We have to search for suspicious activity. Who says?

Answered by:

Question:

We have an employee who is very angry that we check bank statements for suspicious activity. The employee wants us to cite the regulation that allows us to do that. Is there anything other than our own bank policy that I can show this person?

Answer:

Answer by Richard Insley

31 CFR, Part 103 (the Bank Secrecy regulations) require suspicious activity monitoring and provide substantial penalties for violations. Why is a bank employee angry about a procedure that is required by federal law and also protects the bank from various frauds? Perhaps this person is accustomed to engaging in questionable activity and fears detection-I'd take a look.

Answer:

Answer by Andy Zavoina

Having researched this in the past, it is a common practice and while I found nothing that specifically allowed it, I found nothing to prohibit it.

First published on BankersOnline.com 5/7/01