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Latest Compliance - Wire Transfers Topics

Checking Names Against The OFAC List For Each Transaction?

05/12/2003

Is a financial institution responsible for checking the OFAC List for ALL names on EVERY transaction provided to a noncustomer? For example, cashing payroll checks drawn on our bank are we required to check the OFAC list for the payee's name? Or the payee of a Cashier's check, etc.? Will a name match only (since we would not have any other information, in the case of a payee of a Cashiers check) be enough for us to call OFAC?

BSA: FRB Enforces BSA

05/01/2002

FinCEN isn't the only agency taking aggressive action to enforce the Bank Secrecy Act. The Federal Reserve recently announced two enforcement actions involving violations of BSA.

Where is that "Wire Transfer" Rule?

04/01/1996

Confusion abounds in the wire transfer compliance department. Wire transfer rule changes have been talked about for so long that everyone thinks they missed the final.

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Are All Private ATM Owners Equal

09/29/2024

I have read through several articles on private ATM owners and the enhanced due diligence on these; however, none seem to call out private ATM owners that do not have access to fill the ATM. Would these customers have the same expectations? Would it be necessary to tag these customers, obtain contracts/agreements and do yearly reviews of activity?

HSAs and Balance Transfers

09/15/2024

Are banks held accountable when customers transfer money from HSA accounts to personal accounts or LLC accounts?

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