Payroll Cards - CIP on Business or Employee?
03/06/2006
For payroll cards, do we do CIP on the business (our customer) or their employee?
Ryan Rasske
Bio:
As President of Associated Risk Group, Ryan is responsible for corporate administration and the management of sales, marketing and business development. ARG is an affiliate of Associated Banc-Corp ($22 billion bank holding company) that provides compliance consulting to small and mid size financial institutions. Prior to joining ARG, Ryan was employed with the U.S. Secret Service and lived in the Washington DC metropolitan area. His banking career started at E*TRADE Bank where he assumed the role of Bank Secrecy Act and Anti-Money Laundering Officer. In 2003, Ryan was employed at Associated Banc-Corp in Green Bay Wisconsin as Vice President, BSA/AML Director. In that capacity, he was responsible for the bank's Anti-Money Laundering, Bank Secrecy Act and OFAC compliance programs. He conducted several training programs throughout the year specializing in CIP, Identity Theft, Risk Assessment, Detecting and Reporting Suspicious Activity.
Ryan is currently a board member of the ABA National Compliance School and actively participates in the ABA Money Laundering Issues Group. He was a speaker at the 2004 ABA Regulatory Compliance Conference in Chicago, frequently conducts web seminars for Money Laundering Alert and also a member of ACAMS.
Contact info:
Ryan may be contacted via email at: ryan.rasske@associatedriskgroup.com
Questions Answered
Finance Co. Eligible for CTR Reporting Exemptions?
02/27/2006
We have two subsidiaries that are finance companies. Are finance companies eligible for exemptions from CTR reporting?
Consequences of AML Non-Compliance
02/20/2006
What are the potential consequences for non-compliance with AML requirements for both financial institutions and individuals?
Prudent Banking Policy or Encouraging Structuring
02/20/2006
Is it a prudent banking policy or practice to set a cash withdrawal or check cashing limit of $10,000 in cash? If a customer should want to cash a check in excess of $10,000 the teller is instructed to provide the first $10,000 in cash, and the remainder in a treasurers check. Could this be perceived as encouraging structuring from a BSA standpoint?
Pigeon Drop Scam
02/06/2006
In consideration of 31 CFR 103 concerning MSBs, does "money transmitters" include online companies that offer international wire transfer services to businesses? They do not deal in actually physical currencies. Also, why would online bill payment services not meet the criteria for money transmitters given the regulatory definition? It is not backed by actual currency, but would be classified as "any other person engaged as a business in the transfer of funds." Also, since payments can be made to just about anyone, it is not verifiable that the payment is the execution and settlement of a transaction other than the funds transmission itself.
BHC Merging Banks -Refiling Current Exempt Persons
01/30/2006
My holding company is getting ready to merge our three banks. Do we need to refile the current exempt persons from CTR reporting under our new EIN and routing numbers? Can this be handled at time of review?
BSA: Should We Be Doing This?
01/23/2006
Currently, we are monitoring our "less cash" transactions. By that I mean when a non-customer comes into our office with a title company check for $20,000.00 and requests $9,000.00 in cash and the remaining $11,000 in a cashier's check, we are filling out a Monetary Instrument Record for the amount of cash back. We are doing this for our records only and to try and stop this person from then going to another location with the $11,000 check and exchanging that for part cash and another check to avoid a CTR being filed. What is your opinion on us continuing to do this?
This SAR Has Been Sanitized.........
01/02/2006
When I complete a SAR, it goes to our BSA compliance officer. The SAR is then edited and sent to FinCEN. It has come to my attention that the SAR does not bear the same content (and is not as informative for law enforcement) as the one I wrote. The edited version is not relayed to the writer and therefore when the FBI speaks to the writer, the information may not match what was in the SAR which can cause a conflict for the writer due to bank procedures allowing only what was in the SAR to be discussed with law enforcement. Can the bank get in trouble for sanitizing the SAR to the point where the information is barely useful?
Order of Protection as Reason for Closing Account
11/07/2005
One of our tellers has obtained an Order of Protection against an ex-boyfriend who has threatened her. The order required him to stay away from her residence, but did not include her place of work (our bank) since he has an account here. If we close his account, then the bank can be added to the Order of Protection. Can we close his account? Do we need to list a reason?
TIN Requirements on Foreign Accounts
10/17/2005
When does the bank need to require an individual taxpayer identification number (ITIN) and when would it require the social security number of foreign persons opening an account? Could a foreign person open an account with just a current passport and a completed W-8 BEN for a non interest bearing account?