Two Hours?!
Financial institutions, particularly those under the Office of Thrift Supervision (OTS), may want to sit down and write a letter really quickly.
Paperwork Reduction Act estimates are periodically issued and published and usually elicit no comment or attention from the industry. However, in a recent routine filing under the Act, the OTS estimates that BSA (Bank Secrecy Act) compliance, including Customer Identification Programs, but not including SAR or CTR filings, averages only two hours per institution per year. That's two (2) hours per year! Read the notice at: http://www.ots.treas.gov/docs/7/73240.pdf
Banks and thrifts concerned about justifying the costs of compliance may want to take a more active role in monitoring and commenting on this estimate. BANKERS' HOTLINE advisor, John Byrne, will be filing a comment letter before February 14. You can send your comments to him, if you wish, at jbyrne@aba.com, or directly to your regulator.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 12, 1/05
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