05/20/2002
We have opened an "non-traditional" banking facility that serves the Latino community. We are requiring that the new customer provide us with either a SSN or ITIN or attest that they have applied for same when opening a non-interest bearing account. I have been met with some resistance. Where can I find the requirement other than our Know Your Customer Policy, Money Laundering Policy and BSA Policy that makes this a federal requirement that banks absolutely must have Tax ID numbers on all accounts?
05/06/2002
What agency requires state banks to have an Anti-Money Laundering Policy in place by April 24, 2002?
04/01/2002
The Bush administration has unveiled a new strategy against money laundering, targeting big illicit operations that could be used by terrorist groups. How will the emphasis on money laundering implications affect community banks on a state and local level?
04/01/2002
I understand that effective 4/24/02 each financial institution has to establish an Anti-Money Laundering program.Isn't the BSA Policy the same or does it have to be a separate Policy?
03/04/2002
I understand one of the provisions of the USA PATRIOT Act requires covered financial institutions to produce records relating to its anti-money laundering compliance within 120 hours of request. Is this 120 actual hours or businesss hours.