I have just received a currency counter. I request my staff to count the cash delivery from Fed, as soon as possible. Get the straps off and ours on. If I allow one staff member to face the currency and run it thru the currency counter, then initial the strap going into our vault, - is this sufficient for dual control?
We have software that can be used to run our customer base against not only the OFAC list, but also a more expansive list. The name list that the software contains in addition to the OFAC list, is an FBI list. My question is this, is the bank required, by any law/regulation/statute, to review any matches other than OFAC list matches? The matches we have appear to be simply common name matches, but obviously I don't want to be out of compliance.
What are the difference between the Control List and the FinCEN Advisories ?
The previous CEO apparently received the Control List by email. He is no longer with our bank, and not likely to share information with us any longer. I have searched everywhere for a copy of the control list and cannot find it. How do we obtain a copy and the updates?