10/01/2005
Brokers and dealers in securities were required to report suspicious activity beginning in January 2003.2 In May 2004, futures commission merchants and introducing brokers in commodities were added
05/02/2005
Can you provide some guidance regarding CTR Exempt Account Reviews? What is the time period expected to be covered for the annual and biennial review (i.e. 6, 9, 12 months) for suspicious activity and what supporting documentation is expected to be in the file (i.e., copies of monthly statements, deposit detail -cash in, checks, checks reviewed to determine if unusual for the business)?
05/01/2005
U.S. Bank is offering electronic cash letters depositing for business customers that receive and process payments in their own lockboxes.
05/01/2005
- 54% of businesses surveyed said increased use of ACH credits would reduce fraud.
04/04/2005
Do we need to scan our ACH Origination files for matches to the OFAC list? If so where does it state so.
08/02/2004
Something in the back of my mind tells me it is against some Reg to go ahead and pay an overdraft from a person's DDA when we are expecting that OD to be reimbursed by their ACH deposit from Social Security. Could you please clarify this issue for me, with reference to the Reg or law? If I know which one, I can copy the chapter and verse and bring it up at training.
07/01/2004
- Customers who use online banking show 80% lower attrition from the bank, make 30% fewer calls to the customer service line, and have higher overall account and loan balances.
03/01/2004
We had a person call one of our offices trying to verify the Routing number and account number on one of our customers. He had claimed he was the customers brother and needed $20,000 transferred via ACH or Money Wire because the account holder had been in a terrible accident out of state. Our staff refused to give out any information and the person kept threatening with vulgar language. The person called and spoke to three tellers trying to get the same information. The staff called the customer up and informed him what had taken place. Would we be required to file a SAR because of such activity? There is no name, except for a fake one the person gave us. If it is what would be the summarization of the activity?
02/03/2003
We have discovered an attempt(s) to process web-based ACH entries through our institution, but the account numbers used are invalid and appear to be randomly selected/generated. The transactions reject during ACH processing because of the invalid account numbers and are returned to the originator. The total amount involved in the activity thus far is under $5,000, and we cannot identify a suspect. Different (but similar) names are being used in the transactions and are primarily coming through what appears to be bill pay service providers. Is this activity SAR reportable?
12/02/2002
When a joint accountholder dies, what is the usual procedure for setting up new signature cards? Example: John or Jane Doe has an account with John's social security number listed first, and John dies. Some customers never come in to change the account, and we eventually call them and ask them to come in and do new signature cards. We have a trust account now that the husband died, but do we automatically draw up new signature cards, or what?