by Chinedu Nnadi | Dec 15, 2022 | RADD BUZZ
The Home Mortgage Disclosure Act (HMDA) is a federal law that requires lenders to report certain information about their mortgage loan applications to appropriate authorities. This regulation applies to banks, savings associations, credit unions, or other institutions...
by Chinedu Nnadi | Nov 23, 2022 | RADD BUZZ
Compliance culture is an organization’s set of policies, practices, and behaviors that allows it to ‘play safe’ in its operation. Compliance culture in the financial service industry is how an organization implements and executes its compliance...
by Chinedu Nnadi | Nov 10, 2022 | RADD BUZZ
Enhanced Due Diligence (EDD) is a risk-based approach to KYC procedures. It was developed in response to the increasingly complex financial crime environment. Banks have always been required to know their customers before providing them with banking services, but...
by Chinedu Nnadi | Oct 17, 2022 | RADD BUZZ
Internal audit departments have been a core component of financial institutions for decades. However, with the rise of regulatory scrutiny and the complex risk landscape of financial institutions, having an in-house team is not always feasible. In today’s...
by Chinedu Nnadi | Oct 4, 2022 | RADD BUZZ
Doing a BSA/AML risk assessment is a significant step in complying with anti-money laundering regulations. In this post, we’ll give you an overview of the risk assessment process for FIs. You’ll also understand the steps in completing a comprehensive...