practices.
Listen to Banking Matters in your favorite apps!
Review Alliance, an independent group of compliance specialists offering banks deep-dive audits of their existing transactions, recommendations about program enhancements or guidance on future safety and soundness. In 2020, we added Virtual Compliance Officer - a new shared service-model using bank-dedicated compliance officers; perfect for monitoring and guiding your bank remotely. To learn how to put them to work for your bank, call (833)-683-0701 or email info@bankersalliance.org and ask for our Membership Team.
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