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Latest Compliance - Operations Topics

Bank Secrecy Basics, Part 3

12/01/2001

I'd suggest that you now have in front of you the two forms we've been talking about - The Currency Transaction Report (CTR, Form # 4789) and the Designation of Exempt Person form (TD F 90-22.53).

Regulatory Info: Late return claims

11/01/2001

Question: I write corporate platform procedures and would like to know if you have any Regulatory information concerning "Late Return Claims" or "Claim of Delay"?

Training: A How-ToEssential and Important

07/01/2001

There are many types of training that financial institutions are required to do. Some training is mandated by regulations, some by marketing, and some by good, old common sense.

Establishing a Customer Verification Process

05/07/2001

We are trying to establish a 5 point customer verification process. What are other financial institutions using? I've been told that it is not recommended to simply use social security and driver's license numbers as they are too easy to obtain on the internet.

Hats Off!

01/01/2001

by Barbara E. Hurst, Editor

It's the beginning of a brand new year and I'm going to take time out to pat a few of you on the back.
Here's a toast to:

CRA: Continuous Evolution

01/01/2000

If there is any area where we would like change to stop or at least slow down, it is CRA.

Truth in Lending

01/01/2000

Truth in Lending, and its close ally, Regulation Z, have been at the center of the compliance circle from the beginning.

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Most Popular Compliance Content

Handling Deposits of MRB Staff

03/26/2023

A dispensary (Marijuana Related Business) just opened this month in town. We have two members (we are a credit union) that receive payroll from there (ACH). - Given their employer, is it illegal for them to bank with us? - Do we need to terminate our relationship with them? Our policy only states for MRB's that we would allow tier 2 and 3. Technically it is an individual, not a business though. Are we allowed to keep them? I know there are SARs we may have to file for MRB's (limited/terminated, etc.). If we keep thee depositors, do we have to file a SAR every 90 days on the individuals as long as they are employed at the dispensary? We understand there is a certain risk having them. There is really no guidance from FinCEN regarding employees of MRB's, just MRB's themselves. Any guidance would be greatly appreciated.

Fraudulent Check Requirements

03/26/2023

We are a bank located in NY. We would like to know if it is required under state (if you know) or federal laws to have a customer sigh a claim form for an unauthorized/forged/altered check? If so, is it required to be notarized? We are aware that NACHA made provisions during the pandemic to allow WSUDs to be taken verbally, however we would like to know if it's necessary for checks and specifically if a Notary is needed as one might not be available in the branch on the day the claim is made.

Returned Check Rules

03/26/2023

I would appreciate direction on where to find in the regulation(s) the requirement for counterfeit checks to be returned within a 24 hour period of payment. We have a client that has had a counterfeit check clear their account and needs proof that it must be returned the next day or it is considered a late return.

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