Brandi Reynolds

Brandi Reynolds has over 16 years of experience in the financial services industry that includes more than 12 years at Advance America, Cash Advance Centers, Inc., serving as the Deputy Compliance Officer. Brandi has received both the Certified Anti-Money Laundering Specialist (CAMS) and Certified Anti-Money Laundering Specialist-Audit (CAMS-Audit) certifications.

She has delivered efficient and effective solutions in areas of compliance program development, compliance monitoring and testing and training in relation to federal consumer protection laws and regulations and anti-money laundering laws.

cannabis leaf on $100 bill

As the cannabis industry continues to grow, so does its demand for banking services. Brandi Reynolds champions an enhanced due diligence (EDD) program specifically for these customers. A quick read through recent regulatory enforcement actions against financial institutions will show that regulators are intensely interested in higher-risk customers and in the enhanced due diligence (EDD) institutions must adopt to accept them. Examiners...

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fintech cloud emanating from smartphone on blue-green background

Banks have long outsourced certain audits, but banking-fintech relationships are new ground. Brandi Reynolds discusses a persistent problem in bank internal audit departments and offers a path forward. Co-sourcing or outsourcing certain internal audits is nothing new to bank internal audit departments. In the 1980s, IT/MIS (management information systems) functions started growing in sophistication, and all but the largest banks outsourced their...

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Compliance Challenges: Crypto and the Travel Rule

A modification has been proposed by FinCEN and the Federal Reserve board to lower the threshold for the requirement to collect, retain and transmit information on funds and transfers. As Brandi Reynolds explains, this could have major implications for the crypto sector. The “Travel Rule,” otherwise known as the funds transfer recordkeeping regulation, requires financial institutions, including non-bank financial institutions, to transmit...

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stack of cryptocurrency coins on digital background

The OCC’s latest guidance on cryptocurrency marks a major step forward. Brandi Reynolds explains what Interpretive Letter 1170 means for banks and the benefits it promises for the world of cryptocurrency. On July 22, 2020, the Office of the Comptroller of the Currency (OCC) established Interpretative Letter 1170, which clarifies the national banks’ authority to provide custody services of cryptocurrency for all...

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cryptocurrency coins on blue digital background

What Crypto Exchangers and Administrators Need to Know U.S. regulators have recently joined with an international coalition of tax enforcement authorities to investigate cryptocurrency-related crimes. Given that there’s been limited regulatory oversight of cryptocurrency in years past, where does this leave businesses whose bread and butter is cryptocurrency? Cryptocurrency markets have grown significantly in the past decade. Today, there are numerous exchanges...

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Are You Managing Your Risk?

The BSA/AML risk assessment will allow you to have a better understanding of your overall risk. The risk assessment should be comprehensive and well-documented. When complete, an effective risk assessment should enable the MSB to establish policies, procedures and internal controls to develop the company’s BSA/AML compliance program.

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