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#75281 - 04/25/03 09:36 PM Re: CIP
Starky Offline
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Starky
Joined: Oct 2002
Posts: 204
Arkansas
Quote:

I heard from the ABA that the rules will be out Monday (4/28)or Tuesday (4/29). I think they meant 2003!




I received a flyer from the Arkansas Bankers Association for a seminar that states: "Final regulations on Customer Identification Program are finally out. Are you ready?" And at the bottom: "Only 6 months to comply! Sign up today!"

Do they know something we don't or just confident the final rules will be out next week?

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#75282 - 04/26/03 01:17 AM Re: CIP
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,763
On the Net
While I do believe they will be out soon, was that release dated Oct. 2002 or April 2003?
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AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#75283 - 04/28/03 01:31 PM Re: CIP
Starky Offline
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Starky
Joined: Oct 2002
Posts: 204
Arkansas
Quote:

While I do believe they will be out soon, was that release dated Oct. 2002 or April 2003?




Andy, if you are addressing me, the release came out Friday, April 25.

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#75284 - 04/28/03 01:47 PM Re: CIP
Andy_Z Offline
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Andy_Z
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It was a joke. Sorry. I should have added the traditional as we have been expecting this for a long time.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#75285 - 04/28/03 01:55 PM Re: CIP
Starky Offline
100 Club
Starky
Joined: Oct 2002
Posts: 204
Arkansas
Quote:

It was a joke. Sorry. I should have added the traditional as we have been expecting this for a long time.




I'm a little slow this morning, only on my second cup of coffee, and it's Monday morning.

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#75286 - 04/28/03 01:57 PM Re: CIP
Anonymous
Unregistered

I am still working on getting good representation from the bank I work for at the ABA seminar on Wednesday. I invited the Insurance Department and they do not think it will apply to them. I know the final rules are not out, but what do you think?

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#75287 - 04/28/03 02:30 PM Re: CIP
BankerMama Offline
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BankerMama
Joined: Jun 2001
Posts: 1,543
Now I'm really confused. Are the final rules out or not?

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#75288 - 04/28/03 02:33 PM Re: CIP
RVFlyboy Offline
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RVFlyboy
Joined: Oct 2000
Posts: 5,992
Soaring over Georgia
Not as of 10:00am EDT on 4/28/03.
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My posts - my opinions

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#75289 - 04/28/03 02:56 PM Re: CIP
Retired DQ Offline
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Retired DQ
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Posts: 40,766
Turnpike Exit 10
And not out as of 11:00 am on 4/28/03!
Maybe we should report in hourly!

That was EDT, as well.
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Get your facts first, then you can distort them as you please. - Mark Twain

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#75290 - 04/28/03 04:01 PM Re: CIP
Ted Dreyer Offline
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Ted Dreyer
Joined: Apr 2001
Posts: 2,245
Quote:

Maybe we should report in hourly!





That could have a MAJOR impact on the "guess the post count" contest!

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#75291 - 04/28/03 05:20 PM Re: CIP
Princess Romeo Offline

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Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
Quote:

That could have a MAJOR impact on the "guess the post count" contest!



Bwaaa-haa-haa-haaa!!!! she laughs evilly...
_________________________
CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

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#75292 - 04/28/03 05:26 PM Re: CIP
AnonRegulator Offline
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AnonRegulator
Joined: Mar 2002
Posts: 451
Everywhere, USA
They should be out prior to the ABA teleconference. Some of the more interesting changes from the proposal include:

o implementation by Oct 1; and

o no requirement to copy the documents you used to verify identity, although you will have to document and describe the documents you used.

AR.


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#75293 - 04/28/03 05:28 PM Re: CIP
Retired DQ Offline
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Posts: 40,766
Turnpike Exit 10
This post is turning frivolous...
1:29 EDT-No CIP rules yet... just checking in.
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Get your facts first, then you can distort them as you please. - Mark Twain

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#75294 - 04/28/03 05:36 PM Re: CIP
Anonymous
Unregistered

Let us be neurotic for you. The BOL team is obsessively/compulsively checking for the CIP rules (just as we have been since SEPTEMBER -- argh!) and we'll let you know the moment anything pops up.

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#75295 - 04/28/03 05:52 PM Re: CIP
Retired DQ Offline
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Posts: 40,766
Turnpike Exit 10
You guys are the absolute BEST! I think I'll go home now...
And MB, you are Tops!
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Get your facts first, then you can distort them as you please. - Mark Twain

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#75296 - 04/28/03 06:04 PM Re: CIP
P*Q Offline

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P*Q
Joined: May 2001
Posts: 8,458
Somewhere
Quote:

Let us be neurotic for you. The BOL team is obsessively/compulsively checking for the CIP rules (just as we have been since SEPTEMBER -- argh!) and we'll let you know the moment anything pops up.



