Most Popular Compliance Content
8 beneficial owners in 2024? Really?
06/18/2023
Can there be 8 beneficial owners in 2024?
Is a wheel-spin game allowed?
06/11/2023
We have a “spin the wheel” promotion. To spin, a customer must donate $1 that the bank donates to a charity. All the prize amounts on the wheel are more than $1 therefore all customers will get more than they donate. The amount won is then sent to the customer via our e-wallet app. We set a certain number of spins and it is done on a first-come-first-served basis.
Legal counsel is a control person for BOI?
06/11/2023
Is the company’s staff legal counsel considered a control person for beneficial ownership?
Rule Change - Reg Change?
06/04/2023
According to Reg D, "Savings deposit accounts are specifically excluded from the definition of transaction account, even though they permit third-party transfers, provided that the depository institution complies with the transfer and withdrawal limitations applicable to ‘‘savings deposits’’ under Regulation D." Since the Reg D transfer limitations have been lifted, does this now make a savings account a transaction account?
AMLA what is still left?
06/04/2023
The Anti-Money Laundering Act still has issues outstanding. What could impact us?