Our CEO would like to offer an incentive to our front line employees to encourage referrals to our investments department. I am having trouble finding specific guidance on the requirements for a project like this. It seems the regulatory restrictions may be more stringent for loan officers than say tellers, but I would like to provide information on what we can and can not do specifically. Can someone point me in the right direction within a reg or maybe commentary?
I have worked in bank compliance off and on since 1985. Much of my work has been as CFO or in audit. I am just now back in compliance. Can you recommend a concise place to find the major regulation amendments and changes over the 6 years or more?
Is a financial institution legally obligated to provide responses to SWIFT messages it receives within a certain time frame? Will FIs be in violation of any regulations or laws it we do not provide responses to these messages that it receives?
We are a small community bank. We have 72 individuals who are non-resident aliens. They regularly wire funds to other countries and also receive funds into their accounts at the bank. These accounts are for students at the local university. The money is used for tuition, housing and miscellaneous expenses. If I am correct since they are not US Citizens FBAR would not be a concern. New Reporting Requirements by U.S. Taxpayers Holding Foreign Financial Assets (Form 8938) Taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer's requirement to file FBAR. A chart providing a comparison of Form 8938 and FBAR requirements, and other information to help taxpayers determine if they are required to file Form 8938, may be accessed from the IRS Foreign Account Tax Compliance Act Web page. Also, we (the bank) have no foreign accounts and only transfer funds to other countries via wire using OFAC guidelines for our customers. Is there anything I need to be aware of for the Report of Foreign Bank and Financial Accounts (FBAR)?
We are a new bank in formation in Oregon. Is there a maximum dollar amount that can used as a giveaway before a 1099 is necessary to be mailed to the customer?
Our marketing department would like to send out a letter with an offer to existing HELOC customers with available credit balances over $10,000 to encourage them to draw on their lines. The offer is if they draw $10,000 or more, they will receive a $75. gift card. Are there any compliance concerns? I can't think of any.
If the bank gives away a $100 Gift Card to a customer as a prize/award, is a 1099 IRS form required?
Just in time for the post-Labor Day rush, OFAC has published revised and new reporting requirements.