- A
- B
- C
- D
- E
- F
- G
- I
- L
- M
- N
- O
- P
- R
- S
- T
- U
- V
- W
- X
Account Takeover
Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
Adverse Action
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
Aging Exceptions
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered Checks
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
API
API is short for “application programming interface.” Technology companies like Alogent rely on APIs to connect multiple software applications, thereby enabling a two-way exchange of information to support users’ needs.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
Authorized Signer Form
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.
Share via:
Suspicious activity monitoring is the procedure of identifying, researching, documenting—and, if necessary, reporting—an account holder’s banking pattern when it indicates possible illegal behavior. This practice is done to both manage a bank or credit union’s risk and comply with regulations.
Examples of suspicious activity include:
- Unusual Large Business Deposits of Cash: Large amounts of cash regularly deposited into an account for a company that is not normally a cash business.
- Personal Accounts with Suspicious Activity: A personal banking account that is established with a small deposit but regularly has large sums of money flowing through it.
- Avoidance of CTR: Multiple deposits in cash, each just below $10,000. This attempts to avoid the need for a currency transaction report, or CTR, to be completed. (The CTR form is designed to deter money laundering and is required when a customer seeks to either deposit or withdraw more than $10,000 in a single transaction.)
How is Suspicious Activity Monitoring Initiated?
The initial burden of suspicious activity monitoring has traditionally fallen on frontline staff at financial institutions. The teller alerts a supervisor or manager, and then an investigation is conducted. In some instances multiple departments may be involved in researching an account. A suspicious activity report (SAR) would then be completed if warranted.
Some banks and credit unions are now also using features in their core software system and other electronic document management systems to delineate parameters that automatically trigger a suspicious activity notification. This is especially important for larger institutions with multiple branches; suspicious activity would otherwise be difficult to pinpoint if transactions were spread across a variety of locations with a number of tellers.
A Bank’s Responsibilities with SARs
Once an SAR is generated, a financial institution is required to file it with the Financial Crimes Enforcement Network (FinCEN) and retain all associated documentation for a five-year period, either as a hard copy or electronically. Auditors will also likely request SAR files, so it is imperative that these records be complete and easily retrievable.
Continue reading about SAR documentation best practices.
Tracking Resources
For more information about bank tracking and management, be sure to check out our extensive resource library with free spreadsheets, whitepapers, and eBooks.
Searching for more banking definitions? Check out our banking definitions page.
Explore more resources
Streamlining Banking Operations with Intelligent Document Management and Indexing
Effective document management is crucial for banks and credit unions, given their need to handle large volumes of sensitive and regulated information daily. Precise categorization and indexing from the start are essential for systematic organization, enabling...
Read More »
Related Entities Tracker
In the realm of business financing, related entities—such as subsidiaries, affiliates, or sister companies—can often be interconnected through shared financial arrangements or cross-collateralized assets. Managing these relationships requires careful attention...
Read More »
Cross Collateral Tracker
Cross collateralization involves using the same asset to secure multiple loans, which can help borrowers access more credit by leveraging their existing assets. However, this practice necessitates meticulous tracking, as each loan's performance can impact the...
Read More »
Related articles
Thursday 12 September 2024
Digital Banking Series Part 1: Considerations when Upgrading your Digital Banking Platform
Debbie Eshbaugh,
Senior Product Manager
Digital banking has transformed how consumers and small businesses transact, including accessing account information, transferring funds, paying bills, depositing checks, inquiring about loan offers, and…
Read the Blog
Thursday 29 August 2024
7 “Outside the Box” Use Cases for the AccuAccount Audit Export Feature
Jenn Mitchell,
Vice President Sales, AccuAccount
The audit export feature in AccuAccount was built to simplify audit and exam preparation for financial institutions. Instead of scrambling to gather paper loan files…
Read the Blog
Tuesday 27 August 2024
Revolutionize Banking Efficiency with the FASTdocs Workflow Library: Your Key to Streamlined Operations and Enhanced Accuracy
Cameron Marks,
Director, Product Management
In the ever-evolving world of banking and financial services, efficiency and adaptability are key. Enter the FASTdocs Workflow Library, a game-changing feature of Alogent’s FASTdocs…
Read the Blog
Tuesday 20 August 2024
5 Tips to Elevate Your Digital Banking Experience and Stand Out in a Competitive Market
Debbie Eshbaugh,
Senior Product Manager
A superior digital experience for financial institutions is essential. As consumer expectations continue to evolve, how can banks and credit unions stand out in a…
Read the Blog
Monday 5 August 2024
Future-Proofing Branch Banking: Insights from Alogent and Antuar’s Branch Transformation Webinar
Wendi A. Klein,
Vice President, Marketing & Communications
Understanding the nuances of branch banking and digital transformation strategies are crucial for financial institutions aiming to stay competitive and exceed customer service expectations. Insights…
Read the Blog
Monday 8 July 2024
How to Prepare for an Audit or Exam with AccuAccount
Jenn Mitchell,
Vice President Sales, AccuAccount
Compared to pulling paper loan files, using AccuAccount can make audit and exam prep faster and easier. But how does it actually work? Let’s break…
Read the Blog
Thursday 27 June 2024
Check Fraud: A Growing Concern for Business Owners and What your Financial Institution Can Do
Wendi A. Klein,
Vice President, Marketing & Communications
As a way to streamline deposit processes and expedite cash flows, corporates and merchants of all sizes have embraced remote deposit capture (RDC) solutions from…
Read the Blog
Monday 24 June 2024
Gaining a Holistic View of Banking Relationships with AccuAccount
Jenn Mitchell,
Vice President Sales, AccuAccount
Banking relationships can be incredibly complex. After all, one commercial customer might be connected to dozens of entities, loans, and accounts. To see the bigger…
Read the Blog
