The start of a new year is the perfect time to prepare for changes in the regulatory landscape. For financial institutions, staying ahead of updates can save time, stress, and even money. To help you start strong in 2025, we’ve outlined a few key areas to keep on your radar this year.
1. BSA/AML Compliance: More Scrutiny, More Expectations
Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance remain a top focus for regulators. Enhanced customer due diligence (CDD) and beneficial ownership reporting will continue to receive attention in 2025, so it’s critical to make sure your processes are up to date.
What You Can Do: Review your CDD program to confirm it meets current requirements. If you haven’t had a BSA/AML audit recently, this could be the perfect time to schedule one and identify any gaps.
2. ACH Rules & Payment Systems
Changes in ACH rules and other payment systems may impact how transactions are processed and reported. Staying compliant with these updates can help your institution avoid costly penalties.
What You Can Do: Check your policies and procedures to confirm they align with the latest ACH rules. Consider additional training for staff involved in payment processing.
3. Employee Benefits & Compensation Compliance
As regulators continue to scrutinize employee benefits and compensation structures, financial institutions must make sure their plans meet regulatory requirements, especially as changes to healthcare laws or retirement plan rules are introduced.
What You Can Do: Work with your payroll provider or benefits administrator to confirm accurate reporting and compliance with updates in 2025.
4. Quarterly Reviews: A Must for Staying Compliant
Routine reviews, such as new loan reviews, allowance for credit loss assessments, or internal audits, are essential for catching issues before they escalate. These reviews also demonstrate your institution’s commitment to regulatory compliance.
What You Can Do: Build these reviews into your schedule for 2025. A proactive approach can save time and stress when exam season comes around.
Let’s Navigate 2025 Together
Staying compliant in an ever-changing regulatory environment can feel overwhelming, but you don’t have to tackle it alone. At KPM CPAs & Advisors, we understand the challenges financial institutions face, and we’re here to help. From BSA/AML audits to ACH reviews and loan reviews, our team provides expertise tailored to your needs. Let’s make 2025 a smooth and successful year—contact us to get started!