FFIEC compliance guidelines Definitions

  • A

    anti-money laundering software (AML)

    Anti-laundering software is a type of computer program used by financial institutions to analyze customer data and detect suspicious transactions... (Continued)

  • B

    Bank Secrecy Act (BSA)

    The Bank Secrecy Act (BSA), also known as the Currency and Foreign Transactions Reporting Act, is legislation passed by the United States Congress in 1970 that requires U.S. financial institutions to collaborate with the U.S. government in cases of suspected money laundering and fraud.

  • F

    FFIEC compliance (Federal Financial Institutions Examination Council)

    FFIEC compliance is conformance to a set of standards for online banking issued in October 2005 by the Federal Financial Institutions Examination Council (FFIEC)... (Continued)

  • Financial Crimes Enforcement Network (FinCEN)

    Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury. FinCEN was established in 1990 to safeguard financial systems from abuse by promoting transparency in the U.S. and international financial systems.

  • P

    Podcast: What is FFIEC compliance?

    In this WhatIs.com podcast, you'll learn about this attempt to modernize existing banking practices in the context of new online threats like phishing. To learn more about FFIEC compliance, Assistant Site Editor Alex Howard interviewed Patrick Audley, the CTO of risk adaptive software provider Cogneto.

  • R

    remote deposit capture (RDC)

    Remote deposit capture (RDC) is a system that allows a customer to scan checks remotely and transmit the check images to a bank for deposit, usually via an encrypted Internet connection. When the bank receives a check image from the customer, it posts the deposit to the customer's account and makes the funds available based upon the customer's particular availability schedule.

  • S

    Suspicious Activity Report (SAR)

    A Suspicious Activity Report (SAR) is a document that financial institutions must file with the Financial Crimes Enforcement Network (FinCEN) following a suspected incident of money laundering or fraud.

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