Answer:
It is the bank's responsibility to have processes in place to monitor all changes in law and regulation for all laws and regulations, not just IRS changes. This is done through a variety of sources, such as consultants, vendors, educational materials, attorneys, trade groups, BankersOnline or some combination of the above. No one entity has responsibility to notify a bank.
First published on BankersOnline.com 12/10/07
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