I am anxiously awaiting my compliance special briefing from BOL when the rules are out!

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#75297 - 04/28/03 10:43 PM Re: CIP
Nanwa Offline
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Nanwa
Joined: Oct 2001
Posts: 5,564
Clintonville, WI, USA
Hey banker mama! I just got back from four months in Florida. I took my draft copy of the CIP with me, just in case the final regs came thru, so I could edit it and get it back to my Board like pronto. Amazing! Here I am back again, and still no regs. Dragged all that paper around for nothin'! My advice: vacation is for vacation; don't be messin' with no bank work when you can be seeing the Mouse Man!
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#75298 - 04/29/03 01:24 PM Re: CIP
waldensouth Offline
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waldensouth
Joined: Nov 2001
Posts: 7,988
FINALLY ABOVE the gnat line
I just received an e-mail from our rep at Bankers Systems that stated the rules would be issued tomorrow, April 30th.
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"Once you learn to read, you will be forever free."

- Frederick Douglass




My Opinion Only.

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#75299 - 04/29/03 05:10 PM Re: CIP
Fortyniner Offline
Junior Member
Fortyniner
Joined: Jan 2003
Posts: 37
On the Wire
I just spoke with a representative of the company facilitating tomorrow's ABA telephone seminar and this person indicated the materials were received this morning and will be e-mailed to all participants later today.


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#75300 - 04/29/03 06:53 PM Re: CIP *DELETED*
zaibatsu Offline
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Posts: 6,153
Post deleted by zaibatsu
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#75301 - 04/29/03 07:12 PM Re: CIP
Andy_Z Offline
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I don't know what this has to do with CIP, but you'll be happy to know that I did take a day of vacation last Friday. And I didn't log on until about 8 PM, well after the work day was over.

One thing I want to see is the mandatory effective date. AR mentioned October 1 which will give us 5 months instead of the 6 we'd heard about. But without having to acquire the infrastructure to copy IDs it will be easier to implement. I hope there are no hidden requirements to address. I hate those unexpected little additions. I'll have to dust off and update the policy I was working on so many months ago.

I wonder how many of us will implement immediately or take our time up until the August - September time frame.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#75302 - 04/29/03 07:40 PM Re: CIP
Retired DQ Offline
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Retired DQ
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
Oh No! Are you starting another CIP poll?
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Get your facts first, then you can distort them as you please. - Mark Twain

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#75303 - 04/30/03 12:12 PM Re: CIP
AnonRegulator Offline
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AnonRegulator
Joined: Mar 2002
Posts: 451
Everywhere, USA
On the deadline for compliance with 326, the Oct 1 date was initially targeted in anticipation of a release date that would make for a 6 month lead time to comply. Unfortunately, the affected regulators, a group that is much broader than just the banking regulators, had some discussions that delayed the issuance of the regulation past March. I'm not sure there is an ability at this point to change the Oct 1 implementation as there is some hope of printing the reg in the Federal Register momentarily. If there happens to be some more significant delays, which I think is unlikely at this point, then perhaps the implementation date will get pushed back.

One other thing about the final reg that you might find interesting. Consistent with the proposal, the final reg requires banks to have procedures to identify customers that may be on a government provided list of known or suspected terrorists. There has been much debate on what lists count for Section 326 purposes, e.g., OFAC, FBI, FinCen 314 requests, etc. There are currently NO lists of known or suspected terrorists designated as 326 lists. Any such list distributed by the US that is to be used for 326 purposes will be conspicuously labeled as a 326 list, so there won't be any doubt about which lists you must use for this purpose. AR.

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#75304 - 04/30/03 01:07 PM Re: CIP
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,765
Central City, NE
This morning I received an email from the ABA - The Insider Edition - entitled:
"ABA INSIDER SPECIAL EDITION FOR April 29, 2003: Summary of Final Rule under Section 326 of the USA PATRIOT Act (Customer Identification Program)."
Attached to it, is an 8 page pdf memo from John Byrne with the subject line "Preliminary analysis of the Final Rule under Section 326 of the USA PATRIOT Act (Customer Identification Program)."

I haven't read this yet, but it indicates the final rules go into effect 30 days after publication in the Federal Register but we will have until 10/1/03 to comply.
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David Dickinson
http://www.bankerscompliance.com

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#75305 - 04/30/03 01:09 PM Re: CIP
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,763
On the Net
The 10-1 date is also what I am hearing. These rules should be released this morning. In hopes that a webmaster hit the upload key to early I have been to the regulatory sites this morning but haven't seen anything yet.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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