Lillie Resource Group

Exciting things happening at LRG. Stay tuned.

It’s October 31st—time for costumes, candy, and... knock-knock jokes? That’s right, it’s not only Halloween but also National Knock-Knock Joke Day! Here’s one to start the fun: Knock, knock. Who’s there? Witch. Witch who? Witch way to the candy? As you gather your treats and haunt the neighborhood, share your spookiest knock-knock joke with us! May your night be filled with frights and delightful laughs! #SpookySeason #HalloweenJokes

Twirl your forks! Today is World Pasta Day, and we're celebrating all things pasta, from spaghetti to fusilli and everything in between. Whether you love it with a simple sauce or a lavish topping, there's no wrong way to enjoy this versatile dish. How are you celebrating today? Share your favorite pasta dish or recipe with us! #WorldPastaDay #PastaLovers

Think you're a compliance whiz? Test your knowledge with our quick quiz! What is the most common reason for compliance audits in financial institutions? A) Employee training verification B) Detection of internal fraud C) Regulatory requirement fulfillment D) Updating software systems Comment your answer below! Answer: C) Regulatory requirement fulfillment. Compliance audits are typically mandated by regulations to ensure that financial institutions adhere to legal standards and best practices. This helps prevent non-compliance which could result in fines or more severe penalties. #ComplianceQuiz #TestYourKnowledge

Today is National Dessert Day! Whether you're indulging in a cupcake, savoring a warm brownie, or enjoying a classic apple pie, it's the perfect day to treat yourself. What's your dessert choice today? Share your delicious delights with us! #NationalDessertDay #SweetTreats

Compliance Tip: Engage Everyone Compliance is a team sport! One of our favorite tips for maintaining a compliant organization is to engage every employee in your compliance efforts. From the C-suite to the front lines, ensure that everyone understands their role in upholding standards and regulations. Regular training and open communication can foster a culture of compliance throughout your organization. #TeamCompliance #ComplianceCulture

It's #FridayFunny, and guess what? Oprah's feeling generous in the compliance department today! Whether you're ready or not, let's make those audits as pain-free as possible. Remember, it's all in the name of keeping things on the up and up! #AuditSeason #OprahAudits

On the Horizon: Critical AML/CFT policy updates coming. On June 28, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) that proposes amendments to anti-money laundering/countering the financing of terrorism (AML/CFT) program requirements for all financial institutions subject to the Bank Secrecy Act (BSA) with AML/CFT program obligations. The proposed changes to AML/CFT programs include the following: ? The Policy should state purpose of AML/CFT Programs ? The Risk Assessment process should be incorporated into the Policy. ? Independent testing to be conducted by qualified party; and for an AML/CFT program to be effective, reasonably designed, and risk based, the compliance officer must be qualified. ? Section 6101 of the AML Act requires that the review of the AML/CFT Priorities and the incorporation of those priorities, as appropriate, into its risk-based AML/CFT program, be included as a measure on which a financial institution is supervised and examined; therefore, these priorities should be explicitly addressed in the risk assessment as well as a policy provision assuming responsibility and obligation to comply with Section 6101.

A new client has started depositing large sums of cash frequently after opening an account last month. The source of funds isn't clearly documented. What’s your move? A) Continue to accept deposits without question. B) Implement Enhanced Due Diligence (EDD). C) Report the customer to regulatory authorities. D) Request immediate closure of the account. Let us know your approach in the comments! Correct Answer: B) Implementing Enhanced Due Diligence allows you to gather the information needed to escalate the customer's account risk, or document why the activity is considered legitimate based on the customer's individual profile. Cash deposits, in and of themselves, are not a crime. But, illegally acquired cash or legally obtained cash used for financing illegal activities IS.

Shelley looks happy! Maybe that is why our clients are happy